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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

Academic produces another book
2009-12-01

 Academic, author and motivational speaker, Dr Michael van Wyk (pictured), has written another book titled Cooperative learning as a teaching strategy for the classroom: A practical guide for economics teachers.
His latest offering provides a sound theoretical framework and practical ways on how to implement the different cooperative learning techniques. It unpacks the practical aspects of the outcomes-based approach, the National Curriculum Statement for the Further Education and Training phase and cooperative learning techniques for the economics classroom.
This easy-to-read book offers a thorough introductory text for economics teachers and economics students, as well as lecturers and researchers.
“This theoretical and practical guide will support Economics teachers to present their subject in practical ways that are meaningful and learner centred,” he said.
“If this can be achieved, learners will engage effectively in the subject and an interest in the learning content may be evoked.”
The book covers the following aspects:
  • It introduces the foundations of the outcomes-based education approach (OBE) and the new curriculum model for South African schools.
  • It examines the theoretical underpinnings and practical application of cooperative learning as a teaching strategy.
  • It provides practical guidelines for application of cooperative learning techniques.
 
“This book gives an outline, in a constructive way, on how to apply the cooperative learning techniques such as Teams Games Tournaments (TGT), Student Teams Achievement Divisions (STAD), role-play, simulations, Economics quizzes, small group teaching and research projects in the classroom,” he said.
 
“These techniques have the potential to make a positive contribution to the enhancement of academic performances, development of social skills and an improvement of the learning skills of the learners.”
 
The book is designed as a theoretical and practical guide for Economics Education students, Economics teachers, Learning Area Economics and Management Science facilitators, Curriculum developers, Economics subject advisors, researchers and trainers; for the successful implementation of cooperative learning as a teaching strategy.
 
Dr Van Wyk is a staff member of the Department of Curriculum Studies in the Faculty of Education at the University of the Free State (UFS). He also serves on the board of the South African Foundation on Economics and Financial Education (SAFEFE).
Photo: Mangaliso Radebe

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