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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

Messages and mail – what people say about Kovsies
2014-10-02

 
Letters from Kovsie students, parents, the community and even visitors to our university from across the globe regularly pour into our mailboxes and onto our social media pages.

To give you a glimpse of what they say about our institution, here are a few examples:

•    If you continue with this innovative thinking then the UFS will soon become the Ivy League institution of South Africa. – Chris Abels, United Kingdom

•    My daughter loves Kovsies. She has really come out of her shell as a result of the wonderful environment created by Kovsie leaders. She is flourishing and has for the second year in a row achieved the distinction of being a top academic student. Once again, thank you for your kind assistance which clearly indicates to me that Kovsies treat their students like family and not merely a number. – Grant Combrink, Port Elizabeth

•    The state of the University of Free State inspired me to go back to school and do my law degree. The cleanliness and the mood of the institution was inspirational and not only to me but also to a few of my colleagues. – Joseph Peter Kgomo, a journalist with the public broadcaster

•    I arrived in Bloemfontein to begin a one year appointment as a Fulbright Scholar. I have remarked to friends and colleagues in America that we can learn a great deal about hospitality towards our foreign visitors by embodying the altruism demonstrated throughout your campus. Thank you for the opportunity to become a Kovsie. – Professor Brenda C Eppley, Professor at Area Community College in Harrisburg, Pennsylvania, USA

•    I would like to congratulate you on the job well done regarding transformation and integration thereof. Indeed, the UFS that I am in is not the UOVS that I was in. – Tefo Masoetsa

•    I attended the Oprah Winfrey graduation ceremony in 2009 and when Dr Desmond Tutu received his honorary Doctorate. On both occasions one felt something big and miraculous was happening and many in the audience were moved. You are doing something down there in the Free State that really deserves attention! – Joy Summers, Producer: Carte Blanche

•    There will be much more hurt before our country is healed, but it will be the Kovsie doctors, psychiatrists and teachers applying the plasters and it will be the Kovsie architects, quantity surveyors, jurists and farmers building and regulating a new country. – Marzanne Lombard, proud former member of Soetdoring and Welwitschia Residences

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