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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.

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Students have a responsibility in SA, says Ntuli

2016-02-19

Description: 2016 SRC presidents Tags: 2016 SRC presidents

Lindokuhle Ntuli (left), President of the Student Representative Council (SRC) on the Bloemfontein Campus of the University of the Free State (UFS), and Paseka Sikhosana, president of the SRC on the Qwaqwa Campus, are in agreement about their vision for the UFS in 2016.
Photo: Johan Roux

You and I have a role to play in building the new South Africa built upon the Constitution of 1996.

These are the words of Lindokuhle Ntuli, President of the Student Representative Council (SRC) on the Bloemfontein Campus of the University of the Free State (UFS). They echo his and the SRC’s message of a “campus for all students, locally and internationally, irrespective of colour.”

Ntuli and Paseka Sikhosana, president of the SRC on the Qwaqwa Campus, were in agreement about their vision for the UFS in 2016.

According to Sikhosana, a well-known slogan accentuates a feeling of uniqueness at the university. “United in diversity. No wonder we say only a Kovsie knows a feeling,” he says.

“As the SRC, we believe that complete transformation on campus is through promoting a non-sexist, non-racial, but democratic student society that acknowledges diversity and change. That further promotes and embraces one student’s difference in terms of culture, tradition, religion, and sexual orientation.”

A new South Africa

Ntuli means students have a responsibility. He referred to a quotation from Frantz Fanon’s book, The Wretched of the Earth, to illustrate this. Fanon was a revolutionary and writer whose works are influential in post-colonial studies. “Every generation has a mission. It is the responsibility of every generation to discover its mission. Once you have discovered it, you have to fulfil it or betray it into relative obscurity,” Ntuli quoted.

According to him, the South African Constitution holds pious promises of a better life for all, and each citizen needs to help to achieve that.

SRC has open door policy

Ntuli says the UFS remains committed to human embrace, diversity, integration, and human togetherness. He added that the SRC has an open door policy, and will avail itself in helping students.

According to Sikhosana, it is the objective of the SRC to represent the student community in all interactions within the university and externally.

“There is nothing for us, about us, without us students,” he says.

• The above excerpts have been taken from Ntuli and Sikhosana’s respective welcoming speeches to first-year students on the Bloemfontein and Qwaqwa Campuses.

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