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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.

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Johann Naudé talks at first Beyers Naudé lecture for 2012
2012-08-02

At the event were, from the left: Ms Bontle Senne, Managing Director for the PUKU Children’s Literature Foundation, Mr Sipho Hlongwane, writer and columnist for the Daily Maverick, Prof. Nicky Morgan, Vice-Rector: Operations at the UFS, Mr Themba Mola, Chief Operations Officer at Kagiso Trust, Mr Johann Naudé, son of Dr Beyers Naudé, and Dr Choice Makhetha, Vice-Rector: External Relations.
Photo: Stephen Collett
2 August 2012

The University of the Free State (UFS) together withKagiso Trust, presented the first Beyers Naudé lecture for 2012 on its South Campus in Bloemfontein last week. Speakers like Dr Wilmot James, Member of Parliament, Mr Johann Naudé, son of Dr Beyers Naudé, Mr Sipho Hlongwane, writer and columnist for the Daily Maverick and Ms Bontle Senne, Managing Director for the PUKU Children’s Literature Foundation, all gave a lecture around this year’s theme: Collaborative partnerships for social cohesion: Building a nation with ethics.

Dr Beyers Naudé played a major role in the formation of Kagiso Trust. His contribution to the trust and the fight against oppression in South Africa, as well as his challenging of the establishment from which he came, makes him one of South Africa’s courageous heroes. Kagiso Trust thus saw it fit to celebrate the life of this clerical activist through a Memorial Lecture The Beyers Naudé Memorial Lecture is an effort by the Trust to engage South Africans into a dialogue about issues affecting our nation.

Mr Johann Naudé talked about the lessons they as children learnt from their parents as well as his father’s decision to respond to the needs of the people in South Africa. Even before the Sharpeville Massacre, Dr Naudé began a self-transformation that led to his rejection of apartheid. “Apartheid had no theological or scriptural grounds and my father decided to resign from the church. After that, he started to talk openly against apartheid and he also paid the price for that. For seven years he was under house arrest and we as his children also felt the effect of his decision. At the University of Pretoria in a residence where I stayed as a student I was called in and told that I would be treated as an outcast. Loans and jobs were also closed for us as children and as a result, we all started our own businesses,” Mr Naudé said.

“Furthermore, our parents taught us to believe in ourselves. He also said we have rights and we can only demand those rights if we take the responsibility that goes with it. My father also taught us to honour and to respect our fellow men, elderly people and the culture of people different from us. We were also taught to apologise for the wrongs to our fellow men and to acknowledge earnestly that we were wrong.”

Dr Wilmot James said that there were two things consistent in the life of Dr Beyers Naudé, namely justice and fairness. “There are many Nelson Mandelas and Beyers Naudés out there. It is the responsibility of political parties and institutions to motivate such leadership. We must ask ourselves: Are my actions and decisions ethical and will they have fair consequences?” Dr James said.

Mr Hlongwane focused his presentation on the ethics part of the theme. He said: “We in South Africa fall very short of ethics. We can start by respecting each other and taking care of one another. The Constitution will not mean a thing if we fail to respect and trust one another. We will have no cohesive society if we continue to treat those different from us like dirt. It is also our ethical duty to build up the disadvantaged.

In her discussion, Ms Senne emphasised the role of the youth in South Africa. “Our youth is failing our state because our state is failing our youth. Their role is to bring cohesion and acts of courageousness to the table. For them to contribute in a practical and sustainable manner, they need to start making the changes they want to see in society. They are young people and they can make it work because they do have access to the necessary means (social networks) to get things done. They must get involved,” she said.

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