More men saving formally than women

More men save using formal channels than women, according to the 2024 National Population Household Census.

Details in the report indicate that 69.3 percent of savers above 16 years in the 12 months to the 2024 census were men compared to 59.6 percent of women.

The findings further indicate that at least 54 percent of men save through mobile money compared to 40 percent of women, while 20.3 percent of men save with commercial banks compared to 11 percent of women. More men still save with Saccos (11.7 percent) compared to women (10.6 percent).

However, more women save with micro deposit-taking institutions (13.5 percent) and saving groups (32.8 percent) compared to men (5.4 percent) and (24.1 percent), respectively.

The report shows that mobile money is the most popular saving mechanism, with a percentage share of 46.3 percent, followed by homemade saving modes at 39.6 percent and saving groups at 28.9 percent.  Other mechanisms include commercial banks (25 percent), Saccos (12.4 percent), credit institutions (2 percent), investment clubs (3 percent), and micro-deposit-taking institutions (9.9 percent).

Mobile money is a more popular saving mechanism in urban than in rural areas, with at least 56.3 percent of savers in urban areas using mobile money compared to 39 percent in rural areas.

The report indicates that at least 43.2 percent of the households across Uganda had saved in the 12 months prior to the 2024 census, suggesting increased access to financial services, with Kampala having the highest proportion of savers, while Karamoja had the lowest. 

Saving remains a key challenge in Uganda. 

Previous reports have indicated that whereas many Ugandans have adopted a culture of saving, their savings are usually wiped out by emergencies and routine expenditure plans such a medial and schools fees payments. 

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