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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

Professor’s research part of major global programme
2011-04-04

 

Prof. Zakkie Pretorius, professor in Plant Pathology in the Department of Plant Sciences at our university

Research by Zakkie Pretorius, professor in Plant Pathology in the Department of Plant Sciences at our university, has become part of Phase II of a mayor global project to combat deadly strains of a wheat pathogen that poses a threat to global food security.

Prof. Pretorius focuses on the identification of resistance in wheat to the stem rust disease and will assist breeders and geneticists in the accurate phenotyping of international breeding lines and mapping populations. In addition, Prof. Pretorius will support scientists from Africa with critical skills development through training programmes. During Phase I, which ends in 2011, he was involved in pathogen surveillance in Southern Africa and South Asia.
 
The Department of International Development (DFID) in the United Kingdom and the Bill and Melinda Gates Foundation will invest $40 million over the next five years in the global project led by the Cornell University. The project is aimed at combating deadly strains of Ug99, an evolving wheat pathogen that is a dangerous threat to global food security, especially in the poorest nations. 
 
The Cornell University said in a statement, the grant made to the Durable Rust Resistance in Wheat (DRRW) project at Cornell will support efforts to identify new stem-rust resistant genes in wheat, improve surveillance, and multiply and distribute rust-resistant wheat seed to farmers and their families.
 
Researchers worldwide will be able to play an increasingly vital role in protecting wheat fields from dangerous new forms of stem rust, particularly in countries whose people can ill afford the economic impact of damage to this vital crop.
 
The Ug99 strain was discovered in Kenya in 1998, but are now also threatening major wheat-growing areas of Southern and Eastern Africa, the Central Asian Republics, the Caucasus, the Indian subcontinent, South America, Australia and North America.
 
Prof. Pretorius was responsible for the first description of this strain in 1999.
 
Among Cornell’s partners are national research centres in Kenya and Ethiopia, and scientists at two international agricultural research centres that focus on wheat, the Mexico-based International Maize and Wheat Improvement Center (known by its Spanish acronym as CIMMYT), and the International Center  for Agricultural Research in the Dry Areas (ICARDA), in Syria. Advanced research laboratories in the United States, Canada, China, Australia, Denmark and South Africa also collaborate on the project. The DRRW project now involves more than 20 leading universities and research institutes throughout the world, and scientists and farmers from more than 40 countries.


Media Release
28 March 2011
Issued by: Lacea Loader
Director: Strategic Communication
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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