They say a healthy body equals a healthy mind, but it could mean a healthy bank account too.
According to a new study by AMP, Aussies who play sports regularly are 64% more likely to achieve the majority of their financial goals, compared to those who don’t, with unsporty Aussies more than twice as likely to have no financial goals at all.
Breaking down the research
The research found a clear correlation between people’s sportiness, setting goals and the way they think about their long-term financial futures.
When it came to specific sports, the study found:
- Cyclists and netballers (64%) were the most financially-savvy thinkers
- Golfers (57%) followed by cricketers (51%) were most likely to seek financial advice
- Golfers were also the savviest savers, with one in three having more than $50,000 put away
- Australians who played team sports were four times more likely to look to peers for financial advice than the average Aussie.
Other areas where sport can play a role
The research found it was not just your finances where being sporty could lend a hand to a healthy future—Aussies felt their relationships (40%) and careers (29%) were also boosted by an active lifestyle.
AMP’s Director of Customer Experience Rod Finch said the research indicated the formula for success was 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,” Mr Finch said.
He added, no matter how big or small your goal, most people need help to plan, pointing to financial advisers being much like a coach who can help you set goals and create a plan to achieve them.
The importance of a goals-based mindset
AFL legend Leigh Matthews, who has been working with AMP, said he believed that having a goals-based mindset was important in sport, as well as managing in life.
“The one thing that all successful sportspeople have in common is that they set worthwhile and measurable goals,” he said.
“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.”
Matthews said during his time playing and coaching in the AFL, he learned that no individual could succeed without help, whether it be from teammates, coaching staff or specialist advisers.
Where to go for assistance
Give your adviser a call to see how they can help you with your financial goals. And, if you don’t have one, you can call us on 131 267 or use our find an adviser tool to locate one nearby.
Meanwhile, if you want help creating a workable budget, try our online budget planner calculator.
If you want to better track your spending, we can give you the ability to view all of your AMP and non-AMP accounts in one place with My AMP. And, if you’re not an AMP customer, you can see how it works after using our goals explorer tool, which allows you to prioritise your short and long-term goals.
You may also want to check out the AMP Bett3r Account, which can make managing your money easier, as it allows you to divide your money into pay, save and spend subaccounts.
Most Australians indicate their biggest life goal is a financial one, but many admit failing to plan is a roadblock.