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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

Prof Melanie Walker to spearhead international organisation
2014-06-02

 
Prof Melanie Walker has just added another phenomenal achievement to her illustrious academic career. Members of the international Human Development and Capabilities Association (HDCA) have elected her to the leading role of Vice-President.

Founded in 2004 by Amartya Sen and Martha Nussbaum, the HDCA is a global community of academics and practitioners. Together, they seek to build an intellectual community around the ideas of human development and the capability approach. Ultimately, the association strives to drive these ideas into the policy arena.

With members living in over 70 countries world-wide, the HDCA promotes research across a wide field of disciplines. These range from economics, philosophy and development studies to health, education, law, government, sociology and more.

In her new role, Prof Walker will be working closely with the renowned philosopher, Prof Henry Richardson of Georgetown University, USA. He is currently President-elect of the association. “My election as Vice-President will enable me to work closely with Henry and the Executive Committee to build on the first successful decade of the association to strengthen its reach and responsiveness to researchers, practitioners and policy makers,” Prof Walker says. “It is a tremendous honour to have been elected and a wonderful challenge for the next three years, personally and professionally. It will also place a significant spotlight on the human development and capabilities research I am leading at the UFS.”

Annually, the HDCA organises an international conference. This year celebrates a decade of successful symposiums and will take place in Athens. Eight Kovsie graduate students and researchers from the UFS’s Centre for Research on Higher Education and Development have had their papers accepted.

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