FINANCIAL Management
Skills Are Crucial For Everyone, Including College Students, As They Navigate
The Transition To Greater Independence And Responsibility.
Many Often Struggle With
Managing Their Finances Effectively, And They Are Not To Blame. For Many, If
Not All, College Is Their First Money Management Experience. Many Are Usually
Not Adequately Prepared To Handle Their Own Finances.
This Lack Of Money
Management Skills Can Have Significant Implications For Students And Their
Overall University Experience. Some Even Drop Out Of College Due To Poor
Personal Money Management.
Without Proper Budgeting
Skills, Some Students Find Themselves Overspending On Non-Essential Items,
Leading To Financial Strain Later In The Semester. This
Jeopardises Their Ability To Cover Essential Expenses Such As Textbooks,
Accommodation, Or Food, Impacting Their Academic Performance And Mental
Well-Being.
Fausta Abasi, A Student
At The Tanzania Institute Of Accountancy, Says She Struggles With Budgeting Her
Finances. She Rents A Room Off Campus And Finds It Hard To Balance Between
Essential Expenses Like Rent, Food, Transportation, And Discretionary Spending
On Social Activities Or Personal Treats.
“Sometimes, I Find Myself
Overspending On Non-Essentials Early In The Semester, Which Leaves Me
Scrambling To Cover Necessities Later On. I Wish I Had Learned More About
Managing Money Before Coming Here. It Would Have Saved Me A Lot Of Stress And
Helped Me Make Better Financial Decisions," She Shares.
Fausta Is Not Alone. Lilian
Benson, A Student At Dar Es Salaam Tumaini University (Dartu), Says Financial
Stress Affects Her Studies.
“I Work Part-Time To Support
Myself, But It's Tough Juggling Work Demands And Studies. There Have Been
Instances When I've Had To Take On Extra Shifts Just To Make Ends Meet, Which
Leaves Me Exhausted And Impacts My Grades At The End Of The Day. It's A
Constant Cycle Of Working To Pay Bills And Struggling To Find Time To
Study," She Explains.
Similarly, A Student At Ardhi
University, Victor Sebastian, Shares That He Often Finds Himself Running Short
Towards The End Of The Semester.
According To Him,
Budgeting Becomes A Challenge When Unexpected Expenses Arise Or When One
Underestimates Certain Costs.
“Learning How To Stretch
One’s Budget Effectively Would Make A Huge Difference In Their Ability To Make
It Through The Academic Year Without Financial Strain,” He Observes. He Suggests
That Universities Should Offer Seminars On Financial Management.
Financial Literacy Is Not
A Skill That Parents Or Even Educational Institutions Consider Imparting To The
Young, But It’s A Skill That Many Learn The Hard Way.
Mary Sabuni, Also A
Student At Ardhi University, Says That Although She Gets Financial Support From
Her Parents, She Still Struggles With Managing Her Allowance.
She Says No Matter How
Hard She Tries, She Usually Ends Up Overspending, After Which She’s Forced To
Request More Money Later In The Month.
“It’s Frustrating Because
I Know I Should Be More Responsible With The Money, But Sometimes The
Temptation To Spend Is Hard To Resist.”
Mary Knows That Her
Parents Don’t Like The Habit, But She Says They Have Never Taught Her How To
Spend Wisely.
According To Experts,
Parents May Recognise The Need For Their Children To Have Basic Personal
Finance Knowledge, But Many Don’t Know How To Teach Their Children Good Money
Management Skills. Ali Kibiriti, A Student At The University Of Dar Es Salaam,
Has Learned The Hard Way About The Importance Of Saving For Emergencies.
“A Sudden Expense, Like A
Textbook I Forgot To Budget For Or An Unexpected Medical Bill, Can Throw Off
Your Entire Budget For The Month.”
He Now Makes It A
Priority To Set Aside A Portion Of His Money For Unforeseen Circumstances. It's
A Lesson He Wishes He Had Learned Earlier, But Better Late Than Never, He
Notes.
Ali Says Financial
Planning Skills Are Essential For Navigating The Challenges Of University Life.
Parents, Too, Face
Concerns When Students Struggle With Financial Management. They Worry About The
Misuse Of Funds Allocated For Educational Purposes And The Overall Financial
Stability Of Their Children.
Robert Kimwaga Says It's
Important For Students To Learn How To Prioritise Expenses And Make Responsible
Financial Decisions.
“I Try To Offer My
Daughter Guidance And Support, But I Also Believe That Universities Should
Provide More Comprehensive Financial Literacy Programmes To Empower Students
With The Necessary Skills For Financial Independence," He Notes.
Stella Peter Concedes,
Sharing That Supporting Her Children Through University Comes With Concerns
About How They Manage Their Allowances.
“I Want Them To Learn The
Value Of Budgeting And Saving For The Future. It's Essential For Universities
To Collaborate With Parents And Students To Ensure That Financial Education Is
Integrated Into The Curriculum And Accessible To All," She States.
Another Parent, Dr
Annabelle Laurent, Understands The Challenges Students Face In Balancing Their
Finances. She, Too, Thinks Universities Should Equip Students With The Skills
They Need To Succeed Both Academically And Financially.
She Encourages Students
To Prioritise Financial Planning And Seek Guidance When Needed.
Rozalia Alfred Has Always
Made An Effort To Teach Her Children How To Manage Their Funds Responsibly. She
Calls Upon Universities To Provide Students With Practical Tools And Resources
To Help Them Make Informed Financial Decisions And Avoid Unnecessary Debt.
She Is Supported By Reuben
Gelesha, Who Opines That Universities Need To Recognise The Challenges Students
Face As A Result Of Their Lack Of Financial Management Skills And Offer Support
Services To Help Students Develop Effective Budgeting Skills And Reduce
Financial Anxiety.
He Believes That
Practical Lessons On Budgeting, Saving, And Investing Would Benefit Students
Immensely And Prepare Them For Financial Independence After College.
“I Encourage Universities
To Prioritise Financial Literacy Education To Empower Students To Make Smart
Financial Decisions. It’s An Essential Life Skill That Can Contribute To Their
Overall Success And Well-Being.”
Financial Literacy
Programmes Should, According To Him, Be Integrated Into The Academic Curriculum
To Support Students In Their Journey Towards Financial Independence
According To Experts,
Poor Financial Management Can Lead To Distractions And Reduced Performance. Financially
Stressed Students May Experience Difficulties Focusing On Their Studies, And
They May Take On Part-Time Work That Interferes With Their Academic
Responsibilities.
This Can Result In Lower
Grades, Delayed Graduation, Or Even Dropout Rates, Perpetuating A Cycle Of
Financial Instability.
“It’s Evident That Many
Students Struggle With Managing Their Finances Effectively, Which Can Lead To
Attendance Issues, Decreased Engagement In Class, And Ultimately, Lower
Grades,” Says Dr Isack Safari, A Lecturer At St. Augustine University Of Tanzania.
He Says That Financial
Management Is A Critical Aspect Of Student Success That Is Often Overlooked.
Ms Lois-Singa Metili, A
Lecturer At Dartu, Says That Many Students Enter University Without A Strong
Understanding Of Budgeting, Saving, Or Investing.
“By Integrating Financial
Literacy Into The Curriculum, Universities Can Empower Students To Make
Informed Financial Decisions And Achieve Greater Financial Independence,” She
Shares.