The PFA Charity and ProSport has launched MyProPlan, a new financial planning tool, helping current and former professional footballers take a proactive approach to money management.
Available via the PFA website, MyProPlan can be used anonymously or from a logged in account, using your data to help you keep track of your goals, chart progress and edit your objectives if circumstances change.
There have been many cases of players facing financial difficulties after making poor financial decisions, independently taking inappropriate advice, or by simply being unprepared for the future. MyProPlan aims to prevent this by providing basic financial education to professional footballers, past and present. Financial planning may not be the most exciting part of a football career. However, it is vitally important.
Football careers are typically shorter than those in other industries and can end suddenly, leaving you and your dependants at risk if you don't plan ahead.
MyProPlan takes you through a three-step process to gain a clear picture of your finances and help you set future objectives.
Step 1 - drills down into your financial foundations, and helps to establish budgeting techniques.
Step 2 - gets you thinking about retirement, saving and protecting your income if plans change.
Step 3 - looks at how to review and optimise your finances.
- How much to set aside each month if you have a specific saving goal.
- The cost of any debt you already have.
- How to maximise your pension pot.
MyProPlan will help players start practising healthy financial behaviours, no matter where they are in their career, so they can prepare for whatever their future might hold.