Former England goalkeeper David James warned young footballers to “always to be careful who you trust,” as he teamed up with UEFA and Santander to launch an initiative aimed at helping youth players to manage their finances.
James played close to 600 Premier League games and earned more than 50 England caps during his quarter century as a professional, yet declared bankruptcy in 2014 after reportedly building up debts in the later stage of his career.
"Not being an expert in finance, the difficulty is you listen to something and think it's going to be right," said James, who was joined in the scheme by former pro Gaizka Mendieta.
"It sounds so good and you get involved and then it doesn't work out. As the saying goes, if it's too good to be true, it probably isn't true.”
The UEFA Financial Management Training (UEFA FMT) programme being launched “offers the keys to mastering the basics of financial management and the tools to both plan in advance and keep on top of it on a day-to-day basis,” according to UEFA.
James, who is reported to have earned more than £20million during his playing career, continued, “My advice, and something I've learned later on in life, is that if someone gives you a contract or a deal, read it. Even if you don't understand it, at least get some knowledge of what you're about to do.
"Then go to someone with the expertise to actually go through it properly. Too often it's a mate, a friend or a relative, who says: 'Do this', 'Do that'. You trust them, you do it and it doesn't work out. If in doubt – which should always be the case if you're not an expert – get someone who knows the right answer."
An e-learning platform spanning seven modules, the UEFA FMT covers “the basic principles of finance such as cash management, credit, savings and investments, while also providing a comprehensive introduction into entrepreneurship,” UEFA noted.
“Upon its conclusion, the participants will have acquired a greater knowledge in order to make informed decisions and plan for the future.”
