Empowering students to become financially savvy

Home Business Empowering students to become financially savvy

Staff Reporter

Windhoek-Good financial habits should be cultivated from an early age and these days many children with savings accounts have the general understanding that they have to save for the things they really want.
As these children grow into teenagers, they will have started to think about careers and studying towards them. For many tertiary students, this introduces a shift from saving for “nice to have” items to having to budget for everyday expenses from their allowances. This is when it is critical to have a basic understanding of living within a budget – especially for students.

When students understand the significance of drawing up and sticking to a budget, chances are that they will be better prepared for financial success after they graduate and enter the workforce.

“Budgeting takes discipline,” says Bank Windhoek’s Head of Corporate Affairs, Hayley Allen, “and there is no better time than as a student to start cultivating the habit of knowing how much money you have in your account at any given time, keeping track of where your money goes and making decisions of where you need to cut on expenses.”
Bank Windhoek’s Vibe Account is designed to increase students’ financial awareness and meet the unique financial and transactional needs of full-time and part-time registered Namibian tertiary students between the ages of 16 and 30 years. “It feels great to have my Vibe Account because it teaches me to be responsible and allows me to manage my finances well,” said 20-year-old Kaylien Falleky, an education student.

The Vibe Account offers exciting benefits such as competitive interest rates, free Life Cover of N$7,500, a Visa Electron Debit Card to make withdrawals at ATMs and Point-Of-Sale purchases and access to the internet and CellPhone Banking.

“It allows access to my account via my cellphone and because of withdrawal limits, it also helps me manage the available cash in my wallet wisely. It is amazing,” said 23-year-old law student, Virachio Hill.

Roxanne Poulton, a medical student, said that the Vibe Account makes it much easier for her to manage her finances due to its convenience and accessibility to the internet (Internet Banking) on her mobile phone. “It was a great help especially when I applied for a study loan and it also allows me to save,” said Poulton.

She added that having her own bank account makes her feel independent and gives her total control over her finances. “The statements allow me to see my income and expenditure. At the end of the day I do not need to ask my parents for money because the account allows me to budget well,” said Poulton.

Poulton said that the reason for opening her Vibe Account is due to the sustained excellent service Bank Windhoek has provided to her parents and grandparents. They have been customers since the bank’s inception.
Explaining how she uses his Vibe Account, 18-year-old engineering student, Raja Kambazembi, says: “The Vibe Account helps me with my studies. I can purchase MTC credit, which I use for data for my research and I can buy electricity – this helps when my parents do not have time to do so. Besides it helps me to send and receive money, and makes me feel more responsible by sticking to my budget and spending wisely. I can definitely recommend it to my fellow students.”