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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 committed to transformation

2005-02-23

UFS committed to transformation

The management of the University of the Free State (UFS) takes note that plans are being made to stage a student protest at the UFS main campus on Monday 28 February 2005 .

This is in line with a concerted national campaign to highlight the issue of transformation at higher education institutions.

At this stage the UFS management has not received any application from student formations to stage such a protest at the main campus in Bloemfontein .

The UFS upholds the right of all staff and students to hold legal, non-violent protests and in this spirit encourages the student formations to apply for permission to hold their protest. However, the UFS management has been - and always will be willing to discuss the important issue of transformation of the UFS with staff unions and student formations.

Again the UFS management appeals to student formations to make use of this open door policy and not to adopt a confrontational position. In fact the management and the Senate of the UFS have come out in support of a new phase of transformation at the UFS.

In his speech at the official opening of the UFS earlier this month (on 4 February 2005 ), the Rector and Vice-Chancellor, Prof Frederick Fourie, announced that a comprehensive transformation plan for would be drafted for the UFS.

This Transformation Plan would address issues such as:

a new institutional culture for the UFS
the need for representivity in the staffing of the UFS
ensuring relevance of curricula for the South African and African context
enhancing excellence in the overall academic life of the UFS
ensuring greater interaction among black and white students and staff
addressing outstanding issues in the incorporation of the Qwaqwa and Vista campuses, among others

Concerning some of the issues that are being put forward to motivate for a protest march, the UFS would like to highlight the following facts:

The situation at the Qwaqwa campus

It is not true that the UFS has decided to close down the Qwaqwa campus. This is a complete falsehood. The campus was incorporated into the UFS in January 2003 and since then every effort is being made to ensure the viability of the Qwaqwa campus.
In fact the UFS has just upgraded residences at the Qwaqwa campus – to the tune of R6,8-million.
In addition, another R1,4-million has been set aside for the upgrading of other facilities on the Qwaqwa campus.
More staff has been appointed and the library is acquiring more books etc.
The management of the UFS wants to assure staff at the Qwaqwa campus once again that there has been no decision to close the campus.
We realise that the incorporation of the campus into the UFS has given rise to certain fears and concerns, but these are being addressed, including the question of reporting lines of staff and the further delegation of powers to the head of the Qwaqwa campus, Prof Peter Mbati.

The situation at the Vista campus

A number of processes are currently under way to address outstanding issues following the formal incorporation of the Vista campus into the UFS in January 2004.
This includes the integration of former Vista staff into the UFS as well as the alignment of the conditions of service of the former Vista staff with the UFS conditions of service.
Indeed, over the last few weeks, a climate of trust has been developing and a number of meetings have taken place in contrast to the situation that obtained at the end of 2004.
Just last week, the Rector reassured the Vista Task Team representing the former Vista staff that these staff members are indeed part of the UFS staff complement.
When the Vista campus was incorporated into the UFS, it was agreed that no new first years would be registered there, so as to avoid duplication with the main campus which is only a few kilometers away.
Instead, those students who were registered as Vista students at the time of incorporation (January 2004) would be allowed to complete their studies.
In terms of this agreement another process of consultation with key stakeholders on and off campus would be initiated to determine how the physical facilities of Vista could be used to contribute to educational and skills provision in the region and the province.
This process is still in its early stages and no final decision has been made regarding the long term strategic reconfiguration of the Vista campus.
In any case, as stated by the Rector, former Vista staff do not have to fear about their work security as this is not dependent on the future use of Vista campus – the two issues are not related.

Financial aid for students at the Qwaqwa campus

Concerning financial aid to students at Qwaqwa, the UFS has to date (that is up to 22 February 2005 ) made available R25 000 each to 705 students.
That amounts to R17,6 million.

Financial aid for students at the Vista campus

Concerning financial aid to students at Vista , the UFS has to date (that is up to 22 February 2005 ) made available R14 500 each to 104 students.
That amounts to R1,5 million.

Registration

The registration processes at both these campuses are not yet completed. So final figures are not yet available.
What we can say so far, is that 1339 students have registered at the Qwaqwa campus and that more are expected to register. At Vista , 545 students have registered so far, and more are expected to do so.
In an effort to assist students during the registration process, management has put in place a structure which is called the Monitoring Committee.
This Monitoring Committee provides counseling on courses of study but also sorts out problems relating to academic fees, etc.
This is how the UFS management in a concrete way gives expression to its commitment to broadening access for academically deserving students.

Alleged racism

There have recently been unsubstantiated allegations of racism leveled at the UFS.
We would like to state unequivocally, that the UFS does not and will not tolerate racism in any way.
There are policies and procedures in place to deal with such allegations and those who feel aggrieved should bring this to the attention of the Director of Diversity, Mr Billyboy Ramahlele.
The UFS also has sensitisation programmes for staff and students to assist in bringing about a truly non-racial, non-sexist, inclusive, multicultural and multilingual campus.

Conclusion

The UFS management remains committed to the further transformation of the institution so that it can play its role in supporting the goal of a non-racial, democratic South Africa united in its diversity.
We are committed to the successful incorporation of the Vista and Qwaqwa campuses and to the speedy resolution of all outstanding issues facing staff and students on these campuses.
We appeal once again to staff and students on these campuses, who are indeed members of the broader UFS community, to play a constructive role in the debate about the strategic direction of the UFS and all its campuses.

Issued by: Mr Anton Fisher

Director: Strategic Communication

Cell: 072-207-8334

Tel: 051-401-2749

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