New experiences, academic demands, and a greater sense of independence are all part of university life. It’s also the first time that many young South Africans are genuinely in charge of handling their own money. All of a sudden, we have to balance tuition, housing expenses, textbooks, groceries, social events, and the constant temptation of that new device. Either financial success or, more often than not, a pile of debt and stress are the likely outcomes. This is the exact reason why financial literacy is so important for South African university students.

Let’s be honest, most of us don’t arrive on campus as financial gurus. We might have a little understanding of budgeting, but the realities of managing a student budget can be a rude awakening. The lure of student loans, credit cards, and instant gratification can be incredibly tempting, especially when we’re surrounded by peers who seem to be effortlessly navigating the world of adult finances (or at least, pretending to). But without a solid understanding of basic financial principles, we’re setting ourselves up for potential trouble down the road.

Think about it: how many students do you know who are already struggling with debt? How many graduate without a clear understanding of how to manage their student loans? These are real issues that affect young people across South Africa, and they highlight the urgent need for improved financial education.

Thankfully, resources are available. Universities are beginning to provide us with courses, seminars, and online tools to assist students in developing these critical skills as they become more aware of the significance of financial literacy. Additionally, there are a tonne of websites and organisations dedicated to educating young people about money matters. Being active and looking for these resources is crucial. WE as students have to ask questions, speak with financial experts and take note of other people’s experiences without fear.

Gaining financial literacy enables us to take charge of our financial futures and goes beyond simply avoiding debt. Whether we’re starting our own business, buying a car, or exploring the world, it all comes down to making well-informed decisions that will help us reach our objectives. It’s about laying the foundation for future financial security and mental tranquility.

As college/university students, we are at a pivotal point in our life. The decisions we make now will affect our future for years to come. Making financial literacy a top priority is an investment in ourselves that prepares us for both academic and financial success. In order to create a more promising financial future, let’s take the chance to educate ourselves on money management. This is an investment that will yield rewards for many years to come.

– Lucky Mulalo, Campus Ambassador