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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.

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A real indaba it was
2010-09-07

Pictured from the left, are: Prof. Dennis Francis (Dean), Prof. Rita Niemann (Director: Postgraduate Studies and Research) and Prof. Rob Pattman (Keynote speaker: UKZN).

No expert panels! No rubrics! Only a fair measure of healthy anxiety that goes with public speaking!

These features describe the meeting that staff members from the Faculty of Education recently had at Indaba Lodge on the banks of the Modder River. The purpose of this get-together was to create a time and space where staff members could not only celebrate their own research efforts, but also acknowledge, support and validate one another’s work.

The day kicked off with the dean’s research vision for the faculty. Thereafter seven staff members doing their Ph.D.s were introduced. Their presentations were followed by inputs from the guest speaker, Prof. Rob Pattman from the University of KwaZulu-Natal (UKZN). He congratulated the presenters on their cutting-edge research, their eloquence and the manner in which they managed to communicate complex matters in simple ways. Ideas he shared from his own research on social identities and critical agency (with a focus on gender and race) served to affirm the relevance of the topics presented by the Ph.D. candidates in transforming the education system as well as the South African society as a whole.

A festive lunch, in honour of retiring Prof. Johan van Staden, brought an affective dimension to the Indaba in the form of heart-felt goodbye messages from colleagues who had shared his academic life for more than 20 years.

After lunch five master’s students had the opportunity to share their research in the form of poster presentations. A lively interest among participants and critical, but constructive questions characterised this session. A potpourri session followed, comprising work in progress, completed surveys, research awards and innovative research methods.

The wrap-up by Prof. Dennis in no uncertain terms affirmed that researchers in the Faculty of Education not only crossed the Modder River, but also the proverbial Rubicon on 21 August. It was envisaged that henceforth:
- Supervision will take on a collaborative character.
- Soon a research forum for Ph.D. students and their supervisors will be established where these students and supervisors can start practising their agency.
- Instead of relying on outside experts who come and “tell” faculty staff members what to do, insiders should start building their own vibrant research-based practices by forming reading groups to discuss seminal works (e.g. Foucault and Freire) and research methodologies (e.g. Burke’s Pentad).

The Indaba was aptly concluded by one of the participants who, on behalf of all attendees, thanked and congratulated the dean on the initiative to give impetus to research. Analogous to the 2010 slogan, Feel it, it is here!, he said: “I feel so inspired and empowered, I can almost taste it!”
 

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