what players in Ghana told us about handling their finances
Football and big money – what professional players in Ghana told us about handling their finances; Professional footballers often enjoy high incomes during their playing careers, but their transition into retirement can be fraught with financial difficulties. This issue is not unique to Ghana; it’s a global concern in the world of sports. In a recent study conducted by a team of researchers, we delved into the financial literacy and behaviors of Ghanaian professional footballers who competed in the 2020 Ghana Premier League. The findings shed light on the challenges faced by these athletes, especially as they approach retirement.
One of the main reasons behind the financial struggles of retired footballers is the limited transferability of their skills to non-sporting occupations. This, combined with a scarcity of job opportunities within the world of football, creates a situation where players experience a significant income drop after retirement. Consequently, many footballers endure financial hardships post-retirement, despite their earlier earning potential.
The lifestyle of footballers, both during their playing careers and after retirement, also contributes to these financial challenges. Reports have highlighted cases of excessive spending on luxuries, lavish parties, and an overall expensive and unsustainable lifestyle. Financial mismanagement, often linked to a lack of financial knowledge, is a common thread in these stories.
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Our study focused on the financial literacy and behavior of Ghanaian professional footballers and found that financial literacy levels were generally low. The surveyed players displayed limited interest in seeking financial knowledge, despite ranking the setting of long-term financial goals as a priority. Consequently, many footballers expressed uncertainty regarding their spending habits and financial management.
In terms of financial behavior, the footballers did not exhibit responsible practices. Few of them demonstrated interest in financial products such as bonds, stocks, mutual funds, or insurance policies. However, they were diligent when it came to comparing prices while making everyday purchases.
Interestingly, the surveyed footballers expressed optimism about their financial well-being. They generally believed they could meet their current financial needs, had a positive outlook regarding their future financial requirements, and often made choices that enhanced their quality of life. This optimism is largely attributed to their expectations of securing lucrative contracts in the future.
To address these challenges, it is crucial to focus on improving the financial literacy of professional footballers. Investing in training programs that equip them with financial knowledge should be a priority. Additionally, football clubs can engage financial coaches to provide practical guidance to players during their active careers, helping shape their financial behavior.
Improving the financial well-being of footballers goes hand in hand with enhancing their psychological well-being, ultimately benefiting their on-field performance. By addressing these issues, we can work towards ensuring that the financial struggles faced by retired footballers become a thing of the past.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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