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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

Nobel Prize-winner presents first lecture at Vice-Chancellor’s prestige lecture series

2017-11-17

At the first lecture in the UFS Vice Chancellor’s Prestige Lecture series,
were from the left: Prof Jeanette Conradie, UFS Department of Chemistry;
Prof Michael Levitt, Nobel Prize-winner in Chemistry, biophysicist and
professor in structural biology at Stanford University; Prof Francis Petersen,
UFS Vice-Chancellor and Rector; and Prof Corli Witthuhn,
UFS Vice-Rector: Research.
Photo: Johan Roux

South African born biophysicist and Nobel Prize-winner in Chemistry, Prof Michael Levitt, paid a visit to the University of the Free Sate (UFS) as part of the Academy of Science of South Africa’s (ASSAf) Distinguished Visiting Scholars’ Programme.

Early this week the professor in structural biology at Stanford University in the US presented a captivating lecture on the Bloemfontein Campus on his lifetime’s work that earned him the Nobel Prize in 2013. His lecture launched the UFS Vice-Chancellor’s Prestige Lecture series, aimed at knowledge sharing within, and beyond our university boundaries.

Prof Levitt was one of the first researchers to conduct molecular dynamics simulations of DNA and proteins and developed the first software for this purpose. He received the prize for Chemistry, together with Martin Karplus and Arieh Warshel, “for the development of multiscale models for complex chemical systems”.

Attending the lecture were members of UFS management, academic staff from a range of faculties and other universities as well as young researchers. “Multiscale modelling is very much based on something that makes common sense,” Prof Levitt explained. “And that is to makes things as simple as possible, but not simpler. Everything needs to have the right level of simplicity, that is not too simple, but not too complicated.”

An incredible mind
Prof Levitt enrolled for applied mathematics at the University of Pretoria at the age of 15. He visited his uncle and aunt in London after his first-year exams, and decided to stay on because they had a television, he claims. A series on molecular biology broadcast on BBC, sparked an interest that would lead Prof Levitt via Israel, and Cambridge, to the Nobel Prize stage – all of which turned out to be vital building blocks for his research career.

Technology to the rescue
The first small protein model that Prof Levitt built was the size of a room. But that exercise led to the birth of multiscale modelling of macromolecules. For the man on the street, that translates to computerised models used to simulate protein action, and reaction. With some adaptations, the effect of medication can be simulated on human protein in a virtual world.

“I was lucky to stand on the shoulder of giants,” he says about his accomplishments, and urges the young to be good and kind. “Be passionate about what you do, be persistent, and be original,” he advised.

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