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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

Rhodes professor calls for accountability in teacher education

2013-11-14

Prof Jean Baxen of Rhodes University and Prof Dennis Francis, Dean of the Faculty of Education of the UFS.
Photo: Stephen Collett
15 November 2013

Lecture (pdf)

“Our education system needs quality teacher education.”

This was the message from Prof Jean Baxen, Deputy Dean of Research at Rhodes University in Grahamstown. She delivered the Education Public Lecture on ‘The lives of children, citizenship and teacher education: challenges and opportunities’ at the University of the Free State’s Bloemfontein Campus.

Growing up in White River, the rural areas of Eastern Transvaal (as it was previously known), Prof Baxen took the audience on a journey of the imagination. She shared stories of how she and fellow learners walked miles to get to school and how her son found himself in a situation of being unsure about his own racial identity, questioning what it meant to be ‘coloured’. She also related stories of how teachers are not sufficiently prepared to mediate information on HIV/Aids.

These stories revealed how little teachers cared, and also how difficult and challenging it is for learners to cope in such teaching and learning environments – thus calling for quality teacher education.

She stressed the fact that quality teacher education is needed in South Africa to assist in curbing the challenges children and fellow citizens come across in our broader society. “It is important that, as teacher educators, we should groom teachers to find and understand their identity, sexuality, and also the world they live in. There is an urgent need for us to hold ourselves and others accountable and to not distance ourselves and make it someone else’s responsibility – it is our joint responsibility as citizens,” she said.

We need a pedagogy that would navigate and start formulating a language that we could use to face these challenges, she proposed.

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