Students would rather pay off debt than splurge their first pay chequeIn SA student spending report 2010
According to the latest SA Student Spending Report, as soon as they transition into their adult role, most students would use their first pay cheque topay back their student loan (45%) and save (25%) before buying that fancy car (9%) or hot new suit (2%).This theme of responsibility was carried through to the question on what students would do if they came into a sudden windfall of R100 000 -– Would most students go on a massive shopping spree ? Surprisingly NO -– half of them said they would rather save or invest the money, and only then buy a car . This was followed by buying clothing, paying off their tuition fees , and buying property. They also do not appear to be as entrepreneurial as we would like to think – only 5% of students would use the money to start a business (in contrast to the 50% that would rather save/invest their money). So, we’re either saying that students are a responsible lot…or a delusional lot, because it’s one thing predicting what you would do with your first paycheque or R100,000 -– it’s another thing completely, when you actually get it.