Financial Literacy for Students in Tertiary Institutions
Financial literacy for students in tertiary institutions is essential in ensuring that the students are equipped with knowledge and financial skills to be able to manage their finances. The project intends to create an environment for students to learn how to deal with their daily financial decisions such as saving, budgeting, managing debt, investing, credit scores and planning for their financial future, while also covering the areas of wealth creation, starting a business and entrepreneurship.
For most students, this is the time where they are required to start managing their finances independently and for most if not all it is the first time they are exposed to credit. Educating students about managing their personal finances, will assist them to responsibly manage their bursary funds, student loans and other forms of income at their disposal.
The students' poor financial management skills may result in high levels of student indebtedness. Negative attitudes and behaviours in managing finances may impact on their academic performance, mental and physical well-being, and even their ability to find employment after graduation. On the other hand, positive financial behaviours and attitudes may contribute to financial satisfaction, life satisfaction, and excellent academic performance.
The FSCA thus decided to implement this project that will empower the students with the knowledge and skills to manage their finances efficiently.
Aims and objectives of the project
The aim of the project is to provide tertiary students with the necessary financial skills to enable them to manage their finances better. The project intends to create an environment for students to competently deal with their daily financial decisions as, such saving, budgeting, managing debt and investing, and plan for their future. The project will also raise awareness on financial literacy and some of the dangers that lead to bad financial decisions.
Eight Universities have been identified for the implementation of this project as follows:
| No: | University | Province |
| 1. | North-West University | Northwest |
| 2. | Rhodes University | Eastern Cape |
| 3. | Stellenbosch University | Western Cape |
| 4. | Limpopo University | Limpopo |
| 5. | University of Johannesburg | Gauteng |
| 6. | University of Free-State | Free-State |
| 7. | University of KwaZulu Natal | KwaZulu Natal |
| 8. | Sefako Makgatho University | North-west |
Content and target group
The project target group is students in tertiary institutions from all the faculties. The total number of students to be reached in 2023 is 4 000 students in eight universities (500 per institution, 250 per session).
The topics for the project are taken from the FSCA's MyMoney Learning Series Theme: Financially Smart. These topics will include Save for unexpected expenses, Interest, how to budget and `Be in control of your finances.`
Financial Literacy for Tertiary Students M&E Report 2023
Financial Literacy for Tertiary Students M&E Report 2024
Contact Ephraim Kgosana: +27 12 367 7884
