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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

Cohesions and Disruptions Forum
2014-07-15

 
The Institute for Reconciliation and Social Justice at the UFS and the Johannes Stegmann Art Gallery, in partnership with the Vryfees, co-presented an artist and academic forum on 18 July 2014.

The forum, ‘Cohesions and Disruptions: Art as a Key to Transformation’, was aptly timed to coincide with Mandela Day. This event formed part of the transformation strategy of the Vryfees arts festival, aiming to support more diversity and cross-cultural, contemporary art programmes.

“Cohesions and Disruptions is part of the new Program for Innovation in Artform Development (PIKO/PIAD),” said Adri Herbert, Director of the Vryfees. “This includes both the cross-cultural OPENLab 2014, a new Australian/South African laboratory for early and mid-career South African artists, and a partnership with the Australian based SituateArt in Festivals initiative, managed by Salamanca Arts Centre in Hobart, Tasmania.”

The forum’s keynote speaker was Lee-Ann Tjunypa Buckskin. She is a Narungga, Wirangu, Wotjobaluk woman from South Australia and Victoria respectively. She is well known throughout the Aboriginal and Torres Strait Islands and broader arts communities. Buckskin’s presentation was titled ‘Building Young Indigenous People’s Lives through Art and Culture in Remote Central Australia.’

Buckskin spoke broadly about her involvement with youngsters – often poverty stricken and sniffing petrol – in remote areas of Australia. She explained how the arts have given the youth a chance at rehabilitation and hope for the future.

After her presentation, she was joined by Dr Willy Nel, lecturer at the UFS School of Education Studies. Dr Nel completed his PhD among the Khomani San in the Kalahari. 

Other forum speakers who presented their work included:
Dr Mari Velonaki, Director of the Centre for Social Robotics at the National Institute for Experimental Art at the University of New South Wales, Sydney;
Dr Nigel Helyer of Sonic Objects; Sonic Architecture, Sydney;
Bec Dean, Curator at Performance Space, Sydney;
Jesse Olivieri, co-founder of Parachutes for Ladies in Sydney; and
Cigdem Aydemir, Vryfees visual artist for 2014.

“Given the histories and present experiences of human rights violations and racial discrimination that indigenous people in Australia and South Africa are subjected to, we are particularly honoured to have Lee-Ann (Buckskin) as a guest speaker,” said Prof Andre Keet, Director of the UFS Institute for Reconciliation and Social Justice. 


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