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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

Kovsie students selected for prestigious study travel programme
2013-05-15

 

Golden Key International Honour Society members, Michael van Niekerk, Siobhan Canavan, Mpoi Makhetha and Cebolenkosi Sokhela, will travel to the USA and China, meeting the best in their career fields.
Photo: Hannes Pieterse
15 May 2013


They are amongst the top 15 percent of academic achievers at the university, and have been afforded the opportunity to travel abroad and meet with leading people in their fields of study.

Kovsie students Michael van Niekerk, Siobhan Canavan, Mpoi Makhetha and Cebolenkosi Sokhela, all members of the Golden Key International Honour Society, will travel to the USA and China. This trip is part of the International Scholar Laureate Program (ISLP) to learn how their career fields are practiced in another part of the world. The students are part of a select group of outstanding university students from across the world who will be given access to people, places and global perspectives in fields such as business, engineering, medicine, nursing, diplomacy and international relations.

Michael, a fourth-year MBChB student and SRC member of our Bloemfontein Campus, and Cebolenkosi, a third-year BSc Microbiology student will visit Washington, Philadelphia and New York in the USA. As part of the medicine delegation of the programme, they will visit clinics and hospitals to see how their study fields are practiced. Michael’s trip includes a visit to Johns Hopkins University in Baltimore, where he will meet representatives of the National Institute of Health, the largest source of funding for medical research in the world. He will also visit Harvard University in Massachusetts.

Mpoi, a third-year BSc Human Molecular Biology student, also forms part of the medicine delegation but will travel to China. "We will be exploring the ancient ways of healing versus the modern medical practices, exploring the medical systems of the country and meeting doctors and professors, visiting the rural areas, and of course, touring the best parts of China,” she said.

Siobhan, a third-year Media Studies and Journalism student, is part of the diplomacy and international relations delegation who will visit Beijing, Xi'an and Shanghai in China. "To me it's such an honour to be part of this programme,” she said. “It will give me the platform to not only represent who I am, but also my university and the values that the university has instilled in me. It allows me to be a part of something great that will benefit me in the end."

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