Back in November, the football community came together to remember Gary Speed, 10 years after he tragically took his own life at the age of just 42.
In the decade since the Welsh international passed, much has changed when it comes to footballers feeling more comfortable to talk about their mental health. You only have to look at the back of your EFL shirt to see the official logo of mental health charity, Mind.
However, there remain some key triggers that can affect your mood and form – and money can be one of them.
If you watched Paul Merson’s recent documentary, you’ll have seen first-hand how money issues can have a devastating impact on mental health. One of the ways to tackle this issue is to work with a trusted financial expert. Here are five reasons why.
1. It can help you feel more confident and in control
As you may know, we work exclusively with clients in the football industry. When we ask our clients to tell us the benefits of working with ProSport, they rarely talk about their investment returns or the amount of money they have made.
They overwhelmingly talk about how they “feel at ease” that they have an expert helping them. They tell us they like the peace of mind that they have a professional working with them, and that they can sleep at night knowing their tax and financial affairs are in good hands.
Research from the insurance company Royal London backs this up. In a 2020 report, they found that people who worked with a financial planner felt more in control of their finances, more confident about the future, and more prepared to cope with life’s shocks.
2. Having a plan in place for the end of your career gives you peace of mind
One of the big issues many players face at the end of their career is: what do I do next?
With the average football career lasting around eight years, it’s important to have a plan in place for what you will do when you finally hang up your boots.
Working with a financial planner can help you to think about what you might want to do next. And, crucially, a planner can help you to manage your money into this next phase of your life.
Estimates suggest that as many as 2 in 5 former footballers go bankrupt after they retire. Having a trusted expert alongside you can help you manage the transition into your post-playing career and give you reassurance now that your future is taken care of.
3. An expert can look after issues you might find complicated
Let’s face it: finance can be complicated. Trying to get your head around different types of investment structures and tax isn’t a job for the faint-hearted. So, if you go it alone, it’s easy to make mistakes that could end up being very costly.
Former Manchester United and Fulham striker Louis Saha has first-hand experience of being burnt by a bad investment.
Having been persuaded to invest money in a scheme operated by a UK bank, which promised to recover tax if he invested in certain technology companies, the dividends failed to materialise.
Saha told FourFourTwo: “I ended up losing a six-figure sum. After that I began to worry about money, I knew I had to be more careful.”
Financial planners must sit exams to obtain formal qualifications to advise you. Furthermore, Chartered firms such as ProSport are the “gold standard” of financial advice, meaning you can be absolutely assured you’re getting the right advice for you.
4. You have a trusted partner that can keep you on track to achieve all your life goals
According to mental health charity Mind, every year 1 in 4 people will experience a mental health problem.
As someone in the football business, you’ve plenty enough to worry about without your finances adding to the burden.
Financial planning isn’t just about where to invest your money. It’s about devising a plan for your short-, medium- and long-term goals and working out how your money can help you to achieve your ambitions.
Working with a professional can help you to work towards your goals, with a trusted partner who understands the football business by your side every step of the way.
5. It can boost your wealth
As you have read, there are lots of reasons why working with a financial expert can boost your mental health.
Partnering with a professional can also help you to boost your wealth. A landmark study by the International Longevity Centre found that people who worked with a financial planner were better off than people who didn’t. And developing an ongoing relationship only boosted this further.
Get in touch
To find out how we can help you tackle your money concerns, speak to one of our professional financial planners. Email enquiries@prosportwealth.co.uk or call 01204 602909 to speak to us.
