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“Seven out of every 10 Ugandans were operating a personal budget deficit (needing more money than they are earning to cover their personal budget),” the FinScope 2023 survey done by the not-for-profit company Financial Sector Deepening Uganda read.

What is interesting is how the Ugandans’ strategy for coping with this financial situation has changed. While people tried to cut costs and work more in 2018, five years later, more people in the East African country were turning to family and friends for help, borrowing money, and using their savings.

The study also showed that in terms of financial resilience to various shocks, more Ugandans (i.e. 94%) experienced unexpected expenses in the past year, which is more than two and a half times the 2018 figure (37%).

Despite these difficulties, the paper noticed positive dynamics in some issues. For example, more Ugandans are tracking their spending while moving away from taking out loans; Internet access has also improved, and the rate of completion of secondary education has also gotten higher.