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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.

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Final lecture in Darwin series presented at the UFS

2010-02-23

At the lecture were, from the left: Prof. Terence McCarthy, Prof. Jo van As, Chairperson of the Darwin 200 Committee and Head of the Department of Zoology and Entomology at the UFS, Prof. Bruce Rubidge, Elsabe Brits, journalist at Die Burger and Esther van der Westhuizen, presenter on Groen.
Photo: Leonie Bolleurs

The University of the Free State (UFS), in collaboration with the Central University of Technology, Free State (CUT) and The National Museum in Bloemfontein recently hosted the final lecture on the Charles Darwin lecture series entitled “The story of life and survival”.

The lecture was presented by Prof. Bruce Rubidge, the Director of the Bernard Price Institute for Paleontological Research at Wits University and Prof. Terence McCarthy, a Professor of Mineral Geochemistry at Wits and Head of the Department of Geology. Proff. Rubidge and McCarthy are co-authors of the book The Story of Life on Earth.

Their lecture with the topic “Trends in evolution and their bearing on the future of humankind” dealt with the future of evolution. According to Prof. Rubidge, ninety-nine percent of the species that have ever lived are extinct. “We are living in a time of mass extinction. Fifty thousand species become extinct annually,” he said.

Prof. McCarthy discussed many factors that can result in mankind’s extinction today. The impact of climate change, big volcanic eruptions, a comet or asteroid hitting earth, tsunamis and the collapsing of sea islands are some of the factors Prof. McCarthy believes could cause great catastrophe’s on earth.

“We live on the brink of this all the time,” he said.

Prof. McCarthy also believes that we can avoid these catastrophes. By allowing only one child per family we can shrink the global population with 30% per generation. This is doable in a short time span,” he said.

Other ideas he had on saving mankind from getting extinct is to create extensive ecological reserves on land but especially in the ocean, to decentralise everything, to change to renewable energy, to recycle resources and to be vigilant in doing this.

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