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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

SRC visits the US as part of Global Leadership Preparation Programme
2012-06-07

The Student Representative Councils (SRC) of the University of the Free State’s (UFS) Bloemfontein and Qwaqwa Campuses will be travelling to the United States from 10-24 June 2012 on an intensive leadership development programme.

The Global Leadership Preparation Programme, initiated by the Vice-Chancellor and Rector, Prof. Jonathan Jansen, has been designed to ensure that South Africa’s next generation of leaders understand their unique place in a global context, the interconnectedness of global and local society and various possibilities for change.
 
The group of 36 students will be visiting Washington DC, Boston and New York.
 
“As a university we recognise that students who lead on campus must be prepared to also lead the country, which requires amongst others greater understanding of the impact and influence of global developments (social, economic, political) on nation states and campuses. This includes knowledge to deepen democratic participation and real representation – issues we know that often are contested in important student governance structures such as SRCs,” says Mr Rudi Buys, Dean of Student Affairs.
 
The group will be studying among others the impact, influence and limits of the United Nations in global leadership; the impact of transnational companies on economic policies of African countries; the impact of American universities on African leadership; the impact of international philanthropy on African development and the impact of American public institutions on learning among the disadvantaged: lessons for South Africa.
 
The programme complements and strengthens other leadership preparation programmes of the UFS, such as the Leadership for Change Programme and the Gateway College Programme – an intensive orientation programme for all undergraduate students. It will give students a competitive advantage in leadership over more local programmes and initiatives that seldom look beyond the campus, or even beyond the country, in preparing the next generation of leadership.
 
“We value this initiative by the university leadership to give us the opportunity to explore and spread our wings and gather as much knowledge as we can get to raise the bar in terms of student governance and leadership. The university is amongst the few in the country that sees the need to strengthen and develop its student leadership by exposing it and allowing it to understand its role in a global context. This is a chance that we take seriously and we intend to use it to the betterment of the institution,” says Bongani Ngcanga, President of the Central SRC.
 
“While we welcomed the initiative taken by the university to design this programme, the SRC questioned and debated heavily on the merits and real contribution of such a programme. Only on approval of the academic and development profile of the programme did we accept its merits and now are excited about the value thereof. This opportunity goes beyond the term of the SRC and will develop and equip us for the great positions we will hold in the future. I am looking forward to meeting influential lobbyists, profound academics and strong politicians,” says Richard Chemaly, SRC President of the Bloemfontein Campus.
 
Upon their return, the SRCs will set a new benchmark for future councils, raising the bar to that of internationally acclaimed student leadership. One of the objectives of the programme is to produce written, reflective statements about the learning that resulted from the trip and to start dialogues in order to improve student governance and governance as a whole. Workshops will also be presented for aspirant student leaders on leadership lessons learnt from an international perspective.
 
Members of the SRCs are covering part in the cost of the programme and generous contributions have also been received from outside the university.

Media Release
07 June 2012
Issued by: Lacea Loader
Director: Strategic Communication
Tel: +27(0)51 401 2584
Cell: +27(0)83 645 2454
E-mail: news@ufs.ac.za

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