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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

Teacher training key to democracy and freedom
2011-12-06

 

MEC Mr Tate Makgoe (left) with Faculty of Education’s Prof. Dennis Francis, holding the inaugural SURLEC Award. With them is Dr Dipane Hlalele.
Photo: Thabo Kessah

Universities have the responsibility to respond to the challenges that the South African education system is faced with.

This is the view of the Free State MEC for Education, Mr Tate Makgoe, during his address at the three-day First Sustainable Rural Learning Ecologies (SURLEC) Colloquium, which was recently held at the Qwaqwa Campus of the University of the Free State (UFS).
 
“Our universities must not only research the failures of our system. They must also come up with solutions.
 
“One of the questions that demand answers in our country is whether we produce quality teachers at our universities, considering our learners’ performance internationally. Our children lack the basics like grammar and yet we are 17 years into democracy. Why is their performance so poor in comparison to children in poorer countries?” asked Mr Makgoe.
 
“We must work together as a Government and universities to change this. Universities must be anchors of democracy and freedom, which is meaningless if our children cannot read and write. We must also focus on Mathematics and Natural Sciences, not forgetting to value our indigenous knowledge and games to enhance learning, especially in Mathematics,” he said.
 
According to Dr Dipane Hlalele, Head of the Faculty of Education at the UFS Qwaqwa Campus, the colloquium was held to search for best practices and success stories relating to the theme, Creating sustainable rural learning ecologies in the 21st century.
 
“Our objective was to tap into experiences and wisdom of policy makers, researchers, scholars, teachers and students in order to map a new direction in research as well as to make an indelible mark on the revitalisation of this campus,” concluded Dr Hlalele.
 
The UFS Dean of Education, Prof. Dennis Francis’ efforts to improve rural education were honoured with the first ever SURLEC Award.
 
Over 70 research papers from the universities of the Free State, South Africa, Venda, KwaZulu-Natal, Limpopo and the Cape Peninsula University of Technology were delivered and learners from the local schools like The Beacon, Mafube, Qwaqwa and Clubview presented their winning projects at the Science Expo.

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