Pretoria – The South African Football Players’ Union (Safpu) and Liberty Life have joined forces to educate footballers on how to spend their money and break the cycle of players going broke.
University of Pretoria players on Wednesday attended a financial literacy workshop where they were advised to be a bit more frugal.
PSL players are more inclined to spend their money on flashy cars instead of saving for the end of their careers. Credit: INLSA
Many players find themselves in dire financial situations after their careers are over, often without a penny to their name, and can be attributed to many factors, but the failure of clubs to provide their highly-paid players with monetary guidance is perhaps the most startling.
Ambassador for the initiative Jabu Mahlangu opened up to the players and told them they should learn from his mistakes and save as much money as possible.
“It’s like winning the Lotto every month. At least when you win the lottery they give you advice on how to spend and invest,” said the former Kaizer Chiefs and Orlando Pirates ace. “I have played for many clubs, and none of those clubs have ever cared to say we are going to help you.”
Players’ managers and agents are just as guilty, Mahlangu said.
“All they care about is their own pockets. Most of them are there when a player signs a contract and once they receive their cut they are nowhere to be seen.”
Many players come from impoverished backgrounds and simply do not know how to handle money as it’s new to them, he added.
“As a footballer you have all this money and remember you are just a young boy from the township who has had a difficult life and know nothing about spending money wisely. And the person who is supposed to guide you does nothing about it.”
The 32-year-old pleaded with the current crop of players.
“So many players fall into the trap of buying fancy cars and clothes without saving anything. I think it’s time that players learn from our mistakes, and do things differently,” he said.
The players of PSL rookies AmaTuks were taught on Wednesday how to manage their finances during a financial literacy workshop.
Safpu president Simba Marumo said one of the biggest challenges is the unwillingness of clubs to comply and co-operate with such initiatives.
“It’s a big challenge because many clubs see us a threat. Many of them look to exploit players as much as they can and don’t really care about the well-being of the players.”
The union is looking to roll out the workshops to as many clubs as possible in the PSL and National First Division. – Pretoria News