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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

Special Edition of the Journal for New Generation Sciences launched at UFS
2016-10-26

Description: Journal for New Generation Sciences launched  Tags: Journal for New Generation Sciences launched

Participants of the round-table discussion
at the launch of the Journal for New Generation
Sciences during the UFS Faculty of Education
colloquium which took place on 20 October 2016.
Photo: Oteng Mpete

The Journal for New Generation Sciences Special Edition was launched on 20 October 2016, at the Albert Wessels Auditorium, during the University of the Free State’s (UFS) Faculty of Education colloquium on the field of technological higher education and its contribution to the knowledge society.

Partnerships and knowledge production

Prof Laetus Lategan, Dean of Research and Innovation at the Central University of Technology (CUT), led the launch. “Higher education is not only about producing knowledge but it is also about fostering new relationships,” said Prof Lategan referring to CUT’s collaboration with the UFS Faculty of Education.

“Empowering people is important for capacity building, offering novice writers the opportunity to learn and a way to enhance their academic writing,” said Prof Lategan.

The Journal for New Generation Sciences is an accredited research publication in which scholars, internal and external to the institution, may publish. It accommodates national and international publications and showcases the university’s commitment to applied research.

Growing in leaps and bounds
According to Dr Somarie Holtzhausen, from the Faculty of Education’s School of Higher Education Studies, all papers are peer-reviewed by at least two experts. An editorial review also secures the quality of the paper. In 2014, when the journal was established, 30 contributions were submitted, although only 25 were successfully published.

“We turn down content not because it is not good, but unfortunately because it does not speak to the heart of the journal,” said Prof Lategan. With 60 peer reviewers, the journal’s contributors are assured that at least two peer reviewers will assess their article.

The Journal for New Generation Sciences supports both high-quality scholarly work of established researchers, and capacity building among new researchers.

During the round-table discussion various contributors to the journal spoke about their research and involvement in the publication of the journal.

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