Are Cyclists More Financially Savvy Than Others?

Do you cycle or engage in a weekly sport? If you do, you could be more financially savvy than those who don't. But before you sign up to that cricket team or netball club, you may be interested to see which of these sports top the table for having the most financially savvy thinkers.

The research:

It's no secret that regular exercise is good for you and staying physically active has more benefits than we can count on both hands. But what you may not know is that playing a sport could actually be giving you a financial 'leg up'. Recent findings from a study by leading wealth management company, AMP, have revealed a link between sportiness and how we think about (and plan for) our financial future.

The results:

If you're a cyclist, golfer or netballer then you're in luck. These sports were found to have the highest percentage of financially savvy people. In particular, the AMP study found that:

• Australians who play a sport are 64% more likely to achieve their financial goals than those who don't.
• They're also 66% more likely to make extra superannuation contributions and invest in property.
• If you play a team sport you're 4 times more likely to look to your peers for financial advice.
• Cyclists and netballers are 64% more likely to be financially savvy thinkers.
• 29% of golfers hold more than $50,000 (AUD) in savings, making them the savviest savers!

  

Why are sportspeople more likely to be financially savvy?

Some think this could be because sportspeople are well practiced in setting long term goals. Achieving sporting goals takes time, effort and perseverance. This same mindset is needed to achieve financial goals, no matter how big or small they may be. Another theory is that because sportspeople rely on the help of others, they're not adverse to the idea of asking for financial help or advice. They see their sporting coach as an important part in helping them achieve their goals, which is why they might also take this approach to their finances, seeking help from financial advisors or similar.

Is it time to get back on the bike?

Although engaging in a regular sporting activity doesn't necessarily predetermine your financial wellbeing or future wealth, there are several skills that can be translated across. If you aren't currently part of a regular sporting group, there's no better time to start than now! Get on your bike and while you're at it, why not store your new bike on one of our space-saving bike racks?