Three out of five Premier League footballers go broke within five years of retirement, according to research by football charity XPro.
Despite earning an average of £30,000 a week, many footballers get bad investment advice. A further financial drain results from the fact that one in three gets divorced within a year of retiring.
Even if they manage to get some media work or on the after dinner circuit, income drops rapidly, but expenditure does not. Players often fail to put enough money aside to meet tax obligations.
Three out of five Premier League footballers go broke within five years of retirement, according to research by football charity XPro.
Despite earning an average of £30,000 a week, many footballers get bad investment advice. A further financial drain results from the fact that one in three gets divorced within a year of retiring.
Even if they manage to get some media work or on the after dinner circuit, income drops rapidly, but expenditure does not. Players often fail to put enough money aside to meet tax obligations.
In the Football League, players have never earnt anywhere so near as much so they do not have expensive commitments. They buckle down and get jobs as taxi drivers or driving instructors which seems to be the modern equivalent of becoming a publican.