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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

Small things matter

2017-01-17

Prof Felicity Burt (right) and Dr Dominique Goedhals
from the Department of Medical Microbiology and
Virology at the University of the Free State.
Photo: Anja Aucamp

The newly established virology section at the University of the Free State (UFS) boasts world class expertise. Not only are they one of just five laboratories in the country tasked with specialised HIV testing, but current research generates publications and subsidised funding.

The driving force behind this initiative is passionate and dedicated people who invest long hours into vital research. One such person is Prof Felicity Burt, who eloquently guides her students while making impressive progress within her own field of interest: vector-borne and zoonotic diseases. Prof Burt was recently awarded a research chair (2016-2020) to, among other areas, investigate medically significant vector-borne and zoonotic viruses currently circulating.

That means that her research focus is mainly on viruses transmitted by mosquitoes and ticks, and viruses transmitted from animals to humans. “Yes,” she laughs, “I catch mosquitoes and check them for viruses.”

Becoming familiar with different viruses
As if big screen moments like Outbreak and Contagion did not create enough virus paranoia, the world was recently bombarded by real world Ebola and Zika outbreaks. But awareness, Prof Burt says, is not a bad thing. “Years ago, when people heard that I did Ebola research, they got that distant look in their eyes, and changed the subject. One outbreak later, backed by many media reports, and Ebola is almost a household name. The same goes for the recent Zika virus outbreak in South America.”

The more familiar people become with these types of viruses, the better, Prof Burt feels. However, getting the right message across is not always that easy. The Zika virus outbreak, for example, was a very large outbreak and therefore presented large numbers of affected people. Generally, not everyone infected with an arbovirus will necessarily present with symptoms. But because vector-borne viruses can spread to new areas, surveillance and awareness is important. Here in Bloemfontein, Prof Burt and her team are establishing surveillance programmes.

Gaining knowledge and preventative measures
So, next time you get all wound up about a “biological disaster”, rest assured that competent people like Prof Burt and her colleagues continuously scan the environment to gain knowledge and develop preventive measures should any risks be looming. For example, developing next-generation vaccines that are very effective, but without risk – since they are not built on the virus itself, but only on the part of the virus that will induce an immune response.

Currently, Prof Burt is also looking into the relationship between the Sindbis virus and arthritis. It is clear that we can expect many exciting findings from the UFS’s new virology unit.

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