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13 March 2019 | Story Xolisa Mnukwa
financial savvy
Over 60% of South African students are in debt and spend more than the average South African adult.

For many students, university is their first money-management experience, and it is therefore crucial for them to prioritise basic personal-finance knowledge in order to avoid poor money management, and not knowing where their money is going.

Various other educational institutions, facilities, and initiatives such as Student Connections highlight student financial wellness as a topic of importance at higher-education institutions, because of the following reasons:

1. Low retention rates (university dropouts)
2. Loan default (graduating with student-loan debt)
3. Financial hardships affecting future success (low academic performance)

According to LinkedIn, a business and employment-oriented service, the spending and saving habits you develop in college are likely to stick with you throughout your adult life.

A personal finance study conducted by University of the Free State (UFS) Economics and Finance Lecturer, Cecile Duvenhage, revealed trends on how much students spend, and what they spend it on. Her outcomes discovered that students believe money buys them worthwhile experiences; it also revealed that over 60% of South African students are in debt, spending more than the average South African. 


According to Duvenhage, the best way to optimise your use of money is to understand three things:

1. The psychology of money – relationship with money, your goals (reality, beliefs, perception, experiences, repeated messages)

2. The science of money – where is your money? What are you using it on, and how to make more (investing, savings, assets, liabilities, expenses, and income/pocket money)

3. The art of money – creating a financial game plan to stay afloat (knowledge, context, personal goals, game plan)

The Guardian website also highlights important tips for managing your money:

- If you’re struggling to manage your personal finances, ask for help. The earlier you get support, the less susceptible you are to overspend 

- If you have financial aid, be sure to complete and send back your signed agreements in order to avoid delays in obtaining your money

- Add up your income, and then deduct all your essential expenses.

- Essential expenses include: tuition fees, rent/accommodation, electricity, and other accommodation expenses, groceries/food, and travel costs

The article, 6 common money management mistakes college students make, advises students to “live within your means, and [to] make choices based on the money that you have available.” 

The article further recommends that students download a free, easy-to-use budgeting app such as Fudget: Budget Planner or Intuit Mint on their cellphones, which automatically creates a basic spending plan to personalise according to their means.

For enquiries or assistance with money management, contact finaid@ufs.ac.za 

News Archive

Out-of-the-box thinking a plus for next generation of agribusiness leaders
2017-07-07

Description: Agribusiness leaders Tags: Agribusiness leaders 

The winners of the 12th IFAMA International Student
Case Competition from Team South Africa are from
the left: JW Swanepoel, University of the Free State,
Melissa van der Merwe, University of Pretoria,
Heinrich Jantjies, Stellenbosch University, and
Johann Boonzaaier, also from Stellenbosch University.
Photo: Supplied



The International Food and Agribusiness Management Association’s International Student Case Competition, in its 12th year, brings together students from around the world to demonstrate their investigative and problem-solving skills to provide innovative solutions to practical problems.

JW Swanepoel, a PhD student at the Centre for Sustainable Agriculture at the University of the Free State (UFS) was part of an advanced case study team, representing South African universities, who won IFAMA’s International Student Case Competition. Swanepoel also presented results from his PhD study at IFAMA’s conference in Miami, Florida, where the winners were announced.

Competition a global stage to showcase solutions

The competition provides a global stage for students and their associated universities to showcase the next generation of agribusiness leaders.

This year the featured agribusiness was Bayer Crop Science. Although this company managed to expand its global footprint through its Food Chain Partnership, it faced some challenges to expand in emerging economies through small-scale farmers. Being from the African continent, Swanepoel and his team not only understood Bayer’s unique challenge but could also pre-empt some of the potential problems faced by agribusinesses that wanted to grow their footprint in emerging economies. This provided them with a competitive advantage in going head-to-head with some of the best universities in the world such as Purdue, Wageningen, Michigan, Texas A & M and Santa Clara to mention just a few.

The South African team’s presentation “Selling Lindiwe’s story” told the story of a small-scale woman cassava farmer in Mozambique who, after the death of her husband, became the main breadwinner. The South African team indicated how Bayer could play a major role in not only selling chemicals to these farmers but even more importantly to change the stories of small-scale farmers like Lindiwe. They recommended a strategic partnership with AB InBev as the main buyer for the cassava produced by these small-scale farmers, as a cheaper beer base substitute. They also recommended a local partner (Value Chain Insights) that understood the political, social and economic environment of these countries to facilitate the relationships between Bayer and its small-scale farmers.

Understanding the challenge a competitive advantage

According to the panel of judges, the innovative approach and motivations for investing in strategic partnerships with AB InBev and Value Chain Insights went beyond financial benefits, to include corporate social responsibility and rural development. Lindiwe’s story was, however, the decisive factor. The South African team was the only team to put a face and a story to the often invisible small-scale farmers.

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