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Department of Economics and Finance took hands with alumni students in writing a book

01 April 2021 | Story Dr Nitha Ramnath | Photo Supplied

Personal finance authors_web read more — Back: Dr Nico Keyser (editor), Dr Ivan van der Merwe. Front: Minette Weideman (Portfolio Manager at Levevis Investment and Consulting Services), Melanie Ferreira (Business Development Manager at Allan Gray), Dr Cecile Duvenhage (editor) and Lizelle Jansen van Rensburg (Lecturer). Dr Jesse de Beer (Lecturer at University of Namibia) was absent.

Two lecturers from the Department of Economics and Finance at the University of the Free State (UFS) teamed up with alumni – who were once students in their department – to write a book on personal finance. This book is the latest hands-on application of the theory in practice.

“From the book it is evident how our alumni – who once were learners – became educators and contributed to teaching and learning,” says Dr Cecile Duvenhage, Lecturer in the Department of Economics and Finance, about the book Personal Finance. The desire to write this book stems from previous studies done by Dr Duvenhage and Dr Nico Keyser, Senior Lecturer, on the financial literacy levels among young adults.

One such study was published in the Journal of Psychology in Africa (29(4):460-465). According to the study, young adults lack the basic understanding of financial aspects. Theory can be learned by heart, but the understanding and execution of well-informed financial decisions need to be addressed. Thus, the book was written in such a way that it is easy to understand, and with the aim of changing financial behaviour and attitude in a positive manner. The book provides useful websites and appendices for additional information and reading, and is aimed at the man on the street, researchers, and practitioners.

Acording to the authors, during the writing of the book in 2020, new challenges arose, including the dramatic impact of COVID-19 on the financial market, and these aspects were included during the final stages and editing of this book.

“Why personal finance? ‘Money makes the world go round’, the saying goes. Good financial decision making has a positive influence on overall well-being, allowing people to maximise their opportunities and lead more fulfilling lives. Personal finance teaches individuals financial skills so that they can manage their money better. The subject, Personal finance, is an interdisciplinary subject and encompasses many areas and core topics such as decision making, cash-flow management, savings, credit, debt, housing, and planning for the future.”

Personal Finance (first edition) was published by Van Schaik Publishers and has been available from leading bookshops since the end of December 2020. All chapters were critically reviewed by three (3) university lecturers and a qualified editorial panel.

News Archive

UFS staff gets a salary adjustment of 10,00%

2009-11-04

The University of the Free State’s (UFS) management and trade unions have agreed on an improvement in the service benefits of staff of 12,81% for 2010. This includes a general salary adjustment of 10,00% (according to the estimated government subsidy that will be received in 2010).

The agreement was signed on Friday, 30 October 2009 by representatives of the UFS management and the trade unions UVPERSU and NEHAWU.

The negotiating parties agreed that adjustments could vary from a minimum of 8,98% or more, depending on the government subsidy and the model forecasts. If the minimum of 8,98% is not affordable, the parties will re-negotiate.

An additional once-off, non-pensionable bonus of R2 000 will also be paid to staff later this year. The bonus will be paid to all staff members who were in the employment of the university on UFS conditions of service on 29 October 2009 and who assumed duties before 1 October 2009. The bonus is payable in recognition of the role played by staff during the year to promote the UFS as a university of excellence and as confirmation of the role and effectiveness of the remuneration model.

It is the intention to pass the maximum benefit possible on to staff without exceeding the limits of financial sustainability of the institution. For this reason, the negotiating parties reaffirmed their commitment to the Multiple-year, Income-related Remuneration Improvement Model used as a framework for negotiations. The model and its applications are unique and have as a point of departure that the UFS must be and remains financially sustainable.

Agreement was reached that 2,45% will be allocated for growth in capacity building to ensure that provision is made for the growth of the UFS over the last few years. An allocation of 0,14% will be made towards the final phasing in of fringe benefits. It will be used to provide group life insurance to all service workers. An agreement was also reached that 0,22% will be allocated towards structural adjustments of certain levels of the support services salary structure.

The implementation date for the salary adjustment is 1 January 2010. The adjustment will be calculated on the total remuneration package.

In 2009, a total salary adjustment of 16,13% was paid to staff and they received a once-off non-pensionable bonus of R3 390 at the end of 2008.

Media Release
Issued by: Lacea Loader
Deputy Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za
3 November 2009

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