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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

Prestige scholar, Oliver Mutanga, to continue research at University of Pavia through CICOPS scholarship
2014-12-19

 

Oliver Mutanga has been awarded a 2015 CICOPS scholarship – one of only ten researchers world-wide to be afforded this opportunity. The scholarship enables Mutanga to visit the University of Pavia in Italy from January to March next year to expand his research.

As a second-year PhD student taking part in the Vice-Chancellor’s Prestige Scholars Programme, Mutanga is well on his way to achieve his goal of becoming an internationally-recognised scholar. He is currently conducting his research at our Centre for Research on Higher Education and Development under the supervision of Prof Melanie Walker and Dr Lis Lange. In his PhD, Mutanga examines the processes through which disabled students make their educational choices and negotiate different socio-cultural and institutional structures in higher education.

During his stay in Italy, Mutanga will work with Prof Enrica Chiappero-Martinetti on the intersectionality of disability, disadvantage and other social variables. “I will also present lectures and seminars on my PhD work at Pavia University and meet with other young capabilities approach scholars,” Mutanga says.

There is a growing acknowledgement nationally and internationally that there is limited data and understanding of the framing on disability issues. As such, data on the experiences of disabled students in higher education is important and timely in preparation of the Post 2015 Development Agenda.

Mutanga’s preliminary analysis challenges the popular discourse that is so common in South African higher education debates that they receive unprepared students into their institutions. The data seems to indicate the opposite, though: that it might be the institutions that are underprepared to receive diverse students. The study advocates for a capabilities-based conception of student equity that focuses on the widening of opportunities for all students within higher education to pursue what they have reason to value.

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