Link between sport and financial savviness
New research from AMP found a “clear correlation” between those who played sport and those who thought about their financial futures, with netballers and cyclists ranking as the most financially savvy.
According to an AMP study, those who played sport were found to be 66 per cent more likely to make regular additional contributions to their super and two times as likely to invest in property than those who didn’t.
Among those who played sports, netballers and cyclists were most likely (64 per cent) to describe themselves as goal-setting and having a “savvy” approach to finances, according to AMP research obtained by ifa.
Around one in three basketball or AFL players reportedly looked to peers to figure out their finances, while cricket players were the highest group among all sports-players to answer they “live for now and don’t think about [their] future finances”.
Golfers were shown to be the best savers (29 per cent had saved over $50,001), followed closely by cyclists (27 per cent), tennis players (26 per cent), and cricketers and runners (25 per cent), according to the data.
Commenting on the research, coaching psychologist Dr Gordon Spence said, “It makes sense to me that active, sports-minded people would also be good at setting and striving for financial goals.
“Goals are a mental strategy or tool that people use to support all different types of performance.
“Like using any tool, practice builds skill. Given that sport lends itself so naturally to goal-setting, I wouldn't be surprised at all if these sporty folk were simply transferring their skill with goals from one part of their life (sport) – to another (their finances).”
AMP director of customer experience Rod Finch said a financial adviser was comparable to a coach.
"Goal-setting is an indispensable part of setting ourselves up for success and as the world's best sportspeople show us – almost impossible without a support network and hard work,” Mr Finch said.
“No matter how big or small our goals are, most of us need help to plan for them.”
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