Johannesburg - Old Mutual and the SA Football Players Union (SAFPU) signed a
partnership that will see Old Mutual roll out its ‘On the Money’ financial
wellbeing programme to football players to increase their financial knowledge
and help them manage their finances better.
Speaking at the
symbolic signing of the partnership, Managing Director of Old Mutual’s Retail
Mass Foundation cluster Mr Bongani Madikiza, said: “We’re pleased to be
able to contribute to the lives of the footballers by equipping them to make
wise financial decisions and thereby also contribute towards building a strong
national savings culture. We believe that what is good for South Africa is good
for Old Mutual.”
“We all know
the tales about well-known, talented footballers who end up in dire situations
because they mismanaged their finances.
"Even if they are highly talented
athletes with wonderful opportunities and lucrative sports contracts, the harsh
reality is that many players end up destitute because they were not afforded
appropriate money skills.”
this partnership with SAFPU, we are able to promote financial fitness
"As a leading savings and investment champion, Old Mutual brings
financial expertise to the party. We are confident that our practical ‘On the
Money’ programme and others will not only help players while their solid
sporting careers are on the go, but will also ensure that they make wise
investment choices for the longer term so that they can look ahead to do great
things once they retire from soccer.
"We certainly hope that our ‘On the Money’
programme will assist in bringing an end to the many ‘from-riches-to-rags’
experiences,” Mr Madikiza said.
SAFPU, Mr Hareipha “Simba” Marumo, said, “The Union is very excited about this
partnership with Old Mutual. The challenges facing our players are well
"For far too long our players have been disenfranchised by their
lack of knowledge on issues such as finance, which has had devastating impacts
on their futures.
"With Old Mutual’s ‘On the Money’ financial education
programme we can look forward to a financially wiser generation of footballers.”
The ‘On the
Money’ financial education programme will be rolled out to all South Africa’s
professional football bodies, including the PSL, NFD, Bafana Bafana, Banyana
Banyana and all South Africa’s national teams.
Becoming role models and extending financial education to communities
In addition to
providing financial training to the footballers, the partnership will also see
Old Mutual and SAFPU combining their efforts to extend the learnings from the
‘On the Money’ programme to many communities, schools and other development
structures. This part of the initiative will also include advice on practising
a safe lifestyle, understanding business, being an outstanding citizen (role
models) and a mentorship and development component to up and coming footballers.
concluded, “Improving savings in South Africa is one of the major
socio-economic challenges that we face. It is clear that we need to intensify
our efforts to build a more financially astute society and address the low
savings levels in our country. We hope that our partnership with the
footballers will empower more consumers with financial know-how and sound