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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

UFS awards honorary doctorate to Archbishop Emeritus Desmond Tutu
2011-01-01

Archbishop Emeritus Desmond Tutu

The University of the Free State (UFS) will reach a milestone in its history today when an honorary degree, the Doctor of Theology, will be conferred on Archbishop Emeritus Desmond Tutu.

At the same event Archbishop Tutu will launch the university’s International Institute for Studies in Race, Reconciliation and Social Justice.
 
The idea of the establishment of such an institute originated after the Reitz incident in 2008. In 2009, during his official inauguration, Prof. Jonathan Jansen, Vice-Chancellor and Rector, embodied this idea when he stated that the university would be an example of a place where reconciliation, forgiveness and social justice would not only be studied, but where it would also be applied in practice. “Students and scholars from across the world will come to the UFS to study the theory and practice about the building of societies across the boundaries of race, as well as religion, gender, disabilities and national origin,” Prof. Jansen said.
 
The institute is a critical intellectual space where engaged scholarship, public discussion, community engagement and contextually relevant teaching are innovatively harnessed towards exploring and finding solutions to the complex and challenging work of social transformation in South Africa,” says Mr John Samuel, Interim Director of the institute. Mr Samuel was the former Chief Executive Officer of the Nelson Mandela Foundation.
 
According to Mr Samuel, the institute seeks to establish itself as a premier international site for research on race, reconciliation and social justice. “We want to link the manifestations of race in higher education, to the related matters of reconciliation and social justice in the South African context against the backdrop of racial and ethnic conflicts elsewhere in the world,” says Mr Samuel.
 
The institute will, amongst others, publish groundbreaking research, organise national and international conferences about reconciliation and social justice, as well as contribute to the establishment of national and international networks that are actively involved in matters relating to race, reconciliation and social justice. Through its research, the institute will endeavour to understand the challenges facing the UFS better, as well as how to address these challenges. For this reason, the concept of the UFS as a “live laboratory” and the use of evidence-based practice remain important for the university.
 
By honouring Dr Tutu, the UFS recognises the contribution that Dr Tutu has made in the field of Theology through his teachings and the books he has written. However, the UFS is not only honouring him as a moral and religious leader who has maintained his integrity as a Christian. “We honour a great son of South Africa who has made a huge contribution to peace, reconciliation and justice in South Africa and in the world,” says Prof. Jansen.
 
The unveiling of the new corporative brand of the UFS will render further lustre to the day.

Media Release
17 January 2011
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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