Latest News Archive

Please select Category, Year, and then Month to display items
Categories
UFS News Media Release Research
Years
2017 2018 2019 2020 2021 2022 2023 2024
Months
January February March April May June July August September October November December
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

Nadine Gordimer lauds university for transformation
2012-11-09

Nadine Gordimer
Photo: Sonia Small
09 November 2012

Lecture (Pdf format)

Renowned writer and Nobel Prize winner Nadine Gordimer has lauded the university for its efforts at reconciliation, highlighting several initiatives the university has put in place over the last few years.

She delivered the inaugural Reconciliation Lecture on the Bloemfontein Campus, and was introduced as a “champion of human oneness” by Prof. Pumla Gobodo-Madikizela, Senior Research Professor on Trauma, Forgiveness and Reconciliation, who also referred to Gordimer as “the living expression of the power of critical consciousness”.

Gordimer praised the university by saying it was doing things in South Africa differently from what had been done during the country’s shameful past. In a message addressed at students, her lecture touched on topics of race, reconciliation, freedom of expression, education, inequality and poverty.

“Black and white – we have been conditioned; no, brain-washed, by legal and cultural and even religious, demeaning distinctions between race and colour. This university has discarded; is tackling these: an image breaking of false consciousness. We await your generation’s entry to public life, when you come out of the University of the Free State equipped to bring to us, along with your professional degrees, the way to function in a population as the human beings you have learnt to be at this university.”

The Nobel laureate also warned students of threats facing South Africa’s future.

“What is your reaction, then, to the Protection of State Information Act, the Secrecy Act that has been drop on our heads? The Secrecy Act means that we the people are not allowed to know the facts about our own country. Know how our society, our population is manoeuvred by those entrusted and empowered by our votes.”

The inaugural lecture was hosted by the Vice-Chancellor and Rector, prof. Jonathan Jansen, and the Rectorate, with the support of the Institute for Reconciliation and Social Justice and Prof. Gobodo-Madikizela.

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