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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

Always good to be honoured at home, says Justice Richard Goldstone
2012-02-06

 

Justice Richard Goldstone received an honorary doctorate from the university on 3 February 2012.
Photo: Duard Grobbelaar

 

Dumela article (pdf document)
Justice Richard Goldstone's - acceptance speech (pdf document)
Mail & Guardian article (pdf document)

The University of the Free State (UFS) is determined to make a success of its academic and human projects, and is not prepared to compromise on standards in the process.

This was the message of Prof. Jonathan Jansen, Vice-Chancellor and Rector, at our universities official opening on Friday 3 February 2012. These projects, said Prof. Jansen, are the foundation of the institution.

The official opening coincided with an honorary doctorate in Law conferred on Justice Richard Goldstone.

The UFS has enrolled the “smartest and most diverse class since 1904,” Prof. Jansen said.
Top learners with six A’s, and more learners from top schools inside and outside South Africa, have made the UFS their university of choice. “We are determined that the best students must study at Kovsies.”

Prof. Jansen also referred to learners in the school system who sit and wait while teachers fight amongst themselves at the education departments. “What are we going to do with those students?” The UFS provides an opportunity for these students to enter higher education with its University Preparation Programme on its South Campus in Bloemfontein. “The fastest growth at our university is on this campus. It is set aside for children who cannot be taken up in the mainstream.”

Some of the students who were part of this programme are doctors, lawyers and teachers today.

“We set a high standard in our academic project to make sure our students are the best available.”

In its Schools Project, the UFS has 23 schools under its wing and the net is broadening. Pass rates in these schools improved dramatically; in some from 13% to 100% in one year.

The human project sets standards for good behaviour. “I was astounded to see how young people get together to find other people as human beings,” Jansen said. “I have enormous hope for this country.

Some of the other projects he mentioned were the provision of more space for students to study, a refocus on the Qwaqwa Campus in the Eastern Free State, the placement of new academics, and agreements with universities abroad on the placement of young scholars.

After receiving his honorary doctorate, Justice Goldstone congratulated the university on the fact that transformation did not lead to standards being compromised.

“The university now takes its place as a leading university on our continent. The leaders of the university can hold their heads up high about their achievements.”

Judge Goldstone, the bearer of 26 honorary doctorates from various countries around the world, said: “It is always good to be honored at home”.

The official opening was attended by staff, students, guests and community leaders.
 
 

Media Release
3 February 2012
Issued by: Lacea Loader
Director: Strategic Communication
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za
 

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