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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

Shack study holds research and social upliftment opportunities
2015-02-10

Photo: Stephen Collett

When Prof Basie Verster, retired head of the Department of Quantity Surveying at the University of the Free State (UFS), initiated an alternative form of housing for Johannes - one of his employees - a decision was made to base research on this initiative. This research project in Grasslands, Heidedal focused on the cost and energy efficiency of green and/or sustainable shacks.

Esti Jacobs from the Department of Quantity Surveying, together with an honours student in Quantity Surveying, a master’s student in Architecture, and young professionals at Verster Berry, helped with the project.

The physical goals of the project were to create a structure that is environmentally friendly, and maintains a comfortable interior climate in winter and summer, as well as being cost-effective to erect. The structure also had to be socially acceptable to the family and the community.

“The intention was to make a positive contribution to the community and to initiate social upliftment through this project. Structures such as the ‘green shack’ may serve as an intermediate step to future housing possibilities, since these structures are relatively primitive, but have economic value and could be marketable,” she said.

Esti explains the structure of the building, which consists of gum poles and South African pine bearers, with a timber roof and internal cement block flooring. The building is clad with corrugated iron and has a corrugated iron roof finish. Additional green elements added to the structure were internal Nutec cladding, glasswool insulation in walls, internal gypsum ceiling boards with ‘Think Pink’ insulation, internal dividing wall and door, polystyrene in the floors, and tint on the windows. A small solar panel for limited electricity use (one or two lights and electricity to charge a cellphone) and a Jojo water tank for household consumption by the inhabitants were also installed.

Esti said: “Phase one of the research has been completed. This phase consisted of an investigation into the cost of an alternative form of housing structure (comparing traditional shacks with the planned structure) as well as the construction process of the physical housing structure.

“Phase two of the research, commencing in February 2015, will last for two to three years. This phase will include the installation of temperature and relative humidity logging devices inside the existing traditional shack and the new green shack. The logs will be regularly monitored by the UFS Department of Quantity Surveying and Construction Management.

These data will enable the researchers to measure the differences in comfort levels inside the two different structures. The data, together with other information such as building materials and methods, are then processed by software programs. Through the simulation of different environments, building materials, and alternate forms of energy, software models can be used to come up with conclusions regarding more energy-friendly building materials and methods. This knowledge can be used to improve comfort levels within smaller, low-cost housing units.

The UFS will be working with Prof Jeff Ramsdell of the Appalachian State University in the USA and his team on the second phase of the project.

“This research project is ongoing and will be completed only in a few years’ time,” said Esti.

The results of the research will be published in accredited journals or at international conferences.

 

For more information or enquiries contact news@ufs.ac.za.

 

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