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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

Researchers receive study grant for research into Congo Fever
2015-03-10

UFS researchers will be contributing significantly to the search for a vaccine against the deadly tick-borne disease known as Congo Fever.

Prof Felicity Burt from the Department of Medical Microbiology and Virology was recently awarded a research grant by the National Health Laboratory Service (NHLS) to study candidate vaccines for Crimean-Congo heamorrhagic fever (CCHF) virus and other arboviruses.

Arboviruses are viruses transmitted by mosquitoes, ticks, or other arthropods.

Prof Burt is an internationally-recognised expert on the Crimean-Congo haemorrhagic fever (CCHF). The Crimean-Congo haemorrhagic fever (CCHF) virus is a tick-borne virus that is associated with severe haemorrhagic disease in South Africa and other parts of Africa, Asia, and eastern Europe. Her interests focus on medically significant viruses that are transmitted by ticks and mosquitoes. Her research group is involved in determining the immune responses that are induced by different viral proteins.

Crimean-Congo haemorrhagic fever (CCHF) virus, a tick- borne virus found in Africa, Asia, the Balkans, and eastern Europe, causes severe viral haemorrhagic fever outbreaks.

Although a number of tick species are capable of becoming infected with CCHF virus, ticks of the genus Hyalomma, commonly referred to in SA as the “bont-legged ticks”, are the principal vector. The ticks have distinctive brown and white bands on their legs.

In February 1981, the first case of CCHF was recognised in South Africa (SA). To date, there have been nearly 200 cases of CCHF infection in SA with a 20% fatality rate. The majority of cases occurring in SA were in patients from the Northern Cape and Free State provinces.

“The funding that has been awarded will be used to profile immune responses against CCHF viral proteins, and investigate mechanisms and strategies to enhance these immune responses. We hope that the study will contribute knowledge towards the development of a vaccine against this medically significant virus.”

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

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