A partnership has been signed to protect current and former soccer players in South Africa.
Old Mutual and the SA Football Players Union (SAFPU) have signed a partnership which will see Old Mutual roll out its ‘On the Money’ financial well-being programme to football players, to increase their financial knowledge and help them manage their finances better.
According to SAFPU, approximately 90% of South African soccer players are mostly financially unstable when they leave the sport and they are left destitute because they can no longer afford any financial liabilities.
Mr Bongani Madikiza, managing director of Old Mutual’s Retail Mass Foundation cluster, said: “We’re pleased to be able to contribute to the lives of the footballers by equipping them to make wise financial decisions and thereby, also contribute towards building a strong national savings culture. We believe that what is good for South Africa is good for Old Mutual.”
The president of SAFPU, Mr Hareipha “Simba” Marumo, said: “The Union is very excited about this 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.”
The ‘On the Money’ financial education programme will be rolled out to all South Africa’s professional football bodies, including the PSL, NFD, Bafana Bafana, Banyana Banyana and all South Africa’s national teams.
