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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 celebrates Kagiso Trust’s 30 years of commitment to the empowerment of impoverished communities

2015-07-15

From the left are: MEC Tate Makgoe, Free State Department of Education; Busi Tshabalala, Thabo Mofutsanyana Education District Director; Dean Zwo Nevhutalu, Kagiso Trust Trustee and UFS Director of Community Engagement, Bishop, Billy Ramahlele.
Photo: ?Thabo Kessah

Future sustainable partnerships in education will survive only if all partners are committed, honest, and transparent.

This is the view expressed by the Free State MEC for Education and UFS Council member, Tate Makgoe, during the panel discussion at the Qwaqwa Campus of the University of the Free State celebrating Kagiso Trust’s 30 years of commitment to the empowerment of impoverished communities. The topic was “The future partnership models for education in Africa”.

“Over the years, the partnership between the Free State Department of Education, the UFS, and Kagiso Trust has helped to expose the potential in our mainly rural children in the Qwaqwa area of the Thabo Mofutsanyana district,” said Makgoe.

”When we started in 2009, the matric pass rate in the district was 64%, and this rose to 87% in 2014. In Qwaqwa alone, we have managed to build 51 computer and 26 physical sciences laboratories. It was these laboratories that enabled the Free State to be the best performing province in the Physical Sciences in 2013,” added Makgoe.

“None of these achievements would have been possible if all the partners had not been committed to the course. Partnerships built on honesty and transparency are the best model, which we hope to export to other provinces and, indeed, countries,” Makgoe said.

Representing the UFS on the panel was the Director of Community Engagement, Bishop Billy Ramahlele, who added that collaborations can be successful only if the leadership was exemplary.

“As the university, we have had many collaboration with various government departments, and great strides have been achieved only with the Department of Education under the leadership of MEC Makgoe,” said Ramahlele.

”With the MEC on board, the UFS ended up dedicating its South Campus in Bloemfontein to supporting Free State schools. We now have 70 schools that benefit from live television broadcasts of lessons by some of our outstanding academics. This also enables our best academics to make a valued contribution to empowering our teachers. It also allows the university to maximise scarce resources to attain social cohesion,” he said.

In his remarks, Kagiso Trust Trustee, Dean Zwo Nevhutalu, said that Kagiso Trust was looking forward to continue working with its partners to maximise outcomes through limited resources.

“Kagiso Trust will continue to work with the poor and the marginalised and there is no better partner than the government itself. The government provides basic services, and education is one of them. This allows us to be innovative and not just dump books and equipment at schools because we are forced to by our corporate social investment obligations. Therefore, we challenge the government also to be innovative in building a sustainable future partnership model in education,” he said.

Among the dignitaries attending the panel discussion were Kagiso Trust Chairman, Dr Frank Chikane, and the late Dr Beyers Naude’s family.

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