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Book bridges gap between mental health and money

01 November 2023 | Story Valentino Ndaba | Photo SUPPLIED

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

New developments in the Faculty of Theology and Religion

2017-08-30

Bishop JM Khumalo, Apostolic Church of
Christ; Prof Fanie Snyman, Dean of the
Faculty of Theology and Religion; and
Rev Simon Galada, Wesleyan Church,
at the faculty’s official opening in
February 2017.
Photo: Eugene Seegers

At a meeting of the UFS Council last year, a name change was accepted for the Faculty of Theology, renaming it to the Faculty of Theology and Religion. This change signals openness in approach to other religions, in addition to those of Christian denominations. This is a development that took root in Europe a few years ago. Furthermore, a growing field of interest is the study of the impact religion has had and still has, even in highly secularised societies. This name change is the first of its kind in South Africa, which means that the faculty will lead the way in transformation and impact-based religious studies.

Exciting times lie ahead
Prof Fanie Snyman, Dean of the faculty, says of these refinements: “The new name and restructuring of departments will lead to a new synergy that will have an impact on our teaching and research in the faculty. Exciting times lie ahead for the Faculty of Theology and Religion!”

Apart from the change in the name of the faculty, departments within the faculty were also regrouped, with new names. The Departments of Old Testament and New Testament merged to become the Department of Old and New Testament Studies, while the Departments of Systematic Theology and Ecclesiology merged and will now be known as the Department of Historical and Constructive Theology. The former Departments of Practical Theology and Missiology became the Department of Practical and Missional Theology. The Department of Religion Studies remained unchanged to emphasise the importance of religion in South Africa and the world at large.
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Distinction of theological disciplines
The rationale for these groupings is the distinction of theological disciplines in terms of the study of texts (Old and New Testament), sources (Systematic Theology and Church History), and practices (Practical Theology and Missiology). One benefit of these newly-constructed departments is that they will be more cost-effective, but the more important advantage is that this will stimulate discussion and research across the various theological disciplines.

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