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

SA-YSSP scholars attend high level colloquium with policy makers and research stakeholders
2014-02-12

From the left are: Prof Frans Swanepoel, Deputy-Director of the African Doctoral Academy, Drs Aldo Stroebel, Executive Director: International Relations and Cooperation at the National Research Foundation, Priscilla Mensah, co-director of the SA-YSSP, and Ulf Dieckmann from the International Institute for Applied Systems Analysis and Dean of the SA-YSSP.
Photo: Renè-Jean van den Berg

Scholars taking part in the 2nd Southern African Young Scientists Summer Programme (SA-YSSP), attended a one-week seminar hosted by the African Doctoral Academy at the Stellenbosch University, which concluded with a colloquium at the Stellenbosch Institute for Advanced Study.

This was part of the final leg of their three-month stay and studies at the University of the Free State.

This seminar was a capacity development intervention with the purpose of equipping SA-YSSP young scholars with the skills to communicate their research work effectively with different audiences.

The 36 scholars were hand-picked from some of the world’s most promising and top researchers to take part in the novel three-month programme for advanced doctoral candidates. Their research interests closely aligned with the Department of Science and Technology’s (DST) grand challenges and the International Institute for Applied Systems Analysis’ (IIASA) current research programmes regarding global environmental, economic and social change.

The SA-YSSP is an initiative that contributes to the establishment, growth and enhancement of high-level strategic networks internationally. At the same time it develops capacity in systems analysis at the PhD and supervisory levels through research conducted in the areas of the Department of Science and Technology’s (DST) grand challenges.

At the colloquium, students were expected to showcase their work and research according to their various fields of expertise. High-profile policy makers and policy funders, as well as academia and fellow researchers judged and critiqued the work.

Dr Priscilla Mensah from the UFS and co-director of the programme, says it is important for the young scientists to frame their findings in a way that will be relevant to policy makers and the public at large.

“The partnership with the African Doctoral Academy was crucial in this regard since it is a capacity development entity aimed at strengthening and advancing doctoral education, training and scholarship on the African continent. The objective of this week-long capacity strengthening intervention is to equip the young scientists to be able to communicate their research effectively with different audiences, including potential funders and policy makers.

“I am convinced that the young scientists will no longer view policy makers as abstract entities, but as stakeholders who must be engaged to facilitate implementation of evidence-based policy.”

Dr Aldo Stroebel, Executive Director: International Relations and Cooperation, National Research Foundation, says the purpose of the colloquium is to bring together different sectors in one room to look at different challenges holistically, with an emphasis on systems analysis for a common goal.

The SA-YSSP forms part of an annual three-month education, academic training and research capacity-building programme jointly organised by IIASA, based in Austria, the National Research Foundation (NRF) and the DST. IIASA is an international research organisation that conducts policy-oriented scientific research in the three global problem areas of energy and climate change, food and water, and poverty and equity. South Africa’s engagements with IIASA, specifically with regard to the SA-YSSP, relate primarily to the DST’s Ten-Year Innovation Plan.

The UFS is the first institution outside Austria to host the summer programme. Researchers in the programme are, among others, from South Africa and the rest of the African continent, the USA, the Netherlands, India, Hungary, Austria and Germany.

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