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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 on the right track with transformation - Fulbright scholars

2010-08-27

Pictured from the left, are: Dr Wilmore-Schaeffer, Rev. Dr Streets and Ms Leah Naidoo (Senior Administrator of the Institute).
Photo: Mangaliso Radebe

“I think the university is not only on the right track but can really become a model for how to negotiate certain difficult processes, such as transformation, within a short period of time. I think it can become a model, not just for other universities, but also for the world.”

This was said by Dr Rozetta Wilmore-Schaeffer, who together with Rev. Dr Frederick J. Streets, recently worked with the International Institute for Race, Reconciliation and Social Justice at the University of the Free State (UFS) as Fulbright specialists. They helped the institute come up with ideas in terms of making the changes that are necessary for the transformation of the university.

“There is a great deal that has already been done despite the sense of urgency and impatience, and I think there is a great deal more to be done,” said Dr Wilmore-Schaeffer.

“I think this sense of urgency comes from those who are involved in the process of looking at the destination, the place that they want to be at, and feeling that they are very far from it.”

During their visit here the two had numerous conversations with both staff members and students.

“I have been most impressed by the students who I think are ready to make changes in many different ways – I am talking about students of all racial groups and gender. The fact that they are referring to transformation as ‘their struggle’ shows that they are prepared to make changes,” said Dr Wilmore-Schaeffer.
She, however, cautioned that there were those who were still against transformation taking place at the university.

“I think there is still some resistance from some quarters on both sides of the fence and I would expect that at this point in time. I think what is really hopeful is that there are so many students who are ready to make the changes, who are making the changes, who are struggling with issues around making the changes; and I think that is really the hope for the university and the hope for the future,” she said.

“The resistance is complex,” added Rev. Dr Streets. “It is around a fear for the future, the loss of identity on the part of both black and white students, and the desire for cultural continuity amongst white students as well as amongst a variety of ethnic black students.

“The resistance is about learning that you are not the only kid on the block anymore and how you then overcome the feeling of realising that you are not the dominant person anymore and that your culture is not the dominant culture anymore.”

They have given a preliminary report of their findings to the Rector and Vice-Chancellor of the UFS, Prof. Jonathan Jansen, which will be followed by a more detailed report later on.

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