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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

Three minutes for research
2015-09-07

When you have only three minutes in which to explain an 80 000-word thesis, every second counts. This is what researchers from across the country realised during the first national round of South Africa’s Three-minute thesis competition.

The University of the Free State (UFS) Postgraduate School hosted this international competition on the Bloemfontein Campus, where master’s and doctoral students from 12 universities participated. During the competition, each researcher had to give a presentation on his/her research within three minutes.

Dr Henriette van den Berg, Director of the UFS’s Postgraduate School, and presenter of the two-day competition, said the competition is the ideal platform to teach researchers how to become effective research communicators.

“It is important that researchers should learn to communicate the essence of their research to audiences that aren’t necessarily specialists in the field. They should also be able to emphasise how their research contributes to the success and well-being of communities. Researchers often have to explain to persons who aren’t specialists in their specific research area the reasons why it is important to fund the research, for example, or during a work interview. They should be able to convey the essence of their research effectively in a very short time.”

The 3MT competition, which originated at the University of Queensland in Australia, has in 2010 developed into an international trend since its inception. Currently, the 3MT is presented in Australia, the USA, and the UK.

For the competition, participants are given just three minutes to explain their research. In this time, they have to explain the problem and the methodology, as well as why this research is important. Participants are allowed to make use of only one piece of static imaging material for support.

A panel of judges from the participating universities were selected to assess each presentation, based on how well participants expressed themselves in such a short time, and on their choice of imagery.

Gavin Robinson from the University of Johannesburg, Cameron McIntosh, and Ingrid Alleman, both from the UFS, were the respective winners in the categories for doctoral and master’s students.

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