AMP study shows cyclists and netballers most financially savvy thinkers
A new study by AMP, a leading financial services organisation, has found Aussies who play sports regularly are 64 per cent more likely to achieve the majority of their financial goals, compared to those who don't. In fact, unsporty Aussies are more than twice as likely to have no financials goals at all.
The research found a clear correlation between our sportiness, setting goals and the way we think about our long-term financial futures. Those who play sport are 66 per cent more likely to make regular extra super contributions and more than twice as likely to invest in property than those that don't.
When it comes to specific sports, the study found:
- Cyclists and netballers (64 per cent) came out on top as the most financially savvy thinkers
- Golfers (57 per cent) followed by cricketers (51 per cent) are most likely to seek financial advice
- Golfers are the savviest savers, with one in three (29 per cent) holding more than $50,000 in savings
- Australians who play team sports are four times more likely to look to peers for financial advice than the average Aussie (8 per cent). For example, 32 per cent of AFL players and 33 per cent of basketball players.
Coaching psychologist Dr Gordon Spence says the AMP findings provide just another good reason why we should all look to be more active in our lives.
"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)".
AFL legend Leigh Matthews believes having a goals based mindset is important in sport, but also in managing your life.
"The one thing that all successful sports people have in common is that they set worthwhile and measurable goals."
"The very best then fully accept the challenge of investing the necessary time, effort and perseverance to find the ways and means to achieve these goals.
"The other important learning in my life time of playing and coaching in the AFL is that no individual can succeed without help, whether it be from teammates, coaching staff or specialist advisors. It's certainly no surprise to me that this research shows AFL players apply the same well planned approach to their football as they do to achieving their financial goals. This is what they have been trained to do!
"The best AFL players understand that while kicking goals wins games – long term goal setting is always the essential starting point."
Setting-up for success
But it's not just your finances where being sporty can lend a hand to a healthy future. The study found that Aussies felt relationships (40%), and careers (29%) are also boosted by being sporty.
AMP's Director of Customer Experience Rod Finch said the research also shows that formula for success is not only universal but rarely achieved by chance.
"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. No matter how big or small our goals are, most of us need help to plan for them. A financial adviser is just like a coach and can help you set your financial goals and create a plan to achieve them."