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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

UFS responds on the outcome of the court case in the alleged attack by Cobus Muller and Charl Blom on Gwebu
2014-09-09

The management of the University of the Free State (UFS) acknowledges the finding issued on 4 September 2014 by the South African Human Rights Commission (SAHRC) that it was “unable to find any corroborating evidence to make a conclusive finding of racism and violation of human rights” in the Muzi Gwebu case.

The university management also takes cognisance of the ruling in the Bloemfontein Regional Court by Regional Magistrate Rasheed Matthews today (9 September 2014) that both Cobus Muller and Charl Blom are found not guilty on all the charges which included reckless driving, crimen injuria, attempted murder and assault (Muller), and a charge of assault (Blom). We note the Magistrate’s concerns about “inconsistencies in the evidence and exaggerations”, that the complainant “displayed hostility throughout the trial” and that he was “not a reliable witness and is prejudiced.” And therefore, in the words of the Magistrate to the defendants, “I’ve decided to give you the benefit of the doubt.”

Both Muller and Blom were suspended from all campuses of the UFS on 19 February 2014 based on the evidence available at the time of reckless driving, assault and other charges. This evidence was further borne out by an internal investigation into the incident of 17 February 2014 on the Bloemfontein Campus. In the light of the evidence available to us at the time, and the volatile situation on campus in the days following the attack, the UFS management believes that it was the correct decision to suspend the students, given the serious nature of the charges, and pending a decision of the courts.

In the light of both the SAHRC ruling as the Regional Court ruling, the university management has decided to take the following steps:

1.    The suspensions of both Muller and Blom from all campuses of the university are lifted with immediate effect.

2.    Muller may attend a forthcoming graduation ceremony during which the degree BSc Construction Management will be officially conferred upon him. He completed all the requirements for the degree in 2013, but was not allowed to attend the graduation ceremony of 11 April 2014 due to his suspension and the fact that the criminal charges were still pending.

3.    Blom may return to the university to complete his studies.

4.    The UFS is in discussion with the parents of one of the students and, if required, would also meet with legal counsel of the university, as well as those of students Muller and Blom to discuss any further steps given the outcome of the court case.

5.    In short, on grounds of the ruling by die SAHRC, as well as the Bloemfontein Regional Court, the university will not continue with its disciplinary action against Muller and Blom.

Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS said: “This has been a very difficult time for the university and I am pleased to record that throughout the crisis, the student body on the Bloemfontein Campus showed remarkable restraint and discipline, confirming also the broad, non-racial character of the peaceful protests that followed. Our student body has matured and our campus cultures are much more inclusive and transformed as a result of the quality and depth of student leadership over the past few years. The new Student Representative Council (SRC) is a splendid example of this – with the first black woman President (Mosa Leteane) and the first blind woman SRC student leader (Louzanne Coetzee).”

“I am pleased that the matter is now behind us and, again, we rest with the decisions of the Commission and the Courts as final,” he said.

Prof Jansen also apologised on behalf of the UFS to Cobus Muller and Charl Blom, their parents, and their families, for the disruption that the suspension brought in their lives and for the stress they had to bear during this difficult period. “For that, I am truly sorry,” he said.


Issued by: Lacea Loader (Director: Communication and Brand Management)
Tel: +27 (0) 51 401 2584 | +27 (0) 83 645 2454
E-mail: news@ufs.ac.za

 

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