The South African Schools Collection PR
Empowering Student Financial Literacy: How Fintech Solutions Are Shaping The Future
One of the most common financial mistakes students make is failing to establish the basics of a financial plan. In fact, the survey highlighted that one in three students do not have a monthly budget in place.
Rather than focusing solely on the saving and debt patterns of professional adults, valuable insights can be gained by examining the financial behaviours of a younger demographic. As young people transition into tertiary education, financial responsibility becomes an integral part of student life. It is during this time that spending habits are formed, laying the foundation for their long-term financial wellbeing.
The biggest challenge is that, during this financially vulnerable period, many students lack the proper financial framework to make informed decisions. Whether they depend on parental support for tuition and living expenses, rely on a bursary, or take out student loans, it is crucial to equip these young adults with the knowledge, education, and financial tools they need to secure their financial wellbeing.
Let’s set SA’s youth up for success
For tech-savvy students, payment platforms that simplify bill payments and offer real-time budget tracking are an ideal solution. Fintech services like Pay@Go, powered by Pay@—a leading payments provider and aggregator—offer a range of convenient options for managing payments and staying on top of finances.
Students that prefer to pay their bills digitally now have the convenience of choice, as Pay@Go offers a completely integrated and extensive range of payment options, from in-app payments, such as Snapscan, Zapper, and Scan to Pay, to EFTs through internet banking, as well as QR codes. For those that prefer in-person or cash payments, those are available too through Pay@, which has the largest payment network in the country.
Leveraging fintech solutions is really an effective way to provide students with the financial education they both want and need. An even more impactful approach would be creating partnerships between fintech companies and educational institutions, designed to enhance financial literacy among young people. The desire to learn how to manage money responsibly is clearly present among students, and it’s our responsibility to equip them with the knowledge and tools to do so.
