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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 produces an inspirational Summer Graduation
2016-12-12

Description: Dr Ferial Haffajee summer graduation Tags: Dr Ferial Haffajee summer graduation 

Dr Ferial Haffajee, editor-at-large at The Huffington
Post SA, who was conferred with an honorary doctorate,
and Dr Khotso Mokhele, the Chancellor of the
University of the Free State at this year’s Summer Graduation.
Photo: Eugene Seegers

“A graduation ceremony epitomises every student’s academic dream and pursuit, and allows you to look back as you enter the professional career of your choice.”

These were the words of guest speaker Dr Mafu Rakometsi, Chief Executive Officer of Umalusi, that resonated through the Callie Human Centre at this year’s Summer Graduation on the Bloemfontein Campus. He mentioned that today graduates would look back at a journey that started with hesitant steps, and despite all their ups and downs, they had managed to make it this far.

During the afternoon session, Prof Lis Lange, Vice-Rector: Academic, at the University of the Free State (UFS), said that graduations were always an occasion for celebration and this year, there were two reasons for these celebrations.

 “The first is simply that we made it through a difficult 2016 and the secondly because we are celebrating two crucial professions that will attribute to the well-being of this country, namely teachers and health practitioners.”

Meaningful graduation ceremony for Ferial Haffajee

This year, the UFS had the privilege and honour to confer editor-at-large at The Huffington Post SA, Ferial Haffajee, with an honorary doctorate in the Faculty of the Humanities.

Speaking after the graduation ceremony, Dr Haffajee said, “It was really, really meaningful for me, because I’ve never been able to graduate. When I finished university, it was during the struggle against apartheid, so we didn’t graduate. It was a wonderful day and wonderful to see the role that young people are playing on this campus.”

“Dr Ferial Haffajee has made a significant contribution to press freedom in South Africa. She is known both nationally and internationally for the work she has done and therefore it is an honour to welcome her as a Kovsie. She is one of the people who represent the values of the UFS. We are proud of her and we wish her great success,” said Prof Milagros Rivera, Head: Department of Communication Science and acting Dean of the Faculty of the Humanities at the UFS.

Description: Summer graduation 2016 general photo Tags: Summer graduation 2016 general photo 

Photo: Johann Roux

Inspiration drawn from graduation ceremonies

During his address, Dr Khotso Mokhele, the Chancellor of the UFS, made special mention of many that inspired him at the graduation ceremonies.

His inspirations included Dr Ambrotius Swartbooi, who suffered a spinal injury from a near-fatal car accident which left him paralysed and a quadriplegic, yet who still managed to receive his doctorate; Setsoane Ntseki, a matriculant with poise and an incredible voice, who delivered the song item; Judge Ian van der Merwe, Chairperson of the Council at the UFS and a close friend of Dr Mokhele, with whom he worked for many years; as well Dr Haffajee, a trail-blazer that many look up to.

Damian Viviers was recognised as one of the youngest PhD graduates in the Faculty of Law, where he received a PhD in Mercantile Law. He is a research fellow in the Department of Mercantile Law, and was recently appointed as candidate attorney in the commercial department at Phatshoane Henney Attorneys.

In closing, his message to the class of 2016 was simple, that even though the world and our country may find itself in an odd space now, the graduates needed to remember that even though they would become leaders, there was always something bigger than themselves.

“Go out there and do us proud. Come back and plough back into this institution not only with your money, but your skills and time too.”

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