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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 Rector and Chancellor inaugurated at UFS

2003-02-07

NEW RECTOR AND CHANCELLOR INAUGURATED AT UFS

Newly inaugurated Rector and Vice-Chancellor of the University of the Free State, Prof Frederick Fourie, has recommitted the university to the service of the broader community, through the pursuit of academic excellence and contributing to building a non-racial, democratic and just South Africa.

To make this a reality Prof Fourie proposed a social contract or accord between university constituencies and the community to chart the way forward to establishing a university that can meet the challenges of a developing democracy.

Prof Fourie was speaking at his inauguration ceremony on the Bloemfontein campus, where the former Ambassador to the United States, Dr Franklin Sonn, was also inaugurated as Chancellor of the UFS.

The twin inauguration ceremony – the first in the history of the UFS - was attended by former President Nelson Mandela, Education Minister, Kader Asmal, Free State Premier Winki Direko, and the executive mayor of Mangaung, Mr Pappie Mokoena, who all endorsed the appointments as evidence of the transformation of the UFS.

According to Prof Fourie, the greatest contribution that any university could make to social and economic development in South Africa was by being an excellent university that encouraged critical inquiry, scientific knowledge as well as community service.

“So whilst we cherish and foster the continuity of the university as part of the ageold international tradition of universities, this University embraces its particular role in this country now, embraces the changes in the form and scope of its role in this crucial period of our history. We are committed to making a real difference to the new nation,” he said.

His vision for the UFS was “to be a university of excellence, equity and innovation – a leader in research, teaching, community service, adult learning, transformation, non-racialism, non-sexism, multi-culturality and multilingualism – a contributor to our country and our continent’s growth and development – a truly South African university”.

Prof Fourie said the recent incorporation of the Qwaqwa campus of the University of the North into the University of the Free State, which is the first such incorporation to take place, would contribute to broadening access for poor communities to higher education. Introducing an innovation to the inauguration ceremony, Prof Fourie and the UFS staff pledged to their commitment to excellence and justice, quality and equity. Fourie is the 13th Rector of the University of the Free State, succeeding Prof. Stef Coetzee, and Dr Sonn is the 6th Chancellor, succeeding Ms Winkie Direko, Premier of the Free State.

In his inaugural address, Dr Sonn said the significance of today’s ceremony was that the UFS - as a former institution of the Afrikaner – had chosen to walk the path of justice and not merely survival. “This university has seemingly liberated itself. It is inclusively South African.

He said the academic community must play its role of vigilance and not indifference”. Referring to the stature of former president Mandela in international affairs, Dr Sonn said: “We must bring the weight ot science and critical analysis and interpretation to bear in support of Madiba and other moral giants.”

Inauguration Speech by Prof. Frederick C.v.N. Fourie (PDF format)

Inauguration Speech by Dr Franklin A. Sonn (PDF format)

Statement by the Minister of Education, Professor Kader Asmal (PDF format)

Speech by Prof. Viljoen (PDF format)

Speech by Executive Mayor Mokoena - Mangaung Local Municipality (PDF format)

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