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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 extends footprint abroad

2015-12-14

In its constant pursuit of research excellence, the UFS has this year performed well in mainly two areas.

Apart from the research done by the UFS on national level, e.g. the involvement of its researchers with the SKA telescope, the pioneering work they do with the satellite tracking of giraffes, as well as research on trauma, forgiveness and reconciliation – to name but a few of the research areas, the university also has a research focus abroad.

Japan, Europe, America and Botswana. These are just some of the places where academics from the university are involved in research abroad.

Japan

Dr Dirk Opperman, Senior Lecturer at the Department of Microbial, Biochemical and Food Biotechnology, and Carmien Tolmie, a PhD student in the same department, visited the Okinawa Institute of Science and Technology in Onna, Japan, during November and December 2014. During the visit, experiments were performed in the Microbiology and Biochemistry of Secondary Metabolite Unit of Dr Holger Jenke-Kodama.

This formed part of a larger NRF-funded project on carcinogenic toxins produced in certain Aspergillus fungi. These fungi infect food and feedstuff and are a big concern in developing countries because it may lead to severe economic losses. The research ultimately aims to find inhibitors to block the production of these fungal toxins.

Europe and America

In 2012, an international network was established in the frame of the FP7-PEOPLE-2011-IRSES programme, called hERG-related risk assessment of botanicals (hERGscreen). The South African group included Dr Susan Bonnet and Dr Anke Wilhelm, both from the UFS Department of Chemistry.

Extracts from more than 450 South African plant species have been investigated systematically to assess the potential cardiotoxic risk of commonly consumed botanicals and supplements. The idea of the project, funded by the European Commission, is to identify safety liabilities of botanicals.

Other international partners included the University of Innsbruck, National and Kapodistrian University of Athens, Biomedical Research Foundation of the Academy of Athens, University of Basel, University of Vienna, University of Florida, Universidade Federal do Rio Grande do Sul, Universidade Federal de Santa Catarina.

Botswana

A memorandum of understanding was signed between the UFS and Botho University in Botswana in September 2015, which will be valid for three years.

The agreement, includes student and staff exchange programmes, collaborative research, teaching and learning and community engagement activities, sharing of results, and PhD/ MPhil guidance.

Young researchers

Another research focus of the UFS is the development of its young researchers. In 2015, the UFS has delivered 13 Y-rated researchers. Ten of the researchers are from the Faculty of Natural and Agricultural Sciences and three from the Faculty of the Humanities. Three of them received an Y1 rating from the NRF.

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