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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 implements paperless meeting system
2004-08-20

 

The Management Committee of the University of the Free State ’s (UFS) Executive Management recently entered the electronic environment of more effective and centralised meeting and decision-making administration by implementing ‘n computerised meeting system.

With this the UFS became the first higher education institution in the world to use the PARNASSUS-meeting management system. PARNASSUS , which refers to a mountain in the Greek mythology, is a licensed system from CIPAL in Belguim – a developer of software for a variety of applications.

“In stead of coming to a weekly management meeting with a file of documentation, each member now walks in with his/her laptop and the whole meeting procedure takes place electronically,” says Prof Sakkie Steyn, Registrar: General at the UFS.

At the same time the secretary registers the minutes point by point on the PARNASSUS programme. At the end of the meeting, after certain technical finishes are done, the minutes are distributed to members of the meeting and their secretaries/office managers. The draft minutes is also distributed to those who must implement decisions and prepare implementation steps. These staff members are given security clearance beforehand.

“The system is unique due to the fact that a translation engine has been built into the agenda and minute system. Agenda items can be submitted in Afrikaans and then automatically be translated in English by means of the interactive translation engine, or vice versa. The same principle applies to the minutes,” says Prof Steyn.

According to Prof Steyn the translation engine was develop with the expert assistance of the UFS’s Unit for Language Facilitation and Empowerment (ULFE). Word strings from previous minutes are now being added to the corpus of the translation engine.

“The system enables the secretary to continuously monitor which points are submitted for the agenda and if these points comply with the set standards namely clear recommendations, background and proposed implementation steps. The agenda is closed at a certain moment and no new points can then be added. The secretary does certain technical finished by means of a final classification of point and annexures. The draft agenda is then sent to the chairperson for approval, after which the agenda is electronically sent to members of the meeting and their secretaries/office managers for preparation,” says Prof Steyn.

“After the minutes have been approved at the next meeting, it is saved on the PARNASSUS decisions data base. The tracing of decisions made during previous meetings can be done by any person with the necessary security clearance. This is different from the past where stacks of documents had to be searched to find a decision,” says Prof Steyn.

According to Prof Steyn the secretariat and meeting administration services at the UFS has now entered a fully virtual and electronic environment. This will enhance effective decision making tremendously. “The PARNASSUS system saves us costs and time and the decentralisation of submissions to meetings lessens the work at centralised points,” says Prof Steyn.

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