Latest News Archive

Please select Category, Year, and then Month to display items
Previous Archive
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

Honorary doctorate to Archbishop Emeritus Desmond Tutu attracts wide attention
2011-01-27

Archbishop Emeritus Desmond Tutu after receiving his honorary doctorate in Theology at the UFS.
- Photo: Hannes Pieterse

 

The University of the Free State (UFS) awarded an honorary doctorate to Archbishop Emeritus Desmond Tutu on Thursday, 27 January 2011. The graduation ceremony, which was attended by guests from across the country marks a milestone in the history of the university.

Amongst the guests were the ambassador of the USA to South Africa, Mr Donald Gips; the British High Commissioner to South Africa, Dr Nicola Brewer; members of the local government; Ms Barbara Hogan, former Minister of Public Works and the daughters of Bram Fischer, Ruth Fischer-Rice and Ilse Fischer-Wilson. Friends of Dr Tutu, Dr Ahmed Kathrada, Ms Barbara Hogan and Dr Allan and Ms Elna Boesak also attended the occasion.
 
The UFS also received a message of congratulations from the Deputy President of South Africa, Mr Kgalema Motlanthe. “The choice to honour this exemplar of virtue to which most of the world still look for direction as it buckles under social, political and economic difficulties is laudable in all respects,” he said.
Prof. Jonathan Jansen, Vice-Chancellor and Rector of the UFS, said: “We honour a great son of South Africa who made a tremendous contribution to peace, reconciliation and justice in South Africa and in the world.
 
“There were times when few of us thought apartheid would end in our lifetime, yet you stood as a rock reassuring us, not about a black future, but about our common future. For this reason, Arch, we would not miss this opportunity to honour you for any reason whatsoever.
 
“You, Sir, are a Jew among Muslims, a Christian among Hindus, a Catholic among Anglicans, a bridge-builder among all of us. That is why we love you; because you look deeper and see further than all of us.”
 
According to Prof. Francois Tolmie, Dean of the UFS’s Faculty of Theology, the university honours Dr Tutu for his contribution as theologian – through his teaching and the books he wrote – as well as for the role he played in bringing about reconciliation in South Africa as well as in the rest of the world. The university also honours Dr Tutu as a moral and spiritual leader who never sacrificed his integrity as a Christian.
 
Apart from being a church leader and a leading world figure, Dr Tutu is the author of several books and also held a number of teaching posts at various tertiary institutions.
 
In 1984, he received the Nobel Peace Prize for his role as a unifying leader figure in the campaign to abolish apartheid in South Africa. A further highlight in his career was his election as Archbishop of Cape Town in 1986. He was the first black African to serve in this position, which placed him at the head of the Anglican Church in South Africa.  
 
Many South Africans also remember the role he played when President Nelson Mandela appointed him in December 1995 to chair the Truth and Reconciliation Commission, which was established to investigate human rights violations during the apartheid era. The Archbishop guided the nation in the process of choosing forgiveness over revenge and in so doing set a historic international precedent.   
 
In 1996, he retired as Archbishop of Cape Town but continues to speak out in favour of human rights, equality and social justice in South Africa and throughout the world.
 
In August 2009, President Barack Obama presented him with the Medal of Freedom, the United States of America’s highest civilian honour. Dr Desmond Tutu is recognised around the world as a moral leader committed to the human rights of all people.
 
Today he is chairman of The Elders, a group of world leaders who, in view of their integrity and leadership, are equipped to deal with some of the world’s most pressing problems.
 
Prof. Tolmie says: “It is often asked how Dr Tutu could have achieved all this in the span of one lifetime. Some people would refer to his warm personality or his humanness, his deep sense of humility or his wonderful sense of humour. Probing a little deeper, however, one is struck by Dr Tutu’s deep relationship with God. He is known as a man of faith, a man of prayer. He lives his life coram Deo, in the presence of God.”
 
Dr Tutu also lead the introduction ceremony of the UFS’s International Institute for Studies in Race, Reconciliation and Social Justice.
 
 
Media Release
27 January 2011
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za
 

 

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept