The nexus amongst financial literacy, financial behaviour and financial well-being of professional footballers in Ghana
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Managing Sport and Leisure
Abstract
Purpose: This paper examines the financial literacy, financial behaviour, and
financial well-being of professional footballers in Ghana, and the
interrelationships amongst these constructs.
Methodology: A cross-sectional survey was conducted using 300 professional
footballers from the Ghana Premiere League and the hypothesized
relationships were tested using the partial least squares, structural equation
modelling technique.
Findings: The results indicate low levels of financial literacy, and poor financial
behaviour among footballers. The results suggest that to promote responsible
financial behaviour amongst footballers, enhancing their financial literacy is
key. We find very strong support for the argument that responsible financial
behaviour, proxied in this study by savings and investment behaviour, is key
to attaining financial wellness in life.
Practical Implications: The findings suggest that targeted policy initiatives
aimed at enhancing the financial well-being of footballers should begin with
investing in training programmes to make them financially literate. In
addition, practical financial guidance should be given to footballers to help
shape their financial behaviour.
Contribution: Prior studies on financial literacy, financial behaviour, and
financial well-being have focused predominantly on professionals with
industrial jobs. This paper extends knowledge in the field with some new
insights from professional footballers
Description
Research Article
Keywords
Professional footballers, financial literacy, financial behaviour, financial well-being