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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

Machinery and equipment to the value of R6 million acquired by UFS Instrumentation Division
2015-07-02

Photo: Supplied

At an information session held on the Bloemfontein Campus, the Instrumentation Division in the Faculty of Natural and Agricultural Sciences at the University of the Free State (UFS) introduced its new Computer Numeral Control (CNC) machines to the value of R6 million.

Initially, the primary aim of the Instrumentation workshop was to design, produce, and maintain special research equipment which is unavailable on the market, mainly for academic departments. The small-scale production focused on producing support material and equipment for research work.

However, with new equipment and machinery the Division now also can deliver a service to corporate companies and external associates.
 
The CNC machines include a 5-axis Vertical Machining Centre from Haas imported from America. This is one of only four in South Africa, with two in Johannesburg and one in Cape Town.  The lathe makes it possible to produce sophisticated parts, which were previously cumbersome and difficult to make. The machines also cover a wide spectrum in the mechanical field such as the the FLOW Water Jet, which cuts a wide variety of material ranging from titanium to wood without utilising heat, thus saving electricity. This makes it possible to cut a wide variety of materials.

With the new machinery now available, the Instrumentation Division is able to perform high quality and quantity production with precision.

“The advantage of the machinery is that it stimulates production, and is much faster and more accurate than the conventional way of doing things,” said Pieter Botes, Head of the Division.

Botes explained that, by having students and professional artisans at the university design and manufacture equipment, costs are reduced when compared with the expensive nature of equipment and tools found in the market. In addition, “the machines broaden the scope of research conducted” said Botes. The technical dynamics of the machinery advances the scientific knowledge needed to operate it, so bridging the gap between theory and practice.

The Central University of Technology, Signs Division Bloemfontein, Product Development Technology Station (PDTS), Maizey’s, and Knottco Truckparts are some of the university’s trade partners.

The workshop collaborates with the Chemistry, Physics, Microbiology, Botany, Agriculture, and Electronics departments, as well as the Institute of Groundwater Studies at the UFS, and others. These departments receive services in the form of pipette stands, containers for test tubes, bottles, laboratory trolleys, stands for cadavers for Anatomy, pump repairs, stainless steel bailers, filaments, and heaters.

The Instrumentation Division is, therefore, a vital support unit for the Faculty of Natural and Agricultural Sciences as well as the university at large.

Companies, institutions, or individuals who need the Division’s expertise may contact Pieter Botes on botespds@ufs.ac.za.

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