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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 congratulates Free State on matric results

2017-01-05

With projects like the Internet Broadcast Project and the
Schools Partnership Projects the UFS helps to improve
education at schools in the Free State.
Photo: iStock

The University of the Free State (UFS) congratulates the Free State and its learners on their outstanding performance in the 2016 matric results. The university, who also plays a role in promoting excellence at school level, is proud of the Free State’s achievement as the best-performing province in the country with a 93,2% pass rate, excluding progressed learners.

“On behalf of the university community I would like to congratulate the Free State MEC of Education, Tate Makgoe, who is also a member of the UFS Council, and the Department of Education in the province on this fine achievement. The UFS is proud to be involved in projects that contribute to the success of the province’s learners. These include the Internet Broadcast Project (IBP) and the Schools Partnership Projects (SPP). The projects help to improve the quality of teaching and help learners to overcome severe domestic conditions in rural areas,” says Prof Nicky Morgan, Acting Vice-Chancellor and Rector of the UFS.

Internet Broadcast Project

The UFS IDEAS Lab in the Department of Open and Distance Learning on the UFS South Campus supports learners in 83 schools through the IBP with the help of academic videos. The project is a collaboration between the university and the Department of Education in the province. It includes support for subjects such as Mathematics, Physical Science, Life Science, Economics, Accounting, and Geography.

A purpose-built school appliance, comprising a projector, speakers, and a PC, is set up at each school, where learners receive video lectures from highly-qualified teachers.

During a function held in Bloemfontein on 5 January 2017 to congratulate performing schools in the province, Mr Makgoe made special mention of the IBP and said that part of the success of the province can be attributed to the project. Many of the top performing schools had learners who participated in the project. One of the districts that forms part of the project, the Xhariep District, was announced as the top performing district in the province, and is second in the country.

Schools Partnership Projects

The SPP focuses on teachers in order to have a more sustainable impact, with 69 schools in the Free State and Eastern Cape being part of it.

It makes use of mentors (30) who assist teachers and headmasters with school management, Mathematics, Physical Science, Accounting, and English as language of learning. The project has an annual budget of more than R15 million – all the funds come from sponsors outside the UFS.

Mentors visit schools and share knowledge, extra material, and technology to improve the standard of teaching. The change has been significant. Matric results and Bachelors pass rates have improved dramatically in these schools.

Another aspect is the identification of learners with potential (so-called first-generation students) to go to university. They are assisted through extra classes and in applying for tertiary education and bursaries.

Many of them currently study at the UFS, and also receive mentorship at university.

Dr Peet Venter, SPP Project Manager, said his team is proud to be part of the process of helping the Free State to become the number one province in the country again.

Both the IBP and SPP was started in 2011 and are managed from the university’s South Campus in Bloemfontein.

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