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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

Unique partnership flows out of our Schools Projects

2011-06-29

At the meeting between our university and principals and teachers of three of the 23 schools in our university’s Schools Partnership Project were, from the left: Mr Motlolometsi Tshidiso, Tsotseletso Secondary School; Dr Choice Makhetha, Vice-Rector: External Relations (acting); Mr Vuyo Mlinde, Bloem-Oos Intermediary School; back: Dr Peet Venter, Head of our South Campus, and Mr Tlhabedi Mafoyane from Kagisho Secondary School.

Our university established a unique partnership flowing from two of its community initiatives; the UFS Schools Partnership Project and the Extreme Make-over for Schools Project. Bloem-Oos Intermediary School which will benefit from the Extreme Make-over for Schools Project formed a partnership with Kagisho and Tsotseletso Secondary schools becoming a feeder school for the two schools. Both Kagisho and Tsotseletso Secondary schools are now beneficiaries of the UFS Schools Partnership Project.

With the Schools Partnership Project, the university is working closely with the 23 schools for a three- to five-year-period to help schools to become top achievers of which the teachers, learners and parents could be proud. The schools were identified last year and the groundwork for this project was finalised in 2010 as well. The university’s involvement in the Extreme Make-over for Schools Project includes amongst others a partnership with the Department of Basic Education and the Bloemfontein business community to work together to launch the first of a number of a newly upgraded schools to learners, teachers and the community. Bloem-Oos Intermediary School became the first school in Bloemfontein to undergo an extreme makeover.

Management structures from the University, including Prof. Jonathan Jansen, Vice-Chancellor and Rector, Dr Choice Makhetha, Vice-Rector: External Relations (acting), and Dr Peet Venter, Campus Head of the our South Campus, recently met with the principals and some of the teachers of three schools that form part of these two community initiatives of the university. The meeting between the university and principles Mr Tlhabedi Mafoyane (from Kagisho Secondary School), Mr Motlolometsi Tshidiso (Tsotseletso Secondary School) and Mr Vuyo Mlinde (Bloem-Oos Intermediary School) took place to enhance the relationships between the parties involved.

Dr Makhetha said, “When you support a school you groom learners to fit into the culture of the university. We were excited to learn that Bloem-Oos Intermediary School is a feeder school for Kagisho and Tsotseletso Secondary Schools. This partnership allows us to not only prepare learners already from an early age for university but also throughout their high school career. Let us make this project a model for South Africa.”

Continuous efforts and projects from the university as well as partners in the community, to invest in the learners of Bloem-Oos Intermediary School, include:
-       The Project for Peace: A calculator project where learners will be taught on how to use a scientific calculator properly. A group of the learners will also be supplied with a free calculator.
-       The Music Project: The Odeion School of Music at the UFS will also bring a music programme to the school.
-       The Desk Project: This project includes fixing of all broken desks by Group 4 Correctional Facility. (This initiative includes all the broken desks of all the 23 schools in involve in the UFS Schools Partnership Project.)

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