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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.

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An article, co-authored by Kovsies’ own Miss World, Rolene Strauss, was published recently in a medical journal
2015-02-23

Rolene Strauss

The article, which deals with research on the incidence of multiple losses by children, was published in South African Family Practice.

The study was part of the third-year research project for medical students in our Faculty of Health Sciences. Rolene worked with fellow students, Leischen Branders, Mirandie Claassen, Darienne Saaiman, and Andrea van Staden. Prof Gina Joubert from the UFS’s Department of Biostatistics and Prof Hanneke Brits were the module and study leaders.

In this study, a number of cases involving Bloemfontein children experiencing loss, as well as their reaction to it, were examined.

They divided the incidents into categories in order to address the broad definition of ‘losses’.

Approximately 69% of the children in the study have experienced three or more instances of loss in their lives. About 29% of the children have experienced loss in the category Personal Loss (assault, chronic and terminal illness, amputation, malnutrition, disability, abortion, and miscarriage). The greatest number of losses occurred in the category Interpersonal Loss (87%). This group of children has had to deal with the death of one or more parents/caregivers, drug and alcohol abuse, domestic violence, divorce, homelessness, and instability. In the category, Environmental Loss, xenophobia, unsafe living conditions, inadequate support, poverty, and unemployment were looked at. A total of 82% of the children in the group have experienced losses.

Prof Hanneke Brits, study leader of the group, says the extent of multiple losses by children is a topic that hasn’t been investigated widely.

“The study shows that children should receive special attention in order to help them process the trauma. Supportive care and inter-professional services play a major role in this regard.”

 

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