Student money matters under spotlight

2015-10-07 06:00
PHOTO: nqobile mtolo

The KwaZulu-Natal Financial Literacy Association (KZNFLA) launched a newspaper aimed at educating tertiary              students about finance matters. At the launch (back) KZNFLA operations manager Sipho Ntombela, (front, fro

PHOTO: nqobile mtolo The KwaZulu-Natal Financial Literacy Association (KZNFLA) launched a newspaper aimed at educating tertiary students about finance matters. At the launch (back) KZNFLA operations manager Sipho Ntombela, (front, fro

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FROM budgeting for takeaway fried chicken to getting to grasp with terms and conditions of cellphone contracts, the newly launched student newspaper, Young Money, will educate tertiary students on how to save and will put student money matters in the spotlight.

The newspaper aims to educate tertiary students amid high numbers of indebted students.

The newspaper has been made possible through partnerships between the KwaZulu-Natal Financial Literacy Association (KZNFLA), Old Mutual and the Durban University of Technology (DUT).

Articles will be written by DUT journalism students and finance education experts. Young


ney was launched on 30 September.

KZNFLA executive director Christi Naudé said that the newspaper is designed to help students with budgeting, saving and investing, practical banking issues, contracts, consumer rights and lifestyle choices.

“Following research done on student spending patterns and our own interaction with students during the KZNFLA Start Smart Students Summits at tertiary institutions, we realised­ there is a real need for practical­ financial education designed for all students as many are already indebted even before they earn an income. Bursary holders receive lump sums of money and don’t have a clue how to budget and spend it wisely.

“Students are also targeted by some retail companies and don’t always know their rights and responsibilities,” said Naudé.

She said that by reading Young


, students will learn about saving, investment, debt management and consumer rights. She said it is crucial­ that students learn these habits when they are young as they may be prevented from making bad financial decisions in the future.

“The first edition is a pilot. We anticipate­ publishing it at least annually, but depending on the response to the first edition we may bring it out quarterly in electronic format. We want the newspaper to be interactive and are working on the social links,” she said.

The electronic format will be emailed to the students. KZNFLA is also working on various social media platforms such as Facebook and Twitter to establish an interactive platform with students.

Naudé said that 22 000 copies were printed and they have started to distribute­ them to provincial campuses.

Old Mutual is the main sponsor of the first two editions of Young


, while the KZNFLA’s main funder is Provincial Treasury.

KZNFLA has partnered with the DUT School of Journalism for the first two editions

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