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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

Summer programme a first outside Austria
2012-12-06

 

Mr Derek Hanekom, Minister of Science and Technology
Foto: Johan Roux

05 Desember 2012

People often fight about their differences, like skin colour, religion and more. “These differences are minute. We must celebrate our common ancestry and commit ourselves to a common destiny. Your work can make a difference.” This is according to Mr Derek Hanekom, Minister of Science and Technology.

He opened the Southern African Young Scientists Summer Programme (SA-YSSP) at the Bloemfontein Campus on Sunday 2 December 2012. The UFS is the first institution outside Austria to host the Summer Programme. A total of 19 young researchers from 17 countries will be hosted by the UFS until 28 February 2013. Researchers in the programme are, among others, from South Africa, Egypt, China, Italy, Sweden, Iran, Hungary, India, the USA and Indonesia.

The programme will form part of an annual three-month education, academic training and research capacity-building programme jointly organised by the International Institute for Applied Systems Analysis (IIASA), based in Austria, the National Research Foundation (NRF) and the Department of Science and Technology (DST). IIASA is an international research organisation that conducts policy-oriented scientific research in the three global problem areas of energy and climate change, food and water and poverty and equity. South Africa’s engagements with IIASA, specifically with regard to the SA-YSSP, relate primarily to the DST’s Ten-Year Innovation Plan.

Mr Hanekom spoke about the impact the growing global population, which is expected to grow from 7 billion in 2012 to 9 billion in 2050, has on natural resources. “We use purified water to flush our toilets while other people do not have clean drinking water. We cannot carry on like this. Somewhere it must stop, if we do not want to be responsible for the 6th great extinction. We must know how our systems impact on each other.

“We can do things differently and better and should endeavour that other people enjoy luxuries we take for granted,” he said.

He urged the researchers to believe that they can make a difference, share knowledge and translate the knowledge into plans.

Prof. Dr Pavel Kabat, Director/CEO of IIASA, said the summer programme was presented outside Austria for the first time, with plans to expand to Brazil and China in future. Twenty countries are represented on the IIASA board, with more than 3 000 researchers associated with the organisation.

IIASA was launched in 1972 in the days of the Cold War as a “science bridge” between the West and the Soviet Union. It served as a “think tank” for various issues that needed to be resolved. Its mission was reconfirmed after the fall of the Berlin Wall in 1989.

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