The Finance unit at the Durban University of Technology (DUT) in collaboration with Standard Bank recently hosted a highly engaging Financial Literacy workshop at Riverside and Ritson campuses. The workshop was aimed at equipping students with the essential knowledge, understanding, and comprehension of financial stability and viability.
DUT Pietermaritzburg and Durban Finance staff members shared the purpose of the financial literacy workshop which was to equip students with the knowledge and skills to manage their personal finances effectively. They further explained that financial literacy was essential and crucial for navigating life’s financial challenges.
They also mentioned that workshop covered various topics such as budgeting, saving, debt management and financial goals. The finance staff team stated that financial literacy workshop also assists students by increasing financial confidence and shaping their future.
Provincial Manager for Youth at Standard Bank South Africa, Malusi Ndlovu, addressed students on financial literacy, offering insightful tips and expert advice on responsible financial planning.
DUT students during the workshop.
He stated that most youth experience financial frustrations due to demographic factors, peer pressure, and a lack of budgeting. He also advised people and students against sharing their personal identification numbers with strangers, noting that banks cannot be held accountable for such disclosures.
He emphasised that students must stop overspending and improve their financial literacy by reading books, listening to podcasts and subscribing to financial content. He mentioned the importance of consulting financial advisors, highlighting that Standard Bank offers free advisory services.
“I personally subscribe to financial content on LinkedIn, and it has been helpful. Speaking to a financial advisor is crucial, as they can guide you in making informed financial decisions,” he narrated.
He shared five valuable tips to help individuals effectively manage their finances, including creating a comprehensive budget to understand income and expenses, tracking expenses to stay aware of financial habits, setting aside a portion of income for an emergency fund, starting to invest to grow wealth and secure long-term financial goals, and effectively managing debts and loans to avoid financial strain. He recommended the “I Save Money” app as a useful tool for students to create and manage their budgets.
The workshop was attended by Khulekani Mncube, a Standard Bank consultant from Proactive Sales, who introduced an exciting initiative called “Varsity Vibe”. This programme offers exclusive discounts at select stores to students aged 18-25, providing them with a unique opportunity to save money and enjoy rewards tailored to their lifestyle.
Nomcebo Zungu, Deputy Student Representative from the Women Engineering and the Built Environment (WEBE) organisation, shared her insightful experience as an attendee of the financial literacy workshop. Zungu highlighted the valuable lessons she gained, particularly in recognising unhealthy investment habits and techniques for maintaining a healthy financial life.
“I have learned that poor investment choices can lead to financial stagnation, regardless of one’s income. I also gained practical knowledge on how to avoid common pitfalls and make informed financial decisions to secure my future,” she said.
Pictured: Standard Bank & DUT Finance Staff conducted Financial Literacy Workshop for students.
Photographer: Mnqobi Ngobese.
Phiwayinkosi Sibiya
