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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

Inaugural lecture explores the compatibility of commercial certainty and constitutionalism

2015-10-15

From the left: Prof Caroline Nicholson,
Prof Elizabeth Snyman van Deventer,
Justice Malcolm Wallis and Dr Lis Lange.

Justice Malcolm Wallis presented his inaugural lecture, entitled “Compatibility of commercial certainty and constitutionalism”, to the Faculty of Law on 17 September, 2015. The occasion was attended by faculty staff, students, and senior members of the Bloemfontein judiciary.

In her welcoming remarks, Prof Caroline Nicholson, Dean of the Faculty of Law at the UFS, expressed the immense pride the faculty has in hosting such an occasion, and the remarkable work of Justice Wallis in the South African legal fraternity over his forty-year career.

Justice Wallis spoke of the constitution’s important role in ensuring that the law in commercial matters is enforced fairly without the prejudice or undue influence from the desire to obtain or preserve personal advantage. “Try, if you can, to conceive of a society in which commercial relationships are enforced and enforceable purely as a matter of discretion. Ask yourselves: how would such a society function?” he said.

He reiterated that the role and the rule of law is to guide and protect parties in commercial transactions. It has considerable impact on society in how it is enforced. “Commercial disputes may seem to involve only the parties to the proceedings, but when they involve significant changes to established commercial law, their impact is inevitably wider. Such changes affect other agreements, other relationships, underlying financing transactions, and, in our modern world, contracts of insurance and reinsurance. The latter at least will always have an international dimension,” he said.

He explored specific judgements and the role the concept of “Ubuntu” played in delivering them, the fair enforcement of commercial law, and how this should be an integral part of South African law under the constitution.

In closing, Justice Wallis stated that “in principle, the existence of a constitution and constitutional rights need not destabilise commercial law, or the reasonable expectations of business people.”

Justice Wallis has received numerous accolades locally and internationally during his long career, including his appointment as a Professor Extraordinary in the Department of Mercantile Law at the University of the Free State in 2014.

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