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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 Vice-Chancellor’s vision for 2016: R100 million before September

2016-03-03

At the official opening of the University of the Free State (UFS), held on 19 February 2016 on the Bloemfontein Campus, Prof Jonathan Jansen, Vice Chancellor and Rector, announced that his priority for the year is to raise R100 million. Deserving students who cannot afford to study will receive bursaries through the Student Bursary Fund Campaign.

Staff will also have the opportunity to contribute to the fund.

Prof Jansen thanked staff for their hard work in the midst of what he described as “by far the most difficult year for admissions, registration, accommodation, and student finance”. The heightened expectations of students after FeesMustFall and the limited capacity of the university to meet the desires of students took its toll on staff.

Because of the incredible strain taken by staff members, both emotionally and physically, the Vice-Chancellor gave staff the assurance that they will receive spiritual, emotional, and health support.

“Never before have I seen such dedication from all our staff to hold the university together in these trying times,” Prof Jansen said.

“Because of you, we have a record intake of first-year students into the UFS. We have had about 5 000 students on average in the past three years and, as of today, we are nearing 7000 first-years with the strong possibility that we will enroll several thousand more students, once the new South Campus registrations come on line later this year. By mid-2016, we will exceed our own target of 8 000 students,” said Prof Jansen.

He stipulated that it is not only good for the finances of the university but also for the youth of the country who can access a quality university in central South Africa where the safety of its staff and students is a priority.

Another highlight at this event was announcing Dr Christian Williams from the Department of Anthropology as the winner of the 2016 Distinguished Scholar Book Prize for his book, National liberation in postcolonial southern Africa: a historical ethnography of SWAPO’s exile camps.

Amidst the sad episodes of violence and destruction on campuses around South Africa, Prof Jansen highlighted how the UFS will – through a seven-point approach - manage the university during these difficult times:
1.   Doing everything within our capacity to meet the needs of staff and students
2.   Upholding the right to peaceful protest in our democracy
3.   Acting swiftly against any unlawful actions by students or workers
4.   Upholding the authority of the unions (only UVPERSU and NEHAWU)
5.   Finding humane and just solutions to the problem of outsourcing
6.   Not placing the UFS at financial risk by making irresponsible decisions
7.   Maintaining an open door policy.

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