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01 November 2023 | Story Valentino Ndaba | Photo SUPPLIED
Dr Prince Sarpong
Dr Prince Sarpong, Senior Lecturer in the School of Financial Planning Law at the University of the Free State.

As we deepen our understanding of the connection between money and psychology, financial therapy has gained popularity as a field of study. During World Mental Health Awareness Month, it was essential to delve into practical guidance for financial therapists, as well as for financial planners and mental health practitioners who are integrating financial therapy into their practice.

Dr Prince Sarpong, Senior Lecturer in the School of Financial Planning Law (SFPL) at the University of the Free State, and Prof Liezel Alsemgeest, Director of the SFPL, recently edited and published a book titled: Perspectives in Financial Therapy. Other academics from the SFPL who contributed to the book include Dr Rika van Zyl (Senior Lecturer) and Henda Kleingeld (Lecturer). 

Perspectives in Financial Therapy 

Published in July 2023, Perspectives in Financial Therapy aims to contribute to the body of knowledge in financial therapy. Both academics and practitioners in the mental health, financial planning, and related fields recognise the increasing prevalence of money-related psychological distress.

According to the editors, the primary target audience for this 14-chapter book includes academics and practitioners in the fields of financial therapy, financial planning, financial counselling, financial coaching, and mental health, as well as undergraduate and graduate students in these fields.

Mental well-being and financial matters

In Chapter One, Dr Sarpong begins by taking a close look at the developing field of financial therapy. He then investigates Models, Resources, and Tools Applied in Financial Therapy in Chapter Four. In this chapter, Dr Sarpong provides discussions on “the identified money scripts and money disorders in financial therapy, and on some of the main models, tools, and resources employed in financial therapy. The models in financial therapy are adapted mainly from the broader field of psychology and financial planning and can be employed by financial planners, financial therapists, and mental health professionals in helping clients to resolve their money-related distresses”.

Understanding generational differences is a crucial part of financial therapy. in Chapter Seven, Prof Alsemgeest touches on how each of the generations develops and distinguishes itself from other generations through shared social and historical life experiences. She added, “The chapter stresses that in the practice of financial therapy, it is important for practitioners to understand how each generation’s attitudes, perceptions, and behaviours around money were shaped, in order to be able to create rapport with a diverse group of clients.”

Comprehensive perspective on financial therapy

The book also delves into various other topics, including the brain and financial decision-making; practical application of neuroeconomics in financial planning; decolonising assessments in financial therapy from an African context; challenges, benefits, and implications for online financial therapy; couples and financial therapy; planning for and surviving divorce; rebuilding a stable emotional and financial foundation after divorce; therapeutic jurisprudence and estate planning; the limitations on freedom of testation, allaying estate planning fears through trusts; as well as a critical appraisal financial therapy.

News Archive

Prof Frederick Fourie to step down as UFS rector
2008-09-08

“It is with sadness that I hereby announce my intention to step down as rector and vice-chancellor of the University of the Free State (UFS) in the 4th quarter of this year.

Obviously this decision has not been taken lightly. After careful consideration I am, however, convinced that this is as far as I can take the UFS as vice-chancellor and rector. This flows primarily from the exhausting times that I have experienced during the past nine years, first as vice-rector (since 1999) and then as rector (since 2003), in managing and implementing several complex strategic projects.

The challenges and complexities of continuous change management at a higher education institution, and specifically the demands of further dynamic development and transformation at the UFS, demand enormous amounts of emotional energy and drive. For me the stress due to, especially, the political divisions and tensions in the UFS Council and the broader university community during the past year has been extremely draining. The broader institution and its people also show signs of trauma.

I think it is time for new and fresh leadership, especially in the light of the transformation challenges of the UFS.

I have thus decided to step down in the interest of transformation and the further dynamic development of the UFS.

Having been on sabbatical leave since May, I will not return to take up my post. I will remain on leave until my official date of retirement from office. (The exact date must still be determined.)

I am grateful for the opportunity to have been at the helm of the UFS and to help the institution cross several bridges. During the past nine years I have been privileged to lead large strategic projects together with many dedicated and talented UFS colleagues. It has been a wonderful experience of thinking and working together in order to elevate the functioning of the University to new levels in several key areas.

One of the most important projects was the financial turnaround strategy of 2000-2005, which took the UFS from a financial crisis to a situation where currently it annually has almost R100 million of discretionary funding available to spend on strategic projects, and where staff remuneration and promotion opportunities have increased dramatically since 2000. In this period the UFS has also grown from approximately 10 000 students to more than 27 000 in 2008.

A second was the strategy to invest strongly in the academic core and notably research, research capacity and research apparatus. Since 2003 research outputs have increased by approximately 50% - a significant accomplishment of our researchers and faculties. In conjunction with this, the launch of the six strategic academic clusters (focus areas) should create the basis for the continued growth in the national and international stature of the UFS in future. The development of the national leadership role of the UFS with regard to community service also was a special and successful project.

A third large strategic project was the progress with regard to diversity, the balanced multilingualism policy in the academe as well as the administration, the employment equity plan, the UFS transformation plan and especially the institutional charter – which could lay the foundation for a university where one and all can experience a true sense of belonging amidst diversity. These have been important steps that we can feel proud of (although much work obviously remains with regard to non-racialism and also non-sexism).

As far as residences are concerned, it was historically significant that this time, in contrast to 1997/8, the UFS succeeded in crossing the bridge of diversity and integration in residences – with due regard to the difficulties we faced. Hopefully this will considerably ease the task of my successor and her/his management team in managing diversity and in pursuing best practice transformation.

A fourth large project was the large-scale upgrading and development of infrastructure, academic buildings and facilities as well as support service facilities, student facilities and pedestrian walkways. The objective was a campus of the highest quality and aesthetics to effect a lasting improvement in their work- and living environment for staff and students. Indeed, the UFS Main Campus today is seen as an example of sensitive and high quality campus planning.

Other initiatives which haven’t borne fruit yet are, for example, those with regard to entrepreneurial activities, sport development and sport business development, and the possible establishment of an engineering programme or faculty at the UFS.

On the whole the most important thing for me has been the progress in establishing a deep commitment to quality and equity/fairness and in boosting the national and international profile of the UFS as a high quality progressive university. Of course, justice, equity and quality intrinsically are challenges which require daily dedication to make it an ingrained habit.

I wish to thank all those people with whom I could work during the past years in tackling large and complex challenges with mutual loyalty, shared wisdom and effort – from the Financial Turnaround Team to the Exco, the Executive Management, the Faculties, the Senate, support service divisions, the University Council and several committees and task teams”.

Frederick C.v.N. Fourie
Rector and Vice-Chancellor
University of the Free State

Prof Frederick Fourie has been with the UFS since 1976. After obtaining a PhD in Economics from Harvard he was appointed professor at the age of 29 in 1982, head of the Department of Economics in 1992, Distinguished Professor in 1998, Dean of the Faculty of Economic and Management Sciences in 1997, Vice-rector: Academic in 1999 and vice-chancellor in 2003.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za  
8 September 2008
 

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