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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

"We cannot train for unemployment"
2009-11-16

The prestige forum was attended by, from the left: Prof. Dirk van Damme, Head of the Centre for Education research and innovation at OECD in Paris, France; Dr Saretha Brüssow of the Planning Unit: Teaching and Learning; Mr Francois Marais, Director of CHESD; Prof. Jonathan Jansen, Rector and Vice-Chancellor; Prof. Driekie Hay, Vice-Rector Academic Planning and the guest speaker; and Prof. Magda Fourie of the University of Stellenbosch.
Photo: Gerhard Louw
“We cannot train for unemployment. We must continuously look at what employers and the world want, and update,” Prof. Magda Fourie, Vice-Rector: Teaching and Learning at the University of Stellenbosch, recently said at a prestige forum for teaching and learning at the University of the Free State (UFS).

Prof. Fourie, former Vice-Rector: Academic Planning at the UFS delivered the second Magda Fourie Prestige Lecture at the forum. The forum was presented by the Centre for Higher Education Studies and Learning (CHESD) and the Planning Unit: Teaching and Learning. Various presentations were made on innovations in teaching and learning at the UFS.

Prof. Fourie said research has shown that the knowledge, skills, competencies and values of students are out of sync with the needs of the world out there. Higher Education must look at the context in which it operates and the relevance of its teaching and learning. “We are busy with the cultivation of humanity,” she said.

The UFS is doing excellent work with its bridging programmes and other universities will have to give attention to it. The UFS is also excellent in its extended programmes and have more women and foreign students than the national average. The UFS, however, has a lower percentage of black students than the national average.

The UFS is also excellent in terms of postgraduate students. The national average is 36%, with the UFS boasting 47%. Prof. Fourie expressed her concern for the low throughput in Business and Economics at the UFS where only 13% of those who enter the system graduate. “These are the people we need for this country’s economy.”

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