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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 launches a Small and Medium Enterprise (SME) Observatory, first of its kind in South Africa

2013-12-04

In cooperation with its partners, the Centre for Development Support at the University of the Free State (UFS), launched the SME Observatory at a function on the Bloemfontein Campus. This initiative is the first of its kind in South Africa.

According to Willem Ellis, Director of the Centre for Development Support, this is a public-private partnership between the UFS, the International Labour Organisation (ILO) and the Department of Economic Development, Tourism and Environmental Affairs (detea), which aims to gather information for research on small and medium enterprises. “With this research we will endeavour to empower policy formulators to make the right decisions in terms of development on a local, provincial and national level,” Ellis said.

Presentations and the panel discussion at the launch covered topics such as:

How many enterprises can survive in a town?
Are entrepreneurs being set up for failure?
Is SMEs the answer to the unemployment question?
The cost of red tape: is SMEs being tied down?

To demonstrate the applicability of the enterprise architect for issues relating to enterprise policy, as well as entrepreneurship strategies, it was decided to focus the pilot phase of the observatory on towns in the Free State. Dr Daan Toerien, research associate at the Centre for Development Support, and Johannes Wessels, Project Manager of the SME Observatory, compiled the report: “50 Towns in the Free State: What the Enterprise Architecture of these towns is telling us about Entrepreneurial Space.”

In his presentation at the launch, Dr Toerien said: “The Enterprise Observatory’s prime goal is to present valuable facts and insights about enterprises in the domains it is observing.” He has developed a database that contains information on a large number of South African towns. He said that studying the enterprise architecture of towns will contribute significantly to inform the policy and strategy debate on LED and enterprise development. “These activities will add valuable data and insights to approach entrepreneurship in the Free State and, after the pilot phase, also in other provinces in South Africa. The Free State government, district and local municipalities, and the consultant fraternity serving them, should find the SME observatory’s activities of value,” he said.

Wessels said that the SME Observatory of South Africa is dedicated to base its arguments on sound theory, science and applied research; to engage policy and decision makers on an evidence-based approach; operate in a politically non-aligned mode in order to mirror truthfully the impact of policies and decisions and to partner with policy makers, entrepreneurs, public administration, think tanks, research institutions, business representatives and NGOs on building networks and alliances to promote an open and competitive enterprise environment.

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