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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

Transformation in higher education discussed at colloquium
2013-05-16

16 May 2013

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The University of the Free State hosted the Higher Education Transformation Colloquium earlier this month on the Bloemfontein Campus.

On Monday 6 May 2013 till Wednesday 8 May 2013 the event brought together a wide range of stakeholders, including some members of university councils; vice-chancellors; academics and researchers; leaders of student formations and presidents of student representative councils; transformation managers; executive directors with responsibility for transformation in various universities, members of the newly established Transformation Oversight Committee and senior representatives from the Department of Higher Education and Training.

The event examined and debated some of the latest research studies and practices on the topic, as well as selected case studies from a number of public universities in South Africa.

Delivering a presentation at the colloquium, Dr Lis Lange, Senior Director of the Directorate for Institutional Research and Academic Planning at the UFS, said transformation in South Africa has been oversimplified and reduced to numbers, and the factors that might accelerate or slow the process have not been taken into account.

Dr Lange was delivering a paper, titled: The knowledge(s) of transformation: an archaeological perspective.

Dr Lange argued that “in the process of translating evolving political arguments into policy making, the intellectual, political and moral elements that shaped the conceptualisation of transformation in the early 1990s in South Africa, were reduced and oversimplified.”

She said crucial aspects of this reduction were the elimination of paradox and contradiction in the concept; the establishment of one accepted register of what transformation was and it is becoming sector-specific or socially blind. This means that the process was narrowed down in the policy texts and in the corresponding implementation strategies to the transformation of higher education, the schools system, the judiciary and the media, without keeping an eye on the structural conditions that can influence it in one way or another.

Dr Lange said the need for accountability further helped with reduction of transformation. “Because government and social institutions are accountable for their promises, transformation had to be measured and demonstrated.”

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