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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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UFS responds to media reports about UFS101
2012-08-18

The UFS101 is a cross-disciplinary module of the University of the Free State (UFS) that encourages critical thinking and offers access to knowledge beyond the specific qualifications for which students are registered. This is a multi-disciplinary academic curriculum that includes topics in astronomy, nanotechnology, history, law, anthropology and religion.

Throughout the seven units students are taught to think broadly rather than narrowly, and critically rather than through rote-learning.

The core curriculum module raises some difficult questions about science, humanity and the universe that have occupied human beings for centuries. There is considerable effort put into the module to enable balance, respect, and independent thinking. Students are not taught what to think but are offered different perspectives on difficult issues.

“In my unit on the question ‘how should we deal with the past?’ every effort is made for students to examine the perspectives on history held by people from different communities in South Africa,” said Prof. Jonathan Jansen, Vice-Chancellor and Rector of the UFS.

Students are then encouraged to speak in class, online and in tutorial groups where they are given ample opportunities to take a position and defend it not through emotion and anger, but through logic and reason.

The objective of the module is to equip students to deal with “the present past” in constructive and empathetic ways. They are also prepared to become active citizens outside the classroom and gain skills they can use anywhere in the world.

Some students find the module difficult at first, since most of them are not used to the practice of critical thinking and dealing with difficult questions from the past, the present and the future. Most students gradually come to enjoy the core curriculum module as they become accustomed to a new style of teaching and learning.

There are 700 first-year modules at the UFS. This is the only one module offered to students in English so that all students, local and international, can engage with one another directly on the subject matter discussed in the module. However, the module material is also available in Afrikaans online.It is a pity that AfriForum Jeug Kovsies did not discuss their concerns with the presenters of the module, but chose to do it through the media.

It is a pity that AfriForum Jeug Kovsies did not discuss their concerns with the presenters of the module, but chose to do it through the media.

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