WE take our hats off to Barclays Bank and the Junior Achievement Zambia over their decision to hold a training workshop for Zambia national team soccer players on the importance of investing their money well before they retire.
Over the years we have seen some of our celebrated sportsmen who made millions Kwacha during their prime ending up as paupers when their careers came to an end.
Some of the Zambian sportsmen who have found themselves in this predicament are so well-known that their identities are not even open to speculation.
Some of these great sportsmen have even suffered premature deaths because of the depression that set in after they exhausted the millions they made when they were still in their prime.
It is sad to note that this situation is not unique to Zambia alone.
In the American former world heavyweight champion Mike Tyson, who is estimated to have earned US$400 million during his fighting career, filed for bankruptcy in 2003. It is believed that the legendary boxer squandered his money on jewelry, clothing and cars.
Enter Evander Holyfield, the man who squared up with our very own Chisanda Mutti en route to becoming a world heavyweight, he too is broke even though he is believed to have pocketed $250 million in career earnings.
In 2009, Sports Illustrated did a study of former National Football League (NFL) and National Basketball Association (NBA) players which showed that after only two years of retirement, 78 per cent of the NFL players were either broke or struggling financially. The study also showed that within five years of retirement, 60 per cent of NBA players were broke.
We, therefore, concur with the Junior Achievement Zambia financial literacy advisor, Caster Mulamfu who emphasised the need for our players to invest their earnings so that they stand on firm ground before their careers end.
It is hoped that the players will take the counsel by Mr Mulamfu seriously and make hay while the sun shines because the lifespan of their career is very short.
As a way of addressing this problem, the Football Association of Zambia should come up with a system of screening some of the people who manage our players.
There is no denying the fact that some of our footballers are misled into making bad decisions by unscrupulous people masquerading as managers.
Other institutions should also emulate Barclays Bank and the Junior Achievement Zambia by coming up with similar workshops for sportsmen in other fields such as boxing and athletics.