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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

Universities join hands in developing literacy tests
2010-03-19

 
At the signing ceremony, from the left, are: Prof. Driekie Hay (Vice-Rector: Teaching and Learning), Prof. Albert Weideman (Head: Department of English) and Prof. Lucius Botes (Dean: Faculty of the Humanities).
Photo: Supplied


The development of academic literacy tests recently took a step into the future with the formal establishment of the Inter-institutional Centre for Language Development and Assessment (ICELDA).

ICELDA, under its first executive head, Prof. Albert Weideman, Head of the Department of English at the University of the Free State (UFS), is a cooperative venture between the multilingual Universities of Pretoria, North-West, Stellenbosch and the Free State.

It is dedicated to the development of reliable state-of-the-art academic literacy tests and currently makes 32 000 tests available to partnering universities annually.

Most notably, it has produced three of the most reliable academic literacy tests in the country. These include an Academic Listening Test and the Test of Academic Literacy Levels (TALL) for undergraduate students, with reliability levels that are more than 20% above international benchmarks.

“We are even more excited about our Test of Academic Literacy for Postgraduate Students (TALPS), which is already a crucial instrument in determining the literacy levels of postgraduate students at the Universities of the Free State, Pretoria and North-West,” said Prof. Weideman.

In addition, ICELDA is currently piloting studies for language tests for financial advisors, nurses, students of disaster management, as well as police studies at Unisa.

ICELDA will also collaborate with the Centre for English Language Communication (CELC) at the National University of Singapore.

“One of the undertakings I made on my visit to Singapore a year ago was that I would assist in every way I could with the building of joint expertise with CELC in language testing,” said Prof. Weideman.

“However, our focus will remain firmly on research.”

He said his goal was to employ the surpluses generated by selling tests to provide promising students with bursaries to stimulate further study and design of academic literacy and other language tests.

By drawing more researchers into the field, Weideman said, ICELDA could provide the capacity for developing reliable language tests that South Africa had always lacked.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za  
19 March 2010
 

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