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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.

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Up to 60% of students do not have enough to eat

2013-11-15

15 November 2013

A report of the University of the Free State has revealed the shocking statistics that almost two-thirds of the students at the university don’t have enough money to buy food, and suffer from hunger during terms.

The study, conducted internally by the university’s Department of Nutrition and Dietetics, was a response to a growing international concern that students worldwide were not getting enough to eat. While studies were conducted in the USA and Australia, no similar research has been done in South Africa.

“There have been many studies on the impact of poor nutrition on school kids,” says Dr Louise van den Berg, Senior Lecturer in the Department of Nutrition and Dietetics, “but almost no research on university students. South Africa is, overall, a food-insecure country, and the university wanted to establish how widespread this problem is among our students.”

The reasons given by students invariably referred to a lack of money, as many students were also supporting families. Some students admitted they lacked the knowledge to feed themselves properly, some admitted to borrowing money to buy food, and some even admitted to stealing food to survive.

“This research has confirmed something we have suspected for a long time,” Dr van den Berg states.

A number of students disclosed that they were reluctant to resort to the university feeding scheme, as they were ashamed to admit they did not have money to buy food.

This study is the first of its kind in South Africa, and underlines the fact that tertiary students are particularly vulnerable when it comes to food security. Often a student has to juggle their studies with their role as breadwinner.

A tiny ray of hope to students who find themselves as food insecure, is the No Student Hungry Programme that offers a food bursary to qualifying students.

This programme, initially established by Prof Jonathan Jansen, UFS Vice-Chancellor and Rector, and now managed by Grace Jansen and Karen Buys, offers a small allowance of about R30 per day to hungry students with an average academic achievement of 60% and above. This criterion discourages entitlement thinking and builds a strong sense of responsibility on the part of those who benefit from the food bursary.

Melanie, a second-year Geography and Environmental Management student, as well as a single mother, is a beneficiary of the NSH Programme. “This bursary helps me to get a balanced meal every day. It is one less worry for me. I dream of completing my studies so that I can be independent and provide my son with the life he deserves.”

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