This follows an Old Mutual and SA Football Players Union (SAFPU) partnership agreement that will see Old Mutual roll out its On the Money financial well-being programme to football players to increase their financial knowledge to better manage their finances.
Speaking at the symbolic signing of the partnership, managing director of Old Mutual’s Retail Mass Foundation cluster Bongani Madikiza, said the company was pleased to be able to contribute to the lives of the footballers by equipping them to make wise financial decisions and thereby also contributing towards building a strong national savings culture.
“We all know the tales about well-known, talented footballers who end up in dire situations because they mismanaged their finances. Even if they are highly talented athletes with wonderful opportunities and lucrative sports contracts, the harsh reality is that many players end up destitute because they were not afforded appropriate money skills.”
By concluding the partnership with SAFPU, Old Mutual will be able to promote financial fitness awareness to players in various clubs and leagues in the country.
“We are confident that our practical On the Money programme and others will not only help players while their solid sporting careers are on the go, but will also ensure that they make wise investment choices for the longer term so that they can look ahead to do great things once they retire from soccer. We certainly hope that our On the Money programme will assist in bringing an end to the many from-riches-to-rags experiences,” Madikiza said.
President of SAFPU, Hareipha ‘Simba’ Marumo, said the union was excited about the partnership with Old Mutual. “The challenges facing our players are well documented. For far too long our players have been disenfranchised by their lack of knowledge on issues such as finance, which has had devastating impacts on their futures. With Old Mutual’s On the Money financial education programme, we can look forward to a financially-wiser generation of footballers.”
Do you think this is a good programme for players who often die poor after many years of making big bucks? Comment below, and let us know.
