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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

Statement on protest at the UFS
2005-03-04

Following a protest by student and non-student organisations today, the management of the University of the Free State (UFS) would like to place the following facts on record:

1. There is a well-documented process underway to further transform the UFS. At the official opening of the UFS on 4 February 2005 , the Rector and Vice-chancellor, Prof Frederick Fourie, announced that the UFS would draft a comprehensive Transformation Plan to guide the next phase of transformation at the institution.

The UFS appeals to student formations, staff associations, trade unions and other role-players to make a constructive input into this Transformation Plan.

The UFS management has been - and always will be - willing to engage with role-players and is prepared to do so even after today’s protest.

2. There is thus no regulation or policy prescription which separates students in hostels according to race.

The reality is that students exercise their freedom of choice as to which hostel they wish to be placed in. This was agreed upon by black and white students in 1997/8.

However, the unintended consequence and practice of this hostel placement policy has been that students themselves have tended to choose to stay in hostels which have over time become black hostels and white hostels.

This is a matter of concern for the management of the UFS as such a situation does not promote interaction across language, cultural and socio-economic groupings of students.

This matter is receiving attention and an intensive consultative process, which will include students, will be launched to review this policy.

The management is convinced that such interaction will enhance the learning experience of all students and sensitise them to the reality of a multicultural South Africa and a multicultural world.

3. No student organisation has been banned from operating at any of the three campuses of the UFS.

In the past few weeks, SASCO, the Young Communist League and the ANC Youth League (ANCYL) have held meetings on all three campuses, namely the Qwaqwa campus, the Vista campus and the main campus.

There are also regular interactions between top management and the leadership of SASCO and the ANCYL on campus.

In fact, the UFS upholds the right of students and staff to associate freely and to organise themselves as they see fit.

The UFS also upholds the rights of staff and students to engage in legal and peaceful protests.

The management however remains committed to discussing issues that affect staff and students in a constructive manner and appeals to student organisations in this case to engage with management.

4. The issues of registration, fees, debt and financial aid are continually monitored, and interventions to assist students are made regularly. To assist as far as possible those academically deserving students who face financial difficulties, the UFS management has put in place a structure called the Monitoring committee that includes management and student representatives.

The purpose of the Monitoring Committee is to review the cases of individual students to determine how best they can be assisted.

This applies to the Qwaqwa campus, the Vista campus and the main campus.

It is generally the case that students who perform academically will not have any difficulty in obtaining financial assistance. However, according to the requirements of National Student Financial Scheme, students who perform poorly will have difficulty in obtaining such assistance.

5. With regard to student governance, the process to institute an inclusive Central Student Representative Council (SRC), on which all three campuses will be equitably represented, was launched in July 2004, and a preliminary constitution has just been drafted. At the same time an inclusive process to review certain elements of the constitution of the main campus SRC was initiated at the end of 2004. This process, which includes all relevant student organisations and structures, is planned to produce an outcome within the next couple of months.

6. There is no policy at the UFS that is based on racism or that discriminates on the basis of the race of students and staff.

As part of the building of a new institutional culture within the broader transformation process, the UFS management is determined to eradicate all elements of racism that may occur on its campuses, and has already instituted inclusive forums on campus to discuss the issue of values and principles for a non-racial university.

Issued by: Mr Anton Fisher
Director: Strategic Communication
Cell: 072 207 8334
Tel: (051) 401-2749
4 March 2005

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