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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

First superannuation lecture delivered at the UFS
2009-11-18

Proff. Voet du Plessis (left) and Johan Henning, Dean of the Faculty of Law.
Photo: Stephen Collett


Prof. Voet du Plessis from the Department of Mercantile Law in the Faculty of Law at the University of the Free State (UFS) recently presented the first superannuation lecture at the UFS.

Prof. Du Plessis retired this year after 41 years at the UFS. This milestone event coincides with the faculty’s celebration of a century of excellence in legal education under the theme “Iurisprudentia 100”.

With his superannuation lecture Prof. du Plessis gave a view on the future of worker participation in enterprises. Thirty years ago during his inaugural lecture he discussed a similar topic: Worker participation in the management organs of a company.

According to him there is currently no worker participation in management organs in South African companies. The South African legislation does give extended abilities and protection for workers. In spite of this protection South African legislation falls short with regard to a possible say workers may have in or influence that workers may exercise over decisions taken in the workplace and which affect them as workers directly.

In terms of the right to information and consultation he gave the following suggestions to improve the current system of worker participation in decisions which affect them as workers:

“Serious attention must be given to the changes to the current Labour Relations Act, 1995 for the compulsory establishment of a workplace forum in each workplace with 50 or more workers, to oblige the employer to take the initiative with the establishment of a workplace forum; and to give to registered trade unions who are recognised in the workplace the sole right to nominate candidates for the workplace forum,” said Prof. du Plessis. He also proposed that attention be given to a Southern African Work Committee. An increase in world wide economic operations through multi national companies with head quarters abroad where decisions about the misfortunes of workers in the Southern African region are taken makes such a decision essential.
 

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