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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 study finds initiation does not build character
2015-06-24

Photo: Canva.com

Initiation at schools and school hostels does not build character or loyalty. On the contrary, it is a violation of human dignity and the rights of children.

This is the opinion of researchers from the University of the Free State’s Faculty of Education after an exploratory study of initiation practices in schools.

Although the use of initiation in schools and school hostels is forbidden by the Regulations to Prohibit Initiation Practices in Schools, the study found that this practice is still widely evident in schools. The study also found that, in some cases, teachers and/or principals take part.

In the study, led by Dr Kevin Teise from the Faculty of Education, it was found that physical deeds and even violence and emotional degradation were inflicted under the guise of ‘initiation’.

The study was discussed recently during a panel discussion between the Faculty of Education, the Faculty of Law, and the Institute for Reconciliation and Social Justice.

The ‘initiation activities’ that take place during school hours ranged from carrying senior learners’ bags or doing other favours for them, handing over their food or food money, doing senior learners’ homework, and looking down when they speak to senior learners.

In school hostels, it was found that learners were expected to do humiliating things, and were also subjected to physical demands and even violence. Learners pointed out that they were smeared and beaten, their heads pushed into toilets, they had to bath or shower in cold water, they had to eat strange things, and they were prevented from sleeping.

Dr Teise says initiation practices are a general phenomenon in the schools and school hostels that took part in the investigation. Newcomers were subjected to silly and innocent practices, but also to physically and emotionally degrading, and even dangerous ones, before and after school, and during breaks and sports- and cultural gatherings.

“The study’s findings give every indication that the constitutional principles on which the policy document, Regulations to Prohibit Initiation Practices in Schools, is modelled, are not being put into practice and respected at these schools. Policy documents and school rules are pointless if learners, old pupils, parents, teachers, and the broad community consider initiation an acceptable behaviour that is, ostensibly, an inseparable part of school or hostel tradition and of the maturation and/or team-building processes.”

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