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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 receives research grant focusing on enablement of non-profit organisations

2011-01-20

Prof. Mabel Erasmus

The University of the Free State (UFS) has received a research grant to the value of R1,1 million from the National Research Foundation (NRF) to conduct research on community engagement, with the emphasis on knowledge as enablement – a Non-Profit Organisation (NPO) focus.

This was the first time the NRF had requested applications for research with a focus on community engagement (CE). With the grant, the UFS has become one of the first recipients of a research grant that focuses on community engagement.

The overarching research question that will be dealt with is how Higher Education Institutions (HEI) and the NPO sector can establish long-term, research-based collaborative engagements that will be mutually empowering and enabling through joint, reciprocal knowledge-based activities and capacity building.

The contention that this proposal is based on, is that HEIs have limited knowledge of the NPO sector and thus are unable to be fully responsive to the challenges that NPOs face. What is more, it is very likely that staff and students from HEIs do not have an adequate grasp of the experiential understanding, contextual community knowledge and practical know-how that NPO practitioners have, and hence do not appreciate the crucial contributions that they can make with regard to meaning-making processes aimed at improving some of the harsh South African realities.

According to Prof. Mabel Erasmus, Associate Professor and Head of the university’s Division: Service Learning, which submitted the research proposal to the NRF and is the grant-holder, the university would like the information generated by the research to be beneficial to both HEIs and the NPOs. “Knowledge regarding NPOs, specifically their challenges and information about what they are doing, will be invaluable to HEIs. At the same time, the research must benefit the NPOs with knowledge to improve their practice and strengthen their functioning.

“The research will take place in close collaboration with the NPOs, as their inputs are crucial. The research will thus not be ‘about’ them but ‘with’ them.”

“We do not want to send our students for community-based education or as volunteers to NPOs year after year and it does not mean as much to them as these organisations would hope for. With the research process we would like to strengthen NPOs, to build their capacity and give them our whole-hearted cooperation,” she said.

Funding received from the grant will be applied over a period of three years. Except for the study grants for five Ph.D. students and four master’s students, the grant will further make provision for a number of workshops, a local conference, a publication and presentations at international conferences on this matter. The research team of 22 persons includes academics from other HEIs such as the Central University of Technology, University of Zululand, University of Johannesburg and Monash SA. Several staff members of NPOs also form part of the team, including REACH (Bfn), Childline (FS) and others.

Prof. Erasmus said that the UFS was one of a few institutions that were currently conducting research to this extent on the link between the NPO sector and HEIs within the field of community engagement.

Media Release
18 January 2011
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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