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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

Two scientists part of team that discovers the source of the highest energy cosmic rays at the centre of the Milky Way
2016-03-22

Description: Giant molecular clouds Tags: Giant molecular clouds

Artist's impression of the giant molecular clouds surrounding the Galactic Centre, bombarded by very high energy protons accelerated in the vicinity of the central black hole and subsequently shining in gamma rays.
Artist's impression: © Dr Mark A. Garlick/ H.E.S.S. Collaboration

Spotlight photo:
Dr Brian van Soelen and Prof Pieter Meintjes of the UFS Department of Physics.
Photo: Charl Devenish

H.E.S.S. (High Energy Stereoscopic System) scientists publically revealed their latest galactic discovery in the international science journal, Nature, on 16 March 2016. These scientists were able to pinpoint the most powerful source of cosmic radiation – which, up to now, remained a mystery.

Part of this team of scientists are Prof Pieter Meintjes and Dr Brian van Soelen, both in the University of the Free State (UFS) Department of Physics. Dr Van Soelen explains that they have discovered a proton PeVatron – a source that can accelerate protons up to energies of ~1 PeV (10^15 eV) – at the centre of the Milky Way. The supermassive black hole called Sagittarius A has been identified as the most plausible source of this unprecedented acceleration of protons.

The protons are accelerated to Very High Energy (VHE) gamma rays. The energy of these protons are 100 times larger than those achieved by the Large Hadron Collider at CERN (the European Organization for Nuclear Research).

According to Dr Van Soelen, the fact that this research has been published in Nature demonstrates the importance and pioneering nature of the research conducted by H.E.S.S. The H.E.S.S. observatory – operational in Namibia – is a collaboration between 42 scientific institutions in 12 countries.

In 2006, H.E.S.S. was awarded the Descartes Prize of the European Commission – the highest recognition for collaborative research – and in 2010 the prestigious Rossi Prize of the American Astronomical Society. The extent of the observatory’s significance places it among the ranks of the Hubble Space Telescope and the telescopes of the European Southern Observatory in Chile.

“The next generation VHE gamma-ray telescope,” Dr Van Soelen says, “will be the Cherenkov Telescope Array (CTA), which is currently in the design and development stage.” Both Dr Van Soelen and Prof Meintjes are part of this project as well.

H.E.S.S. has issued a complete statement about the paper published in Nature.

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