AmaZulu president Sandile Zungu has said financial literacy education was key to footballers’ sound management of their earnings.
The Usuthu boss noted that most players struggle to spend their money wisely as they come from poor backgrounds, hence, distracted by fame.
“Financial literacy and financial planning are very important. Some of these players earn over R250,000 a month. After three seasons, the careers of some of these players are over. Then questions come: what happened to that money? Some can’t even maintain cars because of not managing finances well,” Zungu said during an open media day marking the launch of their season.
He said this in reference to players who fail to manage their finances while at the peak of their careers and end up being rendered destitute after retiring.
Zungu noted that professional footballers struggle to handle peer pressure and the growing demands of their family members.
“Yes, it is very important to enjoy your youth, but also remember that making the right decisions will always give you a good investment. You should be able to create other sources of income while still playing. For example, if you buy property, you can make a good profit from it, and this will last for some time, if not forever,” the Usuthu boss said.
He, therefore, advised elite footballers to manage their finances well through discipline on and off the field of play.
“Financial planning helps you to make proper decisions. You just need a good attitude and discipline. Understand where you want to be in five years,” Zungu added.
His club offloaded 15 players at the end of the season and brought in several new faces, including Gabadinho Mhango, Dumisani Zuma and Ramahlwe Mphahlele.
They will be hoping to win their first piece of major silverware this season, ending a 30-year drought.
