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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

UFS Physics Research Chair receives more funding

2017-11-20

Prof Hendrik Swart, Senior Researcher Professor in the
Department of Physics at UFS.
Photo: Charl Devenish

A research project into low-energy lighting using phosphor materials for light emitting diodes (LEDs) at the Department of Physics at the University of the Free State (UFS) has received further recognition.

The South African Research Chairs Initiative (SARChi) has awarded further funding for the Research Chair in Solid State Luminescent and Advanced Materials situated in the department. Prof Hendrik Swart, a Senior Research Professor in the Department of Physics, says this means that the Chair will carry on receiving funds from SARChi for another five years. The Initiative also awarded Prof Swart in 2012 for the research, which resulted in funding for equipment and among others, bursaries.

Better light emission in LED’s
The research focuses on better light emission of phosphor powers in LEDs. It is also looking into improving LED displays in flat screens. The research into solar cells has shown that phosphors can also increase their efficiency by increasing the range of light frequencies, which convert into electricity. It also entails that glow-in-the-dark coatings absorb light during the day and emit it at night.

Prof Swart says over the next five years the research will focus on developing and producing devices that emit better light using the substances already developed. “We need to make small devices to see if they are better than those we already have.” In practical terms, it means they want a farmer’s water pump that works with solar energy to work better with less energy input.”

Device that simulates sunlight
Prof Swart says the renewal of the Chair’s funding means the department can now get equipment to enhance its research such as a solar simulator. The solar simulator uses white LEDs whose intensity output and wavelengths can be tuned. The output is measured in number of suns. It enables researchers to work in a laboratory with a device that simulates sunlight.

According to Prof Swart the long-term benefit of the research will result in more environmentally friendly devices which use less energy, are brighter and give a wider viewing field.

About 10 postdoctoral researchers are working on the studies done by the Chair in collaboration with the Council for Scientific and Industrial Research.

The Research Chair Initiative aims to improve the research capacity at public universities to produce high-quality postgraduate students, research and innovative outputs. The criterion for evaluating the department’s Chair includes aspects such as how much development has occurred over the past five years. The assessors look at features such as the number of students the research entity has trained and how many publications the research team has produced.

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