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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

Haemophilia home infusion workshop

2017-12-17

Parents receive training for homecare of their children with haemophilia.
Photo Supplied

Caregivers for haemophilia patients, and patients themselves from around the Free State and Northern Cape attended a home infusion workshop held by the Clinical Skills unit in the Faculty of Health Sciences in July 2017. “It felt liberating and I feel confident to give the factor to my son correctly,” said Amanda Chaba-Okeke, the mother of a young patient, at the workshop. Her son, also at the workshop, agreed. “It felt lovely and good to learn how to administer factor VIII.”

Clinical skills to empower parents and communities
There were two concurrent sessions: one attended by doctors from the Haemophilia Treatment Centre, and the other attended by community members including factor VIII and XI recipients, caregivers and parents. The doctors’ meeting was shown informative videos and demonstrations on how to administer the newly devised factor VII and XI kit, and discussed the pressing need for trained nurses at local clinics. Dr Jaco Joubert, a haematologist, made an educational presentation to the community members.

The South African Haemophilia Foundation was represented by Mahlomola Sewolane, who gave a brief talk about the role of the organisation in relation to the condition. Meanwhile, procedural training in the simulation laboratory involved doctors and nurses helping participants to learn the procedures by using mannequins and even some volunteers from among the patients.

A medical condition causing serious complications
Haemophilia is a medical condition in which the ability of the blood to clot is severely impaired, even from a slight injury. The condition is typically caused by a hereditary lack of a coagulation factor, most often factor VIII. Usually patients must go through replacement therapy in which concentrates of clotting factor VIII (for haemophilia A) or clotting factor IX (for haemophilia B) are slowly dripped or injected into the vein, to help replace the clotting factor that is missing or low. Patients have to receive this treatment in hospital.

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