Financial planning for retirement amongst South African professional soccer players

Abstract

Logically, financially-educated individuals should make better financial decisions for their families, increasing their economic security and well-being. The purpose of this study was to explore the financial planning and personal financial management of South African professional soccer players. In the process, a variety of issues were investigated. The research focused on the following important question: Why is financial literacy important particularly for soccer players who experience short-lived soccer careers. A quantitative research design involving the administration of a two-section questionnaire was adopted for the study. It was concluded that most professional soccer players plan poorly for their future because of a lack of financial literacy which results in them not being adequately prepared for the transition into retirement. Recommendations on the findings were made and the implications for future research outlined.