They must be. It’s the only explanation for this:
It also makes it even more illogical to pay them huge wages in the first place, that the rest of us have to subsidise. I see Brad Friedel is one step ahead – he hasn’t even waited until he’s retired. Maybe I should have titled this “Spurs Player In ‘I’m Thick’ Shocker!”
Still, the bookies are probably doing well out of a lot of them, aren’t they? With their offshore registered businesses and their primetime TV adverts. “BET NOW! BET NOW! YOU’RE CERTAIN TO WIN! EVERYONE DOES! GO ON, OF COURSE YOU CAN AFFORD IT, DO IT NOW!”
I digress. I recently read a similar statistic about former pro-American footballers going bankrupt as soon as their playing careers finish, and I thought, Tch, how thick must they be? At least we’re not that bad! Turns out as a nation we are equally thick. How depressing.
Follow me on Twitter, if you’re not a sportsman who’s too thick to find it: @AngryOfN5
angryofislington 
Only 60%?
The only solution is to pay them more money so that it lasts longer when they retire.
Amen Brother! Can I pay even more money for my tickets, pretty please? 😉
Send it to me and I’ll hold on to it for them and dish it out when they need it.
Why dont the club pay them, 50% upfront, and 50% invested in a longterm solution including a property portfolio, stocks and bonds etc.
Players like Robbie Fowler, he’ll never feature on Mastermind, but he’s been very smart in his financial planning.
It’s not just us though. Neymar, on £5million a year is apparently near bankruptcy for not paying his taxes.
Clubs and the PFA have made advice available to players for years. Trouble is a lot of young lads think with their feet and not with their heads often as a result of someone else’s expectations. In too many cases their education is neglected and with it the tools necessary to deal with the reality of living. Given the age profile of the latest generation of our up and coming footballers education is going to be even more important. Money turns heads and lots of money spins them . It takes talent to play football at the top level , it takes a special kind of talent to survive the fame. Unfortunately mugs and their money are easily parted.
Phil, looking at past experience with almost all professional athletes, the IOC and FIFA have stated that full-time professionals in any sport need not just agents but business managers, like many superstar actors,musicians and performers have. I remember reading that almost 35% of retired professional ice-hockey players were bankrupt and almost poverty-stricken only 5 years after their retirement. Why do these people end up like this, here are a few reasons:
1) They were (and still often are) poorly educated. Arsenal tries to encourage their youth and academy players to continue their schooling past secondary level but these people are quite often NOT academically oriented. thus, when they retire, they have no degree or training to offer them an alternative career (other than pundits and bad football managers).
2) They know Football but definitely NOT investment and financial management skills. Like most of us they can manage simple finances (balancing a budget, bankbooks etc.) but they don’t usually even bother…they can ¨afford¨to spend like fools today, and they think they can put off any financial prudence eternally.
3) They are often quite greedy and neglect or refuse to pay their tax-share or other financial obligations to society, since they often believe they are above the commoners. The taxman however is rather unforgiving.
4) Their employers, (teams,leagues,national associations, sponsors etc.)fail to realize all of the above and ignore these people who have reached or are nearing the end of they playing careers. This neglect is not necessarily voluntary, it is simply a factor the employers deem less important than other things (making a profit, finding a replacement superstar, etc.)
5) The retiring players are often reticent to admit a need for and accept help, because by nature they are often very self-sufficient, independent and proud persons who are afraid or hesitant to display any ¨weakness¨ or dependency on someone else. Too many have led quite sheltered and private lives all their careers ( from a young age) and when confronted with serious personal crises, tend to avoid seeking help….this leading to a sense of impotence and shame but an unwillingness to admit it….partly explaining the number of suicides among older sports professionals.
There are other factors involved in the poorly prepared athlete facing retirement but interestingly enough help is out there. The NHL in my country (hockey) has instituted since 1995, a program of retirement preparation and financial planning which has allowed about 87% of participating athletes to avoid the pitfalls of bad retirement planning, while at the same time has encouraged them to develop their skills for the new careers they might find interesting. There is much more that can be done but at least it is a positive start.