Financial literacy is a game-changer for SA soccer players, says Nedbank

When it comes to SA soccer, the pitch isn't the only place where players need to perform. While the roar of the crowd and the thrill of victory are essential, financial wellbeing is equally vital.

It's not just about how much you make; it's about how you manage it — and that's where financial literacy is a game-changer, says Nedbank, sponsor of the annual Nedbank Cup tournament, a cornerstone of SA soccer.

Charles Mpofu, Nedbank’s senior financial education manager, recently teamed up with soccer icons Stanton “Stiga” Fredericks and Teko “Dona” Modise, to tackle the crucial topic of financial education for today's footballers.

“We want to make sure that the new soccer players understand how to engage with financial institutions and to manage their finances so that they don’t end up being left behind and [are] able to sustain themselves after their playing career has come to an end,” said Mpofu.

Research from the 2023 NedFinHealth Monitor Report reveals a troubling trend: many people shy away from seeking financial help, fearing it signifies financial trouble. Mpofu's role is pivotal in changing this mindset, encouraging athletes to have money management conversations early in their lives to avoid pitfalls later.

The report revealed that financial stress affects one in two South Africans across all areas of their lives. The majority of those with extreme to high financial stress feel the effects more strongly across all areas of their lives, and footballers aren’t immune to those stresses. Being able to manage money will help aspiring and current players on and off the pitch.

Retirement savings are a crucial concern. With the average football career lasting only a fraction of the typical working life, footballers face the reality of retiring in their early 30s, decades before the usual retirement age.

Yet, amid these challenges, the Nedbank Cup shines a beacon of hope offering opportunities for players, particularly in lower leagues. As Fredericks, Nedbank Cup ambassador, put it: “Brilliant opportunities come with the Nedbank Cup for teams and players in the lower leagues.”

Navigating newfound wealth can be daunting, which is where experts such as Nedbank step in to guide players through this financial maze, empowering them to manage their money effectively.

“Some [players] are overwhelmed by their salaries. Nedbank helps them start learning how to take care of their finances using the tools we have as an institution [such as the MiGoals Plus Account],” said Mpofu.

The Nedbank MiGoals Plus Account isn't just a tool; it's a game-changer. With features tailored for convenience and control, it equips users with the means to secure their financial futures. MiGoals Plus is a comprehensive resource for achieving financial stability, from receiving cash back on groceries to enjoying travel benefits.

Financial stress affects at least half of all South Africans, affecting every aspect of their lives. Footballers are no exception. By mastering money management, players can thrive both on and off the pitch.

The road to financial health is a marathon, not a sprint. As the Nedbank Cup journey continues, it's an opportunity to level up financial literacy for today's players, ensuring they're equipped for success long after the final whistle blows.

Click here to download the 2023 NedFinHealth Monitor Report and join Nedbank in shaping a financially healthier SA.

Stay in the know about all the Nedbank Cup action: follow @NedbankSport on Facebook and X, and join the conversation using the hashtag #NedbankCup

This article was sponsored by Nedbank.