Palace scholars learn lessons on football careers and financial planning

Crystal Palace’s Academy scholars have been given an insight into the realities of professional football through an interactive session focused on career development and financial education.

The workshop was delivered by Dr Chris Platt and chartered accountant Hayley Lucas of Athena Accountants, who work with professional players. Scholars examined how difficult it can be to establish a lasting career, with a practical exercise using 300 jelly babies to represent players progressing through the pathway.

The exercise showed that 56 of the 300 players would earn professional contracts at 18. Of those, 22 were at Premier League clubs, 19 were in the Championship and six were in League One. By the age of 26, only 40 of the original group remained in the professional game, with just three playing in the Premier League and most competing in non-league football.

The session encouraged Palace’s young players to think beyond securing their first contract. Topics included career planning, mindset, working with an agent and the steps required to maintain a career at the highest level.

Lucas then turned the discussion towards handling money during what can be a relatively short playing career. The scholars considered how earnings could be divided between spending, saving and investing, while also discussing how financial decisions made in their late teens might affect their lives in later decades.

Second-year scholar Dotun Lamidi said the workshop had changed the way he viewed managing his money, particularly the potential benefits of saving. Lucas said financial education at an early stage could help players build wealth instead of allowing increased earnings to lead only to higher spending. She also highlighted a statistic that 60 per cent of footballers go bankrupt within five years.

The programme will continue, with Lucas set to lead small-group finance sessions for the Under-18s and offer one-to-one support to the Under-21s. The initiative forms part of the Academy’s broader education and personal development work at Crystal Palace.