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

President of Spelman College delivered Second Annual Reconciliation Lecture
2013-08-12

 

Dr Beverly Daniel Tatum
12 August 2013

Dr Beverly Tatum lecture (pdf)
Photo Gallery

The United States have much to learn from South Africa about reconciliation. This is according to Dr Beverly Daniel Tatum, president of Spelman College, the oldest college for African American women in the US. Delivering the Second Annual Reconciliation Lecture on our Bloemfontein Campus, Dr Tatum –an internationally-acclaimed educator and expert on race relations –said five years after the US elected its first black president, the country still finds it difficult to make peace with the painful truth of its past.

Drawing inspiration from a speech made by former president Nelson Mandela at the adoption of the South African constitution in 1996, Dr Tatum said it requires courage to engage in a meaningful way with those we have been socialised to mistrust.

Dr Tatum highlighted the shooting of the US teenager Trayvon Martin, who was killed in Florida in an incident many attributed to racial profiling. The unarmed Martin, while out walking in the evening to buy a snack, was accosted and shot by neighbourhood watchman George Zimmerman who suspected him to be a potential thief. 

“How do we move beyond stereotypes to more authentic knowledge of one another?” she posed the question to a packed Reitz Hall in the Centenary Complex. 

Dr Tatum, author of the critically-acclaimed books, Can We Talk about Race? and Why Are All the Black Kids Sitting Together in the Cafeteria? said we have to be brave enough to have our assumptions challenged. 

“If we want a better society, one characterised by strength, trust and unity, we must interrupt the cycle and there is no better place to do it than at a university like this one, where the next generation of leaders is being prepared. But it requires intentionality. It takes practice.”

During her two-day visit, she also met with postgraduate students from the Faculty of Education to discuss social cohesion at schools. She also took part in a roundtable discussion with educators from the UFS and other universities, deliberating the topicLeading with/for/against differences on university campuses.

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