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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

IRSJ marks five years of championing social justice
2016-08-12

Description: IRSJ 5 year Tags: IRSJ 5 year

Members of the Advisory Board of the IRSJ,
Prof Michalinos Zembylas (Open University
of Cyprus), Prof Shirley Anne Tate (Leeds
University, England), and Prof Relebohile
Moletsane (University of KwaZulu-Natal),
listen to a speaker on the programme.
 Photo: Lihlumelo Toyana

The Institute for Reconciliation and Social Justice (IRSJ) marked its fifth anniversary with a function on 27 July 2016 in the Reitz Hall of the Centenary Complex on the Bloemfontein Campus of the University of the Free State (UFS). Earlier that day, the Advisory Board of the IRSJ, chaired by Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, hosted their annual meeting.

A new book was also launched, co-authored by JC van der Merwe, Deputy-Director at the IRSJ and Dionne van Reenen, researcher and PhD candidate at the IRSJ. It is entitled Transformation and Legitimation in Post-apartheid Universities: Reading Discourses from ‘Reitz’. The function featured not only reflections on the IRSJ, but a four-member panel discussion of the book and higher education in 2016.

The IRSJ came into being officially at the UFS in January 2011. Prof André Keet, Director of the IRSJ, said: “With a flexibility and trust not easily found in the higher education sector, the university management gave us the latitude and support to fashion an outfit that responds to social life within and outside the borders of the university, locally and globally.”

The IRSJ has not hesitated to be bold and
courageous in reforming ... traditional policies."

 

Prof Jansen went on to mention three things he finds appealing about the IRSJ: “Thanks to Prof Keet and his team’s vision and understanding of how important it is for students to have a space in which they can learn how to be, learn how to think, and learn how to contribute, the IRSJ has become a place where students can learn about things that they might not learn in the classroom. Second, it created, for the first time, a space where members of the LGBTIQ community could gather in one place. And third, it speaks to the intellectual life of the university, as evidenced by the research and publications produced over the past few years.”

Prof Jansen added: “The IRSJ will only be successful to the extent that we have safe spaces, courageous spaces, in which not only black students talk to themselves, but where black and white students talk together about their difficulties. If you’re entangled, you can’t get out of [that] unless you speak to the other person.”

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Prof Michalinos Zembylas of the Open University of Cyprus and member of the Advisory Board, said of the IRSJ: “The works produced by the institute in this short time have been valuable to this community and beyond, because they recognise the complexities of education, ... while pushing the boundaries of how to translate theoretical discussions into practical, everyday conditions. ... For example, the IRSJ has not hesitated to be bold and courageous in reforming some traditional policies in this university—remnants of an ambivalent past that reproduced inequality and disadvantage.

In reflecting on how the IRSJ came into being during her opening remarks, Dr Lis Lange, Vice-Rector: Academic at the UFS, said that it has always been “dedicated to transformation.” She added that it “gathered the energy and creativity of some of our most promising student leaders.” She concluded: “For me, the greatest success of the Institute, besides publications and local and international networks, is the fact that something that started in the margins is being asked today to come closer to the centre, to play a larger role in the structural transformation of the university.”

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