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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

‘We need a story that will excite us all’
2012-03-09

 

Attending the conversation were, from the left: Willemien Marais, Lecturer in the Department of Communication Science; Zubeida Jaffer; and Prof. Andre Keet, Director of the International Institute for Studies in Race, Reconciliation and Social Justice.
Photo: Amanda Tongha
9 March 2012


“From the stories of Afrikaner Nationalism and Black Consciousness to the stories of our Constitution and the 1995 Rugby World Cup… But now what do we have?”

This was the question posed by Zubeida Jaffer, recently appointed as the university's Writer-in-Residence. Do we need a new national narrative? was the issue addressed by Ms Jaffer in a talk presented as part of the Critical Conversations series hosted by the university’s International Institute for Studies in Race, Reconciliation and Social Justice. Ms Jaffer is an award-winning journalist and author of, amongst others, Love in a time of treason and Our Generation.

“We can’t change the past and we can’t keep on focusing on separate narratives; we need to find a story, a new national narrative with elements that could excite all of us,” she told an audience consisting of academics and students. She also referred to the changes that took place at the university. “I’m fascinated by what is happening here. It’s mind-boggling to see the changes.” Based on the UFS’ drive to find common ground, Ms Jaffer told the audience that research at universities could and should direct this search for a common South African story. 

In reference to her own experiences as a community activist and journalist during apartheid, she urged students to become active citizens. “In my time students were the leaders; they gave direction to the national debate.” 
 

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