The nexus amongst financial literacy, financial behaviour and financial well-being of professional footballers in Ghana

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