In the spirit of ‘learn from your mistakes’, financial services company, DirectAxis, is offering students two R20 000 scholarships if they own up to the biggest financial blunders they’ve made and importantly what these have taught them.
As students most of us have done it, although there are probably few of us who would admit to our indiscretions.
“We’ve all heard the stories about students who’ve got loans to pay for their education and have used the money to trade on the JSE, buy a car or even just partied it away,” says Marlies Kappers, DirectAxis head of marketing.
“It’s easy to write this off to young people being irresponsible, but it may be because they didn’t know any better or weren’t aware of the consequences. Consider someone who, other than their peers, has no frame of reference, financial role models or anyone who can give them sound financial advice.”
She says the scholarships will do two things: give someone who has made a mistake and learnt from it another opportunity and provide some insight into some common financial slips which students make.
Many of loan applications DirectAxis receives are so people can improve their lives. These include loans for education.
“We hope the information we receive will enable us to help other students from making similar mistakes, by posting financial education pieces on our website and blog, providing tips on our social media platforms and through media campaigns,” says Marlies.
To be eligible for the scholarship, applicants must be a current or prospective student at a registered tertiary institution. To apply they need to like and follow DirectAxis on Twitter, Google+ or LinkedIn, submit a 250-word biography and write an essay of between 1 200 and 1 500 words answering the question: ‘What is the biggest financial mistake you have ever made and what have you learnt from it?’ The essay should be submitted to [email protected] before 31 October 2016.
The two winners of the R20 000 scholarships will be announced on 10 December and the money will be paid directly to the tertiary institution the student is attending in 2017.
For more information, including the judging criteria, applicants can visit Direct Axis