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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

Qwaqwa Campus’s Teaching and Learning Champs scoop up award
2014-10-24



Dr Elize Smuts (right) proudly displaying the UFS Vice-Chancellor’s Team Award. Equally ecstatic, is Qwaqwa Campus’s CTL Manager, Fred Mudavanhu.
Photo: Thabo Kessah
Action research to improve classroom practice and student success rates, recently received a boost when the Qwaqwa Campus’s Teaching and Learning (TL) Champions were honoured with the prestigious UFS Vice-Chancellor’s Team Award. The award was in recognition of the team’s efforts to enhance professional development and was accompanied by a R50 000 prize that will be utilised to further encourage and develop a scholarly culture on the Qwaqwa Campus.

“An active learning community has developed over the past four years, which led to the creation of a scholarly forum for sharing problems, experiences and new knowledge”, revealed Dr Elize Smuts, who has been the pillar of strength in the development of TL Champs.

“This”, Dr Smuts said, “has continuously motivated the group to persevere in challenging and often under-resourced circumstances.”

 “Over a four-year period, 44 projects were undertaken, many with great success. Thirteen scholars participated in a pilot of CLASSE (Classroom Assessment of Student Engagement) in 2013. This survey, contextualised by staff from the Centre for Teaching and Learning, was a first in South Africa,” said Dr Smuts.

“The team undertook extensive literature reviews and attended numerous workshops on principles and practices of good teaching, research and writing. The two summarising booklets they prepared from two publications (How Learning Works: 7 Research-based Principles for Smart Teaching and Student Engagement Techniques) in 2013, will serve as guides and inspiration for the larger academic community of the UFS for many years.”

Since the formation of this team, TL scholars have presented 25 papers at 12 national and two international conferences.

“Taking into consideration that it is not easy to get an abstract accepted for presentation, these are impressive achievements,” Dr Smuts said.

“Some of the immediate results of scholars engaged in this project, include improved student success rates averaging 20% compared to only 8% improvement by academics who are not part of the project.”
 
“In 2013, one TL scholar reported student success rates that increased by 29%; another reported 80% on average; and another reported an increase from 65% to 95% in a class bigger than previous years.”

In congratulating the team, Centre for Teaching and Learning’s (CTL) Prof Annette Wilkinson said that she was very proud of the team.
 
“The team’s dedication and growth in scholarly practice – amidst challenging circumstances – are in my mind, the outstanding features of the project. I am very proud of the entire team”, said Prof Wilkinson.

The two presentations at international conferences were delivered by Ms Lea Koenig at the 32nd Annual Conference on the First-Year-Experience in Orlando, Florida and by Dr Elize Smuts in North Carolina. Both of these were presented in 2013.


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