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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

Launch of the Africa office of the IIDE
2006-05-25

Attending the launch of the Africa office of the IIDE were from the left Prof Sytse Strijbos (Chairperson of IIDE Europe), Rev Kiepie Jaftha (Chairperson of the IIDE in Africa’s Board of Directors and Chief Director: Community Service at the UFS) and Prof Frederick Fourie (Rector and Vice-Chancellor of the UFS).

 

Attending the launch were from the left Prof Lucius Botes (Director: Centre of Development Support at the UFS), Dr Samuel Kareithi (Head: Community Development at the Cornerstone Christian College, Cape Town), Rev Kiepie Jaftha (Chairperson of the IIDE in Africa’s Board of Directors and Chief Director: Community Service at the UFS), Prof Sytse Strijbos (Chairperson of IIDE Europe) and Dr Ezekiel Moraka (Vice-Rector:  Student Affairs at the UFS).

Africa office of IIDE launched on UFS main campus 

The Africa office of the International Institute for Development and Ethics (IIDE) was today (26 May 2006) launched on the Main Campus of the University of the Free State (UFS) in Bloemfontein.

“The IIDE specialises in the studying and research of general questions of developmental theory and practices and provides services and support in education, strategic planning, policy formulation, advocacy and capacity building of development agencies,” said Rev Kiepie Jaftha, Chairperson of the IIDE in Africa’s Board of Directors and Chief Director: Community Service at the UFS.

According to Rev Jaftha the IIDE in Africa will focus on the conceptual and normative aspects of developmental processes in Sub-Saharan Africa.  “We want to foster local and international partnerships with various relevant role-players in civil society, the private sector and public sector in the SACD region and later expand our operations to the rest of Africa,” said Rev Jaftha.

The IIDE in Africa cooperates with a similar foundation in Europe, functioning as the IIDE Europe.  This institute was founded in 2003 and its head office is situated in the Netherlands.  The UFS is a funder of the IIDE in Africa together with the Paul Foundation and private sponsors from the Netherlands.

“We have already started with various projects which are in various stages of implementation,” said Rev Jaftha.  Some of these projects include, among others, the broadening of the master’s degree in Christian Studies of Science and Society (MACSSS) which is currently housed at the Vrije Universiteit in Amsterdam to tertiary institutions in South Africa such as the UFS, the University of Stellenbosch and the Potchefstroom Campus of the Northwest University.

“Another project is an investigation into the possibility of initiating a broad development initiative in the poverty stricken Qwaqwa area.  This initiative will attempt to concentrate on issues like the training and empowerment of prospective entrepreneurs in the region, the identification of prospective entrepreneurs for the rendering of development support and the monitoring of the impact of information and communication technology on local communities during the implementation of sustainable development initiatives,” said Rev Jaftha.

“The establishment of the Africa office of the IIDE on the UFS Main Campus is an indication of one of the aims of the UFS to play a role in South Africa and Africa.  It also signifies our aim to contribute meaningfully to research and development and to establish links between the academe and practice,” said Rev Jaftha. 

 

Media release
Issued by: Lacea Loader
Media Representative
Tel:   (051) 401-2584
Cell:  083 645 2454
E-mail:  loaderl.stg@mail.uovs.ac.za
26 May 2006

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