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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

FF Plus court case against UFS withdrawn
2007-10-23

The University of the Free State (UFS) is pleased to announce that a Supreme Court application to have the racial integration of its student residences set aside has been withdrawn unconditionally by the Freedom Front Plus (FF+). The political party has offered to pay the assessed costs of the UFS.

The Rector and Vice-Chancellor of the UFS, Prof. Frederick Fourie, welcomed this decision by the FF+, saying all energy should now be focused on making a success of this very important nation-building initiative in the student residences. “We have been convinced all the time that we had followed a fair and inclusive consultation process which led to a thorough and well-considered decision by the Council,” he said.

The decision to integrate student residences as from January 2008 was approved by the UFS Council on 8 June 2007. This last decision was confirmed by the Council – which is the highest decision making body at the UFS -  on 14 September 2007 with an overwhelming majority, with only one vote against.

“There is now no legal obstacle to student participation in the work being done to implement Council’s decision. In fact I want to urge all students in our residences to play an active role in implementing Council’s decision,” he said.

According to Prof. Fourie much work has been done in preparation for the intake of first-years into the residences in January 2008.

Since the initial decision of 8 June 2007, the Vice-Rector: Student Affairs, Dr Ezekiel Moraka, has been leading a team of staff members and student representatives who are doing work in various sub-task teams.

“One of the main reasons for working in this way through sub-task teams, is to ensure the widest possible participation of the affected students in the implementation of the Council’s decision,” said Prof. Fourie.

These sub-task teams are working on aspects of residence life in order to make the racial integration of residences as successful as possible. These aspects of residence life include, among others:
 

  • governance structures
  • traditions and character of residences
  • diversity education and training
  • security
  • placement and recruitment

“This list is not exhaustive, but merely to illustrate the kinds of areas being looked into. I would like to encourage all students in residences to make an input into the work of these sub-task teams through the primes, the Student Representative Council (SRC) or through the offices of the Dean or the Deputy Dean of Student Affairs.

“We have already begun to implement an interpreting service at the house meetings of three ladies residences, namely Emily Hobhouse, Roosmaryn and Vergeet-my-nie. From next year this service will be extended to other residences on the Main Campus,” said Prof. Fourie.  

“In the light of withdrawal of the court case, I am appealing to all students in our residences, to join hands with fellow students and with management in creating a campus of respect and appreciation for all languages, cultures and backgrounds,” he said.

“We want our students to assist the UFS in successfully managing the rich diversity on this campus, particularly in its student residences, and in so doing become an example to South Africa of a truly non-racial, multi-cultural and multi-lingual campus, where students are appropriately educated for the workplace,” Prof. Fourie said.


Media release issued by:        
Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za

23 October 2007

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