25 October 2024 | Story Zinzi Zumana | Photo Supplied
Financial Literacy
The UFS Social Support Office, in partnership with ABSA and UFS Finance, hosted a Financial Literacy workshop at the Qwaqwa Campus, empowering students with budgeting skills.

Students at the University of the Free State’s (UFS) Qwaqwa Campus were recently offered a Financial Literacy Workshop, run by the Social Support Office (SSO) in the UFS Division of Student Affairs in collaboration with ABSA and the UFS Finance Department.

The workshop, recently held, aimed to equip students with practical money management skills, and focused on the basics of budgeting and saving strategies. Even “Katlego Kodisang of the SSO said that financial literacy is a crucial life skill, especially for students, many of whom struggle to manage their finances while balancing academic and personal demands. The workshop offered strategies to address these challenges, including tools to reduce financial stress and its harmful impact on mental health. In an era where online shopping, credit facilities, and student loans dominate the financial environment, learning to navigate these platforms with financial discipline has never been more critical. By offering a platform for students to gain such knowledge, the SSO is actively helping to shape financially responsible graduates, she said.”

Insights from key stakeholders

The event was packed with valuable insights from various stakeholders invited to share their expertise on financial management. Each presenter brought a unique perspective, contributing to a comprehensive understanding of personal finance.

Phepheng Mofube of the UFS Finance Department on the Qwaqwa Campus provided an engaging session on the pros and cons of online shopping platforms. With students often turning to e-commerce for its convenience, the session helped attendees understand how to make informed purchasing decisions while avoiding common financial pitfalls such as impulsive spending or hidden fees.

ABSA representative Unathi Pan emphasised the importance of saving early, budgeting effectively, and understanding financial products such as student loans and credit facilities. Students were encouraged to take control of their financial future by using tools such as budgeting apps, setting financial goals, and seeking professional advice when needed.

UFS alumnus Katleho Modikeng rounded off the workshop by sharing personal experiences of navigating the financial realities of life after graduation.

Workshop attendee Senzokuhle Archibold Khumalo said, “It helped me move from emotional to informed decision-making regarding my finances.” He plans to implement strategies such as tracking expenses, saving 20% of his income, paying off high-interest debts, and using the 50/30/20 rule for managing needs/ wants/ and savings when he is working. Overall, Khumalo said, he found the workshop “highly beneficial in improving my financial habits”.

Students attending the workshop praised the Division of Student Affairs for the initiative.

Representatives of the Social Support Office said they are committed to hosting mere Financial Literacy Workshops in 2025 as part of extracurricular activities.



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