Mandatory Saving Schemes for Young Players

[ScoRoss]

I remember watching an ESPN documentary about a majority of former athletes from American sports being broke after five years out of the sport. Can't imagine it might not be too dissimilar in football.   

[Honey Honey]

Essentially it is wanting to put a rule in place because some youngsters just won't listen to financial advice. 

[Marc]

Ridiculous.

You can't tell someone want to do with their money and a 'mandatory' policy is never going to happen. I'm sure most squander their money which they are entitled to do but i'm sure some also invest it wisely.

Imagine a similar scheme being suggested for young rich bankers in London or musicians.

[Stan]

Sensible thinking, to be honest. 

Too many players spunk their money up the wall and have far too much money for their own good when they're still in their teenage years or only just becoming an adult.

Is there anything in place at the moment for when players retire from football or give up their game? Do the PFA get involved if a player comes unstuck once they've finished the game?

It's sad to hear of when players go bankrupt or get in to severe financial trouble through bad investment decisions or gambling addictions and literally millions of pounds is wasted. Suppose they could be badly advised and it may not always be their own fault (more the investment side). But if you don't learn how to handle money when you're younger, how are you going to react to having huge amounts of it later on in life?

[Bluewolf]

2 hours ago, Marc said:

Ridiculous.

You can't tell someone want to do with their money and a 'mandatory' policy is never going to happen. I'm sure most squander their money which they are entitled to do but i'm sure some also invest it wisely.

Imagine a similar scheme being suggested for young rich bankers in London or musicians.

I think it's a good idea myself... 

The difference between footballers and Bankers/Musicians is that they have to keep performing... Only in football can you get tied to a 5 year contract on anywhere between 10-25 Grand a month as a youngster and play like a wanker and still get to take home all your pay, hell you might even get benched or be injured for a large percentage of that time and still get to take home a tidy sum of money.... 

In the world of banking however if you are not getting results you could find yourself in the shit.. likewise with musicians if you can't keep pumping out decent hits then the money soon dries up.. 

The biggest problem of course is that they are paid way in excess for what they do.. they have a skill and the club pays what it believes is the price they want to pay for it... Once they get those contracts a lot of them will ride that gravy train and forgo any further education or even applying themselves to another skill or trade that will keep them employed long after they hit the 35/36 retirement age..If it helps teach them to be sensible/responsible with money how can that be a bad thing?? 

[Marc]

Who is anybody else to say how they can and can't spend their money? I believe we should try educate all young people better with regards to money and bills but nobody has the right to take a portion of someones salary and it certainly can't be exclusive to football. An intelligent young footballer may want to invest his money wisely. Are we going to make them pass an IQ test to access their own money?!

What about kids that inherit loads of money or are given money?

There's a bigger drink/drugs, money wasting problem in the music, acting, television industries. 

Anyway, it'll never come to anything because it's an absurd idea. Educate and advise, yes, but you can't just take a percentage of their money.

[Honey Honey]

Maybe they can't take a percentage of money from current contracts, but future contracts most certainly can withhold funds, in fact I am pretty sure it is already in place with most clubs schoolboy players.

Auto-enrolment pensions are also the law, you could probably do a similar savings thing with relative success. We have auto-enrole pensions because some people don't understand them and can't be fucked setting them up, but it is in their interest and typically they are only cancelled by people who have a pension elsewhere.

[Bluewolf]

1 hour ago, Marc said:

Who is anybody else to say how they can and can't spend their money? I believe we should try educate all young people better with regards to money and bills but nobody has the right to take a portion of someones salary and it certainly can't be exclusive to football. An intelligent young footballer may want to invest his money wisely. Are we going to make them pass an IQ test to access their own money?!

What about kids that inherit loads of money or are given money?

There's a bigger drink/drugs, money wasting problem in the music, acting, television industries. 

Anyway, it'll never come to anything because it's an absurd idea. Educate and advise, yes, but you can't just take a percentage of their money.

So we are on agreement about that then.....  

And it's just a suggestion.. anyone would think it's coming into effect from tomorrow the way you have reacted to it... and you talk about educating them but there needs to be something in place to make that happen.. hoping they get the idea of being responsible clearly does not work with all of them as Harvey stated... 

4 hours ago, Harvsky said:

Essentially it is wanting to put a rule in place because some youngsters just won't listen to financial advice. 

For me each person should be able to decide what they do with their money on that I agree, but the governing bodies have a moral duty to try and put things in place that safeguard younger players from making financial mistakes in the long term.. You talk about drink and drugs as an example which is rife in any walk of life.. but if you had a friend who was a drug addict or a drunk I am fairly sure you wouldn't stand by and do nothing knowing he needed help would you?? 

Even if he ignored you and carried on with his death wish you would have at least tried to do something or get him in rehab etc.. The final decision on what they do with their money would be theirs only they would have had chance to mature a bit and make better decisions with it... 

[Devil-Dick Willie]

How fucking retarded are some people? I get that they don't go to school as much as they are focused on sport but even a shitcunt on 10k a week after tax squiriling away 1 grand a week in a shithouse savings account is so far ahead of the 8 ball it's a joke. You'd have to be pants on head retarded to fuck it up Much less a wiser mind putting half into property, shares, bonds and the like.

[Smiley Culture]

It’s sensible, though it shouldn’t have to be mandatory becaue these Footballers should be being educated by their clubs and parents/guardians. It’s not Football’s responsibility. 

Also, there are examples of older footballers who seemingly can’t be trusted with vast sums of money, should Football be babysitting them, too?

[Berserker]

Boats and hoes are expensive you know.

[Burning Gold]

1 hour ago, Bluewolf said:

So we are on agreement about that then.....  

And it's just a suggestion.. anyone would think it's coming into effect from tomorrow the way you have reacted to it... and you talk about educating them but there needs to be something in place to make that happen.. hoping they get the idea of being responsible clearly does not work with all of them as Harvey stated... 

For me each person should be able to decide what they do with their money on that I agree, but the governing bodies have a moral duty to try and put things in place that safeguard younger players from making financial mistakes in the long term.. You talk about drink and drugs as an example which is rife in any walk of life.. but if you had a friend who was a drug addict or a drunk I am fairly sure you wouldn't stand by and do nothing knowing he needed help would you?? 

Even if he ignored you and carried on with his death wish you would have at least tried to do something or get him in rehab etc.. The final decision on what they do with their money would be theirs only they would have had chance to mature a bit and make better decisions with it... 

You say that, but that's exactly what this proposal is. It's withholding a (significant) portion of their income until they're older in the hope they mature in that time. There's no education involved.

If they're going to do it, I prefer the idea of auto-enrollment schemes with an option to opt out. At least that would make them consider the pros and cons of such a scheme instead of simply being resentful that 70-80% of their salary is being kept from them without their consent.