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07 May 2018 Photo Valentino Ndaba
Study shows students shop more and save less Dr Koloba
Dr Habofanwe Koloba, senior lecturer at the University of the Free State’s Department of Business proposes financial literacy as the solution to student debt and lack of saving predicament.
Did you know that failing to service store or credit card debt may jeopardise the growth of South Africa’s economy? Outstanding payments might seem inconsequential but they may adversely affect the country’s credit rating. Dr Habofanwe Koloba, senior lecturer at the University of the Free State’s Department of Business Management recently published an article titled: “Access to credit and saving behaviour of generation Y students: Are we educating an over-indebted generation,” in the Journal of Economics and Finance Studies which speaks of this phenomenon. 

From analysing the financial behaviour of a group of 145 millennials and literature, Dr Koloba hypothesised that easy access to store and credit cards by Generation Y students had influenced their poor saving habits. “There is a statistically significant relationship between store or credit card usage and lack of savings among Generation Y students,” he writes.

Salvaging the situation
Dr Koloba advocates for the integration of financial literacy within the curriculum in addition to parents playing an active role in instilling financial intelligence in their children from a young age. He also asserts that financial institutions need to offer products that encourage saving among students rather than luring them to indebtedness.

The benefits of saving 
Savings are channelled into dividend-producing investments which fuel the eradication of poverty, inequality and unemployment as well as provide capital for infrastructure development. Needless to say, a consumerist society with a poor saving culture does not promise to attain these successes.

News Archive

Student leaders' hard work rewarded
2013-05-01

Four student leaders on our Bloemfontein and Qwaqwa Campuses each received a scholarship of R15 000. Handré Hay, Estine Cronje, Tsepang Lenka and Jean Vermaas were rewarded for the positive impact they had on the student community in the past three years or more. Student Affairs' scholarship programme acknowledges the contribution of student leaders in the upliftment of the student community.

Read what the four have to say about leadership:

Handré Hay:

Handré Hay, a third-year BSc Physiotherapy student who holds several leadership positions on our Bloemfontein Campus, served for two consecutive years on the committee of Armentum residence. He was also a member of the executive council in the Students' Representative Council (SRC) and served in two SRC portfolios. "Leadership is about being able to serve. When people see that you are willing to put other people's interests above your own and that you are willing to serve unselfishly, despite a position of authority, you will get far," said Handré.

Estine Cronje:

Estine Cronje is the current prime of Marjolein residence. This was the second time the fifth-year Psychology student were re-elected to this position."Leadership is very important to me. One needs leaders in everything you do. I believe a leader should never think herself better than the rest and should work as hard as her team. She should command respect, be disciplined, an example to others, accessible and open to the opinions of other people.

Tsepang Lenka:

Tsepang Lenka is the SRC President of our Qwaqwa Campus. Tsepang, who was twice elected as prime of his residence, has already obtained his BA degree in Public and Business Management. He is currently working on his Postgraduate Certificate in Education (PGCE). "To me leadership means to serve. As a leader you don't lie to people when things are taking the wrong direction, you stand firm and tell the truth; in that way, people don't lose trust in you. The scholarship inspires me to work even harder," Tsepang said.

Jean Vermaas:

Jean Vermaas is a former SRC member who is currently studying for his LLB degree. Some of Jean's achievements include leadership positions of the Juridical Society and the Broad Students' Transformation Forum. In 2012 he was a founder member of the Student Elders' Council."Leadership is of extreme importance to me. It formed me into the person I am now. Leadership isn't always easy, but in the challenges you face you grow as a leader and as an individual."

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