Uganda, April 15 -- Seven out of every 10 Ugandans spend more than they earn, according to a survey by Financial Sector Deepening Uganda.

The survey, codenamed FinScope Uganda 2023 and funded by Bank of Uganda, aBi Finance and the Bill & Melinda Gates Foundation, found that 70 percent of Ugandans operate a personal budget deficit, which in essence means that they need more money than they earn to cover shortages.

Thus, the survey noted, more Ugandans rely on family and friends, personal savings and borrowing as a coping mechanism to manage their deficits than was the case in 2018.

The survey, which sampled 3,176 Ugandans, is a representation of at least 24.6 million adult Ugandans, which therefore, means that of the 24.6 million adult ...