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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

Eusebius McKaiser talks about the magic of books
2013-03-19

 

Eusebius McKaiser
Photo: Johan Roux
19 March 2013

If you want to turn around this country in terms of the rot in education, you have to start reading. You have to read for your degree."

This was the message from writer and political analyst, Eusebius McKaiser, at a public lecture hosted by the UFS Library and Information Services to celebrate South African Library Week.

Addressing the audience that consisted mostly of students, McKaiser, author of “A Bantu in my bathroom,” said it is not too late to start reading.

"We claim we are too busy as adults, but what is the opportunity cost of not reading? I think we lose our humanity, our sense of awe in the world around us when we stop reading as adults. Instead of saying we are too busy, we will do well to ask ourselves what is the cost of no longer reading as much as we did when we were children."

Reading from some of his favourite books, McKaiser spoke about writing techniques and the magic of books. He read excerpts from JM Coetzee's book “Disgrace,” which he considers to be the most important South African novel. He also read paragraphs from books by Rian Malan, James Baldwin and K Sello Duiker – calling the latter a genius.

Reflecting on the role of fiction, McKaiser said the genre is misunderstood and not utilised sufficiently by academics. "We see fiction as something restricted to the English Department or literary departments. I think fiction can be used as a tool in many departments in the humanities. It gives more real material for exploring complicated questions in the humanities and thought experiments that resemble life."

McKaiser also discussed the role of librarians and writers, saying writers should write what they like, but should not ignore the context. "As academics, librarians, teachers, we have to write for the context in which we teach. We have to order books for the context in which we are librarians and as academics we must not write textbooks for students who live in New York. We have to write textbooks for students who come from townships.”

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