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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

Computer laboratory receives generous donation from the Dell Foundation
2008-05-12

The University of the Free State (UFS) recently received 200 computers to the value of R2 million from the Dell Foundation.

The computers will be used in the new computer laboratory, which is being built between the UFS Sasol Library and the Genmin Lectorium on the Main Campus in Bloemfontein.

The building will make ample provision for students who have to make use of a computer for study purposes.

Altogether 815 computers will be at students’ disposal in the new laboratory. On the ground level four rooms will be furnished with computers. Students will be able to have discussions in two of these rooms, while they can work in silence in the other two rooms.

Provision is also made for 18 group rooms, which will be furnished with a computer and big screen. These rooms can occupy seven persons and will be made available by means of a booking.

Lecture halls will be built on the second level, together with the group rooms. The largest of these will have 184 seats and can also be used as an examination hall.

Another hall with 170 seats and three with 40 seats will be available. Two lecture halls will be furnished with laptops on movable desks to enable students to work in groups.

Security cameras will be installed all over the building and strict security measures will be enforced.

The laboratory, with a total project cost of about R28 million, will be in use next year.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za  
12 May 2008

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