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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

Qwaqwa Campus launches No Student Hungry Programme
2013-05-02

 

Samkelo Duma (white shirt) flanked by some of the guests during the launch of the NSH Programme on the Qwaqwa Campus.
Photo: Thabo Kessah
02 May 2013

The Qwaqwa Campus of the University of the Free State launched the No Student Hungry (NSH) Programme on Friday 26 April 2013. The programme aims to provide needy students with a daily balanced meal to enable them to concentrate in class and ultimately obtain their degrees. The programme – initiated by Vice-Chancellor and Rector Prof Jonathan Jansen in 2011 on the Bloemfontein Campus – already feeds hundreds of students.

Rudi Buys, Dean of Student Affairs who represented the Rectorate, encouraged students in need to focus more on their desire for greatness.

“Through this programme, you will be able you to shift your focus from the hunger pangs and rather focus all your energy on the hunger to make Africa great,” said Buys. “We want you to be different from the rest of your generation that is reluctant to compete for greatness. Many of your peers prefer mediocrity and it is our wish that through this programme, you can start learning to compete with the best,” Buys impelled.

According to the Qwaqwa Campus programme co-coordinator, Selloane Phoofolo, NSH operates on a primary and a secondary level.

“The primary level offers a food bursary to the students whose academic performance is above 65 percent and not receiving any form of financial assistance. For the 2013 academic year, we had 53 students applying and 31 have qualified. They are getting a meal for R25.00 a day at the Dining Hall,” said Phoofolo.

She further explained that, “On the secondary level, we provide monthly food parcels to 19 students who did not qualify for the food bursary. These food parcels are donated by Pick n Pay and Stop Hunger Now SA. For this, beneficiaries must undertake 40 hours of community service during the year. They must also partake in student activities. Their academic progress is monitored by the Office of Social Work.”

One of the beneficiaries, a final-year BA degree student Samkelo Duma, expressed his gratitude towards the UFS for giving him an equal opportunity to those in more fortunate situations to do his best in his studies. “It is difficult to study and concentrate on an empty stomach and I must say that the NSH is very helpful. I do not just get a meal, but I get a healthy meal to keep me going throughout the tough day,” Duma said.

Also present at the launch were the patrons of the programme, Ms Grace Jansen and Dr Carin Buys. They volunteer their time and energy to raise funds for the project.

Students apply for the allowances and are selected on the basis of financial need, academic results, active participation in student life programmes and commitment to give something back to the community.

You can also invest in these students' future by contributing R10.00 each time you sms the word 'Answer' to 38722.

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