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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

Prof Andre Keet to chair Ministerial Oversight Committee on Transformation
2017-07-14

Description: Prof Andre Keet  Tags: Transformation, Higher Education, Oversight Committee, appointment 

Prof Andre Keet 
Photo: Stephen Collet

Higher Education Minister Dr Blade Nzimande has increased from seven to 10 the number of members of the Ministerial Oversight Committee on the Transformation in the South African Public Universities.

In a government gazette published on 7 July 2017‚ Dr Nzimande appointed new members of the committee for a three-year term to be chaired by Prof Andre Keet, Director of the Institute for Reconciliation and Social Justice at the University of the Free State (UFS). Prof Keet is a returning member of the committee alongside former University of Fort Hare chancellor Dr Mvuyo Tom.

The purpose of the Ministerial Oversight Committee on Transformation in South African Public Universities is to monitor progress on transformation in public universities‚ serve as an expert advisory body and provide independent and external advice to the minister and the department.

The committee has been given 11 tasks‚ chief of which is to study and evaluate transformation plans and charters of all universities. It is mandated to use this exercise as a basis for the development of a sectoral transformation charter. It is also tasked with reviewing the annual reports of institutions on transformation and producing an annual report on the state of transformation in the higher education sector.

Prof Keet’s appointment comes at a pivotal time when transformation at universities has been at the heart of many debates in universities, government and broader society. Prof Keet said: “It is an honour and privilege to serve the sector at this level and in this capacity.”

The university is proud to have in its ranks a leader of such calibre who has also spearheaded transformation initiatives at the UFS through the Institute for Reconciliation and Social Justice over the past six years.

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