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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

University gets support to improve student success
2014-11-26

From the left are: Prof Francois Strydom (Director: Academic - Centre for Teaching and Learning at the UFS), Mr Rip Rapson (Chief Executive Officer, Kresge Foundation), Dr Marcus Ingram (UFS Director for Institutional Advancement) and Mr Bill Moses (Programme Director for the Kresge Foundation's Education Programme).
Photo: Hannes Pieterse

The Kresge Foundation has awarded $400 000 (about R4 million) to the University of the Free State (UFS) to increase student success through improved data analysis.

This four-year grant, as part of Kresge’s Siyaphumelela initiative, was recently announced by Mr Rip Rapson, Kresge’s President and Chief Executive Officer. This announcement was made at a symposium on South African higher education and philanthropy in Cape Town.

“Universities across South Africa are grappling with how to improve persistence and graduation rates for their black students in particular,” Mr Rapson said. “These universities will work together with the South African Institute for Distance Education to develop their data analytics capacity to find and share solutions and interventions based on solid information to improve student success.”

The UFS was only one of four universities receiving funding from Kresge. The other universities include the Nelson Mandela metropolitan University in Port Elizabeth, the University of the Witwatersrand in Johannesburg and the University of Pretoria.

The grants will help the universities build their capacities to use data to better integrate institutional research, information communication technology, academic development, student services and academic departments. Beyond the improvements sought for the UFS, Kresge hopes to see new approaches to data become mainstream for higher education in South Africa.

The Siyaphumelela initiative provides four years of institutional support and hope to create a community of practice that learns lessons that may benefit not only individual institutions and the cohort, but also potentially all of South African higher education.

Dr Lis Lange, Vice-Rector: Academic at the UFS, said improving student successes is a university goal that operates in the interface between the Human and Academic Projects of the university.

“We are delighted to be part of an initiative that is going to help us develop greater capability for data analytics and deeper integration between data and teaching and learning practices; and, at the same time, will bring the Centre for Teaching and Learning, the Directorate for Institutional Research and Academic Planning (DIRAP) and the faculties into a closer cooperation.”

Over the past four years donor income to the UFS increased considerably, both from governmental sources, trusts and foundations. By the end of 2013, governmental funding increased from about R5 million in 2011 to over R35 million. Funding by trusts and foundations increased from R5 million in 2011 to over R15 million in 2013. A general increase of 25% in funding is expected for 2014.

Dr Marcus Ingram, UFS Director for Institutional Advancement, says as the UFS begins to settle into a refined academic identity, the Department for Institutional Advancement intends to support these efforts by helping to facilitate the telling of a more integrated narrative to the university’s friends, prospects and donors.

 

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