Unlocking the financial insight of students

By: Puleng Maphisa – 10 November 2023

The Department of Accountancy at the Vaal University of Technology (VUT) recently extended a warm welcome to the Local Government Sector Education Training Authority (LGSETA) and Standard Bank. Their joint mission was to enlighten students on the pivotal role of finance during and after their academic journey.

During the event, Dr Gauda Maseko, an HoD in the Department of Accountancy, emphasized the significance of the day, highlighting that LGSETA aimed to guide students on available learnerships, internships, and bursaries within the local sector. He added that, alongside LGSETA Standard Bank was present to offer valuable advice on personal financial matters, providing insights into sensible financial management.

LGSETA plays a crucial role by creating an environment for training and upskilling various employees. Their mandate involves implementing a variety of skills development initiatives to ensure students receive comprehensive career guidance. This guidance has yielded positive outcomes, facilitating students in securing opportunities for Work Integrated Learning (WIL), internships, and apprenticeships, complete with stipends. Notably, LGSETA extends bursaries, with eligible students receiving an amount of approximately ±R100 000, and workers benefiting from bursaries amounting to ±R35 000.

On the financial front, Standard Bank, one of the major South African banks and financial services provider, urged students to proactively manage their finances. They stressed the importance of learning to navigate financial responsibilities as they enter the workforce. The team from the banking giant recommended considering Income Protection Insurance, a safeguard for managing unforeseen financial challenges or debts in emergencies.

Furthermore, students were advised to create a will at the bank, a service offered free of charge to account holders. This foresighted measure proves invaluable in situations of unexpected departure, particularly when students are primary breadwinners or wish to ensure a fair distribution of their inheritance within their families.

Students expressed their profound gratitude, deeming the day as exceptionally fruitful. They gained valuable insights into the bursaries offered by SETAs and acquired practical knowledge on handling personal finances. Muhluri Ngoveni and Khutso Phalane, pursuing an internal audit, remarked,” It’s amusing that, as finance students, we weren’t as open-minded about managing our own finances. Today, we are delighted to comprehend the importance of nurturing our financial well-being, not just the corporate finances we study every day.”