Overview:
The survey, which was conducted last year among 3,338 households across Uganda with a response rate of 97 percent, also highlights a number of issues such as a weak saving culture.
A Bank of Uganda report indicates that nearly half of working Ugandans earn less than Shs150,000 salary per month.
According to the Bank of Uganda Financial Capability Survey, of the 22.8 million working Ugandans, only 1 percent earn more than Shs1 million while 49.2 percent earn less than Shs150,000 per month.
The report states that more than 45.4 percent of adult working Ugandans are 35 years and below.
It adds that 79.6 percent of working Ugandans have also not completed secondary level education.
The survey, which was conducted last year among 3,338 households across Uganda with a response rate of 97 percent, also highlights a number of issues such as a weak saving culture, modes of investment, low uptake of insurance and retirement, among others.
The survey notes that majority of working Ugandans, who sought to invest, opted for agriculture.
The BoU findings reinforce those of the Deposit Protection Fund released in February 2022, which indicates that more than 90 percent of Ugandans who hold a bank account do not keep more than sh1 million at any one time on their accounts, an indication of the low savings levels in the country.
There are an estimated 14 million bank accounts in the country. Of these, only about 2 percent have deposits totalling more than 10 million, while, of the rest, about 93 percent have less than 1 million, according to the Deposit Protection Fund.