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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

Migration is a developmental issue - experts
2010-06-01

Pictured from the left, front, are: D. Juma, Mr Williams and Prof. Hussein Solomon (University of Pretoria); back: Prof. Bekker, Prof. Lucius Botes (Dean: Faculty of the Humanities, UFS) and Dr Wa Kabwe-Segatti.
Photo: Stephen Collett


“Migration offers more opportunities for economic growth than constraints. It is an integral part of the processes of globalisation and regional integration.”

This was a view shared by one of the speakers, Dr Monica Juma from the Africa Institute of South Africa, during a panel discussion hosted by the Centre for Africa Studies (CAS) at the University of the Free State (UFS) last week as part of the celebrations of Africa Day on 25 May 2010.

The discussion was premised on the theme, Migration and Africa: From Analysis to Action.

Dr Juma said migrants could be assets for host countries or cities because of their resourcefulness. She said they brought along essential skills that could contribute immensely to the economic development of their host countries or cities.

“Governments are beginning to see migration as a tool for development and working together in developing immigration policies,” concurred another speaker, Mr Vincent Williams from the Institute for Democracy in South Africa (IDASA).

He said, if managed properly, migration could yield positive results. He said effective management of migration should start at local and provincial levels.
And for this to happen, he said, the current immigration laws should be amended as he felt they were no longer relevant, because they were based on what countries wanted to achieve in the past.

“Reform national immigration legislation to encourage permanent settlement and improve service delivery mechanisms and bureaucracy to match population movements,” Dr Aurelia Kazadi Wa Kabwe-Segatti, from the Forced Migration Studies Programme at the University of the Witwatersrand recommended.

However, Mr Williams pointed out that policy convergence was a difficult thing to achieve as migration was a politically sensitive issue. He said decisions that countries made on migration could have a negative or a positive bearing on their relations with one another.

Dr Juma also raised the issue of unskilled migrants which, she said, could be a burden to governments. This was reflected in the current South African situation where foreigners offered cheap labour and thus rendered South Africans who demanded higher salaries unemployable. This was a contributory factor to the xenophobic attacks of 2008. What was essentially a labour problem then manifested itself as a migration problem.

Prof. Simon Bekker from the University of Stellenbosch said South Africa was still losing a significant number of skilled professionals to Europe and North America due to an assumption that spatial mobility led to social or economic mobility.

He also suggested that the government should not restrict internal migration but should address the problem of migration across the borders into South Africa.

Senior Professor at the CAS, Prof. Kwandiwe Kondlo, said while the discussion covered a broad scope, there were some gaps that still needed to be filled in order for an all-inclusive view to prevail. One such gap, he said, was to also accord indigenous traditional institutions of governance space in such deliberations and not base discussions on this issue only on the Western way of thinking.

Africa Day is the day on which Africa observes the creation of the Organisation of African Unity (OAU) on 25 May 1963, to promote the unity and solidarity of African states and act as a collective voice for the African continent; to secure Africa’s long-term economic and political future; and to rid the continent of all remaining forms of colonialism. The OAU was formally replaced by the African Union in July 2002.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za  
1 June 2010
 

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