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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

Race, technology, and maritime labour in the 19th century

2016-06-23

Prof John T. Grider

“When employers
impose
worker identity,
it creates problems.”

What does identity mean to people today, and how is it formed? Religion, politics, race, ethnicity, and gender make up individual and community identity. However, Prof John Grider (University of Wisconsin – La Crosse) is of the opinion that employment moulds our identity, since we spend so much time on the job.

Prof Grider joined the Institute for Reconciliation and Social Justice (IRSJ) on the Bloemfontein and Qwaqwa Campuses to discuss his research on the maritime industry, published in his book, Foreign Voyage - Pacific Maritime Labour Identity: 1840 to 1890. “When employers impose worker identity, it creates problems,” he said. Particularly, this “creates instability in communities, and a vulnerability and insecurity amongst the employees”.

To illustrate his point, Prof Grider expanded on the history of 19th-century Atlantic sailors, a highly-skilled workforce, who failed to adapt to changes in their labour environment. Initially, the sea-faring community was very diverse racially. However, as the Pacific, and particularly Asian, marine community gained precedence, this tide turned to such an extent that, in 1886, the Atlantic sailors formed their own Coastal Seamen’s Union in San Francisco, causing a split between Asian and non-Asian sailors. Atlantic sailors had failed to integrate with the new technology of the day (steam power), nor had they accepted the demographic changes that flooded their community rapidly with cheap labour from Chinese shores.

Prof Grider highlighted the need to maintain an adaptable mentality in the ever- and rapidly-changing labour world, since division amongst workers could lead only to further exploitation of the workforce.

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