During your playing career, the idea of ensuring your “retirement security” can seem like an unnecessary thought. You may well have years of playing ahead of you, and so thinking about what happens next might appear to be a low priority while you have plenty of time to earn.

But, as a professional footballer, you have specific concerns that you’ll need to address to ensure that you are financially secure for the future – most notably that you need to start planning to secure your retirement as soon as possible.

So, read on to discover why, and how working with a financial expert can help.

23% of former footballers consider themselves “not financially stable”

The attractive wages that come with playing professionally might lead you to think that no footballer needs to worry about money.

While this may be true for the majority, a sizable number of former professional players have not managed to secure their wealth so that they and their family could live without financial concerns.

According to a survey of more than 100 former players carried out by the Athletic, when asked the question “are you financially stable?”, 23% of respondents answered “no”.

That represents nearly a quarter of those asked, revealing that despite the money they would have earned during their careers, these players were still not able to secure themselves and their families financially.

You need to make the most of your playing career 

With financial stability at such a premium for former professional players, it shows the importance of planning early so you can make the most of your money during your playing years.

Whether you’ve just signed your first contract or you’re approaching the twilight of your career, it’s easy to fall into the trap of believing that the money will never run out.

However, according to the PFA, the average football career only lasts for eight years. Even if you’re fortunate and play professionally from age 18 to 32, those 14 years still represent just a sliver of your adult life.

As a result, it’s important to make the most of the wealth you generate during these years, as you’ll need the money you earn in this short window to support you and your family in living the lifestyle you want, both now and in the future.

You may well have some form of second career when you hang up your boots, perhaps in a coaching capacity or even outside of the game – according to the Athletic’s study, 103 of 111 surveyed players did manage to do this.

But of course, this is not guaranteed, making it all the more important to make sensible decisions during your playing career when you have money regularly coming in.

You never know what’s going to happen in future, so why wouldn’t you sensibly organise your wealth to protect you and your family?

Financial planning can give you confidence and peace of mind for the future

The specific shorter nature of football careers, combined with the ever-present danger of spending more than you can afford if you’re not careful, shows the importance of financial planning from early on.

Perhaps the most sensible thing you can do is seek advice from an expert, such as a financial planner.

A planner can consider your entire financial situation, and find solutions for any issues you’re facing. Whether you want to create an investment portfolio tailored to your risk tolerance or reduce how much tax you pay, your planner will find and suggest methods that will help you to achieve your financial goals.

Your planner will also make your finances fit round your lifestyle, rather than allowing your money to dictate your future. By starting with your goals and aspirations for the future, you can take full control of your money.

But most importantly of all, you need a financial planner who knows football. At ProSport, we’re not just planners, but former professional players who have been there and done it all.

We understand the specific financial concerns that footballers face, and the pressures that come with your career.

We’ll build you a financial plan that takes all these elements alongside your personal circumstances into account, giving you the reassurance that you’re financially secure and able to live the lifestyle you want in the future.

Speak to us

If you’d like to work with an experienced financial planner, please get in touch with us at ProSport.

Email enquiries@prosportwealth.co.uk or call 01204 602909 to speak to us today.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.