Thứ Tư, Tháng Hai 28, 2024
HomeBusiness + Economywhat some professional players in Ghana told us about handling their finances

what some professional players in Ghana told us about handling their finances

Footballers are top-of-the-line paid sportsmen in maximum portions of the arena.

The unlucky truth, then again, is that the retirement experiences of many former skilled footballers were terrible. Inside the sports activities media panorama, there were reported cases of once-wealthy footballers who’ve long gone bankrupt quickly upon retirement. Notable examples in Ghana are former Black Stars avid gamers Sammy Adjei, John Naawu, Joe Odoi, Prince Addu Poku and Amusa Gbadamoshie.

In accordance to a couple academics this unlucky scenario stems partially from the truth that the risk of falling into a certified void is top. It is because, like maximum sports activities, soccer confers talents that don’t seem to be simply transferable to non-sporting occupations. The supply of jobs in soccer could also be very restricted. So maximum footballers earn an excessively top source of revenue right through their energetic occupation length and face a top level of source of revenue uncertainty upon retirement.

The way of living of footballers (right through the energetic enjoying length and upon retirement) has additionally been highlighted via a number of reports as a key motive force of the monetary mess that some footballers have were given themselves into.

Once more, there were reported circumstances of footballers enticing in irresponsible monetary behaviour. Examples come with playing, spending on sumptuous manufacturers, lavish events and most often keeping up a dear and unsustainable way of life. A loss of monetary wisdom has regularly been related to this type of monetary behaviour.

I’m a professor of accounting who, with others, has performed a study to analyze the extent of monetary literacy {of professional} footballers in Ghana and confirm its affect on their monetary behaviour and monetary wellbeing.

We discovered low ranges of monetary literacy, and deficient monetary behaviour, amongst footballers. The consequences counsel that to advertise accountable monetary behaviour amongst footballers, bettering their monetary literacy is essential. We discovered very robust improve for the argument that accountable monetary behaviour, proxied on this find out about via financial savings and funding behaviour, is essential to reaching monetary wellness in lifestyles.

The find out about design

Monetary literacy has been described as the power to make use of the wanted wisdom and talents to regulate one’s monetary sources successfully to reinforce welfare sooner or later.

Monetary behaviour, alternatively, will also be described because the “talent to control making plans, budgeting, checking, managing, controlling, looking out and storing day by day price range”. It covers spending and saving conduct, borrowing patterns, budgeting and get right of entry to to monetary merchandise.

The use of questionnaires, we surveyed 300 footballers who competed within the 2020 Ghana Premier League.

The questionnaire had two sections: one at the demographic main points of the respondents; the opposite on their monetary literacy, monetary behaviours and monetary wellbeing.

Lately, the Ghana Premier League has 18 registered golf equipment. On the time of the find out about, those golf equipment hired 480 registered footballers. In comparison with golf equipment in Europe, England, Asia or even many different portions of Africa, the web price of Ghanaian golf equipment could be very low. Revenues from world transfers – the most important investment supply for many Ghanaian golf equipment – were very low over time. For example, the Federation of Global Soccer Associations (FIFA) in its 2021 file on world transfers recorded that Ghanaian soccer golf equipment in combination made a internet benefit of simplest US$50 million within the closing decade.

Footballers’ price range

Our find out about published that the inhabitants of footballers used to be in large part younger. Just about 90% have been 30 years outdated or beneath, which has similarities to footballers in different international locations. That is anticipated as footballers are most commonly energetic of their top years. About 86% had some type of schooling, principally as much as senior highschool stage. Nearly all of the respondents have been married and with reference to 58% of them had 3 or extra dependants with the exception of their nuclear circle of relatives. Thus, lots of the footballers have been suppliers for households even if 39% stated they lived with their oldsters or buddies. On moderate, those footballers earned GHS2,000 internet per thirty days source of revenue (US$177 on the time of the find out about), which, in comparison to different pros, is low.

Total, we discovered that the footballers had a low stage of monetary literacy. They ranked environment of long-term objectives top however their pastime in looking for monetary wisdom used to be very low. It used to be subsequently now not sudden that lots of the footballers appeared unsure about the place their cash used to be spent.

We discovered that the footballers, most often, didn’t show off accountable monetary behaviour. Only a few had any pastime in merchandise akin to bonds, shares, mutual price range and insurance coverage insurance policies. However they appeared diligent in evaluating costs when buying a services or products in a store.

Apparently, footballers have been positive about their monetary wellbeing. Maximum of the ones surveyed have been assured of their capability to satisfy present monetary wishes, had an excessively sure outlook on their long run financing wishes and made alternatives to experience lifestyles. The typical footballer is all the time hopeful of securing profitable contracts in long run.

Higher efficiency

Efforts to improve the monetary wellbeing of footballers can start with making an investment in coaching programmes to lead them to financially literate. 2d, soccer golf equipment can interact monetary coaches to offer sensible steerage to avid gamers right through their energetic enjoying days to lend a hand form their monetary behaviour.

For the reason that monetary wellbeing is intently associated with mental wellbeing, such projects can have a favorable impact at the efficiency of avid gamers at the box.



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