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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

The silent struggles of those with invisible disabilities

2016-12-13

Dr Magteld Smith, researcher and deaf awareness
activist, from the Department of Otorhinolaryngology
at the UFS.

December is International Disability Awareness Month. Despite equality before the law and some improvements in societal attitudes, people with disabilities are still disadvantaged in many aspects of their lives. They are more likely to be the victims of crime, sexual abuse, are more likely to earn a low income or be unemployed, and less likely to gain qualifications than people without disabilities.

Demystifying disabilities is crucial
Dr Magteld Smith, a researcher at the University of the Free State (UFS) School of Medicine’s Department of Otorhinolaryngology, says that often people think the term “disability” only refers to people using a wheelchair, etc. However, this is a misperception because some individuals have visible disabilities, which can be seen, and some have invisible disabilities, which can’t be seen. Others have both visible and invisible disabilities. There is an ongoing debate as to which group has the greatest life struggles. Those with visible disabilities frequently have to explain what they can do, while individuals with invisible disabilities have to make clear what they cannot do.

Invisible disability is an umbrella term that captures a whole spectrum of invisible disabilities and the focus is not to maintain a list of specific conditions and diagnoses that are considered invisible disabilities. Invisible disabilities include debilitating fatigue, pain, cognitive dysfunctions, mental disorders, hearing and eyesight disabilities and conditions that are primarily neurological in nature.

Judging books by their covers
According to Dr Smith, research indicates that people living with invisible disabilities often suffer more strained relationships than those with visible disabilities due to a serious lack of knowledge, doubts and suspicion around their disability status.

Society might also make serious allegations that people with invisible disabilities are “faking it” or believe they are “lazy”, and sometimes think they are using their invisible disability as an “excuse” to receive “special treatment”, while the person has special needs to function.

Giving recognition and praise
“One of the most heartbreaking attitudes towards persons with invisible disabilities is that they very seldom enjoy acknowledgement for their efforts and accomplishments. The media also seldom report on the achievements of persons with invisible disabilities,” says Dr Smith.

Society has to understand that a person with a disability or disabilities is diagnosed by a medical professional involving various medical procedures and tests. It is not for a society to make any diagnosis of another person.

Dr Smith says the best place to start addressing misperceptions is for society to broaden its understanding of the vast, varying world of disabilities and be more sensitive about people with invisible disabilities. They should be acknowledged and given the same recognition as people with visible disabilities.

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