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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

UFS lecturer serves on National Forensic Oversight and Ethics Board
2015-02-13

Dr Karin Ehlers

Dr Karin Ehlers, lecturer in the Department of Genetics at the University of the Free State, was elected by the Minister of Police, Mr Nkosinathi Nhleko, to serve on the National Forensic Oversight and Ethics Board which will, among others, monitor the implementation of the provisions of the DNA Act.

Previously, when DNA evidence was collected at a crime scene, it was analysed only when requested by the prosecutor or investigator when they had found a suspect and needed confirmation. With the new DNA Act, all samples collected from violent crimes must be analysed. The profiles will be compared with a convicted offender database to see if some of the unsolved cases can be linked to these perpetrators. The reason for this is that many of these offenders are repeat offenders, and this process will increase the chances of solving cases successfully.

Serving on the Board, Dr Ehlers will also have the opportunity to contribute to proposals on:
- the improvement of practices regarding the overall operations of the National Forensic DNA Database (NFDD),
- the ethical, legal, and social implications of the use of forensic DNA profiles, and
- the training and the development of criteria for the use of familial searches.

Board members will also receive and assess complaints about alleged violations relating to the abuse of DNA samples and forensic DNA profiles and/or security breaches, and will report to complainants in respect thereof.

In 2014, when all citizens in South Africa were invited to apply for a position on the National Forensic Oversight and Ethics Board, Dr Ehlers submitted her application with a motivation on how she could contribute to the function of the Board. She is one of ten persons who were appointed to serve on the Board. “The reason I was successful was due to my involvement in the development of the UFS Forensic Sciences Programme,” Dr Ehlers said.

The capacity of the country was one of the challenges that had to be overcome for this Act to take effect. ”The UFS was able to address this problem, implementing degrees in Forensic Genetics and Forensic Sciences. With these programmes we made a real difference in the fight against crime. It is a real privilege to form part of this project,” said Dr Ehlers.

Dr Karin Ehlers serves on National Forensic Oversight and Ethics Board (read the full story)

 

For more information or enquiries contact news@ufs.ac.za

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