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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

Ghanaian academic speaks about next generation of African scholars

2013-10-08

Attending the seminar were from left: Adv Erika Cilliers, Sisa Mlonyeni (both from the Office of the Public Protector), Prof Adomako Ampofo and Prof Heidi Hudson, Head of the Centre for Africa Studies.
Photo: Jerry Mokoroane
08 October 2013

Prof Akosua Adomako Ampofo, one of the Centre for Africa Studies’newly-appointed advisory board members, addressed students and staff on 3 October 2013. Her topic Are you the scholar Africa needs?enthralled the audience with the passionate way in which she argued for nurturing activist-scholars rather than scholars who simply produce knowledge for the sake of it. “It is more urgent than ever before that … we do not simply see our roles as researchers and teachers, but that we are committed to impacting our communities” for the better – also by “making our knowledge production globally visible,” she argued. Africa is said to contribute less than 0.5 percent of the world’s scientific publications. The fact that most of these – and nearly all of the social science production – emanate from just three nations (Egypt, Nigeria and South Africa) means that many countries are absent from the radar.

According to her, the next generation of African scholars will have to compete within a hostile terrain where private universities are proliferating and costs of higher education are on the rise. These scholars will have to possess 22nd century skills, but a 20th century heart and sensitivity for the continent and its people.

Drawing on Kwame Nkrumah, Prof Ampofo proposed three guiding principles for becoming the scholars Africa needs. Firstly, by having a passion for knowledge as well as an Africa-centred knowledge – “nobody can tell our stories better than we can.”. Secondly, to translate our research into outputs not only in the form of internationally-recognised publications, but also in popular sources that will be read by a much wider public. And lastly, to carrying the torch for teaching and learning in the classroom – preparing our students to serve Africa or, as Nkrumah said, producing “devoted men and women with imagination and ideas, who, by their life and actions, can inspire our people to look forward to a great future.”.

Akosua Adomako Ampofo is a Professor of African and Gender Studies, and Director of the Institute of African Studies at the University of Ghana, Legon. An activist-scholar, her current work addresses African knowledge systems; race, ethnicity and identity politics; gender-based expressions of violence; constructions of masculinities; women and work; and popular culture. She is currently co-editing a volume titled, Transatlantic Feminisms: Women and Gender in Africa and the African Diaspora.In 2010, she was awarded the Sociologists for Women in Society Feminist Activism Award.

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