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31 July 2019

UMP Empowers Students with a Financial Management Seminar

University of Mpumalanga, Nedbank and Old Mutual hosted a financial management literacy seminar for students at Mbombela campus. The purpose of the workshop was to empower learners with advice and tips on how to become savvy with their finances.

Dean of Students, Dr Paul Maminza said that the university wants to give students tools that will ensure they manage their finances well. “Our aim with the financial management seminar is to empower students to be wise with money and start saving. We would like them to know how to manage their finances ¬– short and long term,” he said.

Dr Maminza continued that he hopes the workshop will give students especially those that stay in accredited private accommodation since they pay for their accommodation, meals, and more.

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Seminar facilitator from Nedbank, Mr Lance Morgan spoke to students about strategies to manage their finances. He acknowledges that it’s common for students to get tempted and want to buy expensive clothes because they want to keep up with the latest trends.

“The basic rule is to spend wisely. Buy what you need and not what you want. Unforeseen circumstances such as death, health emergencies do happen and you need to be prepared for such. Use your monthly allowances wisely: save and ensure you don’t get into debt,” Morgan advised.

RiseFM presenter, TheBigZill Onair, motivated the students with his story of success. He encouraged them to take voluntary work and not always chase after money. “When serving you get a chance to learn from experienced people. You will learn a lot that you cannot get from a text book.”

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The radio personality continued that he too made sacrifices. “I started working in 2005 and only got paid after six years of volunteering. But look at me today. I’m living my dream. My advice is: never take serving lightly because he who wants to be great, must serve.”

Bachelor of Commerce student, Masego Maseko who attended the seminar said the talk was educational, helpful and fun. “It was an eye opener. It made me realize that importance of money and saving. I love the fact that Nedbank doesn’t charge us monthly fees.”

Maseko further said: “The seminar was enlightening because as students we have a tendency to misuse our monthly allowances or the stipend we get from NSFAS. The information we received was helpful.”

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At the end of the seminar Mr Morgan enticed learners with goodies that included opening the account, which offers students zero maintenance and has more rewards.

Dr Maminza concluded by saying that UMP will always create opportunities for students. “We hope that this cohort of students will add to the members of society who understand the value of money and succeed in managing their finances well.”

The financial empowerment event was a success and students won prizes for participating in certain educational games and competitions. A week ago Nedbank had a similar seminar with lecturers and other staff members, which also had a great turnout.