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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

First UFS/AS Young African Scholar Award winner announced

2016-03-10

Fana Gebresenbet Erda, winner of the first University of the Free State /Africa Spectrum Young African Scholar Award, for his research on political economy.
Photo: Supplied

Scholarship in African Studies still faces the challenge of capacity-building to increase ownership by authors and institutions from and on the African continent. It also requires more coordinated efforts to provide the space deserved by African authors in the international domain. In 2015, the University of the Free State (UFS) Centre for Africa Studies joined forces with Africa Spectrum (AS) in a bid to address this issue by establishing the UFS/AS Young African Scholar Award.

This award seeks to strengthen efforts to promote internationally recognised African scholarship in African Studies. One way to achieve this objective is through publishing articles by researchers based in Africa and in the diaspora in Africa Spectrum, an accredited journal compiled by the German Institute of Global and Area Studies in Hamburg.

The inaugural award winner
Fana Gebresenbet Erda, a PhD candidate in a Global and European Studies programme jointly offered by the University of Leipzig (Germany) and Addis Ababa University, wrote the winning article for 2015. He will receive a three-year affiliation to the UFS Centre for Africa Studies as a Research Fellow, along with prize money of R5 000, sponsored by the UFS.

His article, The Ethiopian Developmental State in Its Peripheral Lowlands: Large-Scale Land Acquisitions, the Politics of Dispossession and State Remaking in Gambella, Western Ethiopia, argues that development through large-scale land acquisitions in Gambella, Western Ethiopia, belies a state-remaking project under a dispossessive political economy.

Submission now open
Africa Spectrum invites scholars to submit research articles in the context of the award. In October of each year a review committee selects submissions for review. Those eligible to submit are postgraduate students nearing completion of their PhD theses and postdoctoral scholars who were awarded their PhDs no more than five years earlier at the time of the submission deadline. Those submitting should be from Africa or should be affiliated to African institutions.

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