The AFL Players’ Association is proud to announce the launch of its Financial Literacy Program.
The program provides world class financial education and literacy programs, services and resources to equip players with a solid understanding of financial strategies to help them manage their money now and into the future.
Research conducted by the Association of all 2014 first year players revealed that only 1 in 10 strongly agree they feel comfortable making decisions about their future, and only half that number strongly agree they have the ability to do so.
“We are still seeing players leaving the game after successful careers with not so successful financial situations.” – Brett Johnson
The first class program aims to create financial independence amongst AFL players through strong decision making skills – a fundamental objective of the first class Financial Literacy Program.
General Manager – Player Development, Brett Johnson said, “This new program – an education, support and training program that assists our members in managing their financial affairs is a really fantastic addition to the existing programs we offer players.
“With players coming into the system at just 17 and 18 years of age and earning incomes beyond average high school leavers, it’s vital we are providing them with the training to assist in managing what is a unique set of circumstances.
“For most of the population, we develop our financial literacy between the ages of 18-25 as our paycheck grows, however for these guys it grows overnight.
“Fewer than 1 in 10 first year players agree that dealing with money is stressful, however less than half of all responses to the financial literacy test were answered correctly by the same group of players, highlighting the importance of this program.
“We believe the program will assist participants in making more informed financial decisions, while also assisting with benchmarking data collection”, Johnson said.
“The reality is, we are still seeing players leaving the game after successful careers with not so successful financial situations.”
In continuing to work towards achieving the AFL Players’ Association’s vision of establishing the world’s best Financial Education and Literacy Program for professional athletes, the Players’ Association successfully recently renegotiated its superannuation partnership with AMP, offering significant resourcing towards its world class program.
“The Financial Literacy Program is designed specifically for the needs of the players, to assist players in developing positive financial habits”, Johnson said.
AMP CEO Craig Meller said “Superannuation is an important part of a player’s long term financial stability, but we know that there is more that can be done to provide long term financial security.”
With the generous support of AMP, a range of practical financial resources have been developed for players, including:
- The AFL Players’ App, to assist players in managing and monitoring their finances (including budget planner, risk profiler, superannuation simulator, home loan and insurance information, mortgage calculator, asset and liability tracker)
- A series of financial interviews with players to encourage engagement in educational workshops, including advanced one on one member services.
“It’s important for players to be financially confident because it means they can make sound financial decisions that are right for their future,” Meller said.
“Career success is important for the players, and so is personal wellbeing and financial security.”