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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

Water research aids decision making on national level
2015-05-25

Photo: Leonie Bolleurs

With water being a valuable and scarce resource in the central regions of South Africa, it is no wonder that the UFS has large interdisciplinary research projects focusing on the conservation of water, as well as the sustainable use of this essential element.

The hydropedology research of Prof Pieter le Roux from the Department of Soil, Crop and Climate Sciences and his team at the UFS focuses on Blue water. Blue water is of critical importance to global health as it is cleared by the soil and stored underground for slow release in marshes, rivers, and deep groundwater. The release of this water bridges the droughts between showers and rain seasons and can stretch over several months and even years. The principles established by Prof Le Roux, now finds application in ecohydrology, urban hydrology, forestry hydrology, and hydrological modelling.

The Department of Agricultural Economics is busy with three research projects for the Water Research Commission of South Africa, with an estimated total budget of R7 million. Prof Henry Jordaan from this department is conducting research on the water footprint of selected field and forage crops, and the food products derived from these crops. The aim is to assess the impact of producing the food products on the scarce freshwater resource to inform policy makers, water managers and water users towards the sustainable use of freshwater for food production.

With his research, Prof Bennie Grové, also from this department, focuses on economically optimising water and electricity use in irrigated agriculture. The first project aims to optimise the adoption of technology for irrigation practices and irrigation system should water allocations to farmers were to be decreased in a catchment because of insufficient freshwater supplies to meet the increasing demand due to the requirements of population growth, economic development and the environment.

In another project, Prof Grové aims to economically evaluate alternative electricity management strategies such as optimally designed irrigation systems and the adoption of new technology to mitigate the substantial increase in electricity costs that puts the profitability of irrigation farming under severe pressure.

Marinda Avenant and her team in the Centre for Environmental Management (CEM), has been involved in the biomonitoring of the Free State rivers, including the Caledon, Modder Riet and part of the Orange River, since 1999. Researchers from the CEM regularly measures the present state of the water quality, algae, riparian vegetation, macro-invertebrates and fish communities in these rivers in order to detect degradation in ecosystem integrity (health).

The CEM has recently completed a project where an interactive vulnerability map and screening-level monitoring protocol for assessing the potential environmental impact of unconventional gas mining by means of hydraulic fracturing was developed. These tools will aid decision making at national level by providing information on the environment’s vulnerability to unconventional gas mining.

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