By Athena Constantinou, Managing Director, APC Sports Consulting, Nicosia, Cyprus
The future of young student athletes, as exciting as it may seem, hides a lot of challenges, not least financial ones.
The financial vulnerability of young people, especially athletes, is a real problem nowadays. Financial failure is not usually caused by a sudden event, but by a constant series of bad decisions and the consistent practice of bad financial habits.
Financial education plays a key role in the lives of everyone; it helps us to understand the drivers of financial success, which are quite important in designing our financial future and securing a financially comfortable life.
We believe that financial education is the cornerstone of a successful career and life for athletes, especially young ones, who have a whole life ahead of them during which they will be called upon and required to make a multitude of financial decisions.
It is, therefore, necessary to address and face up to the financial literary challenges that apply to young student athletes and offer guidance on how to cope with them successfully.
The earlier that student athletes adopt good financial habits, the more control that they will have over their financial lives, with better chances for having the lives to which they aspire!
This is particularly true at the present time with the impact of the COVID-19 Pandemic on so many areas of life, not least on sport, sports events and athletes.
As Pannagiota Betty Angeles Tufariello, A New York Attorney and Mario Christo Sfantos, New York Partner, USA Intelligent Business Forces, have remarked:
” Players, especially student athletes, should educate themselves, retain a financial planner and plan for the future during these unprecedented times. Every part of the sporting value chain has been affected … The sports industry is forced to adopt new strategies in response to the disruption caused by the Pandemic.”
Young student athletes and their financial advisers should take due note!
Athena Constantinuou may be contacted by e-mail at ‘firstname.lastname@example.org’