International Women’s Day provides an opportune moment to reflect on the journey of women in sport.
As a private client manager at Brooks Macdonald, I have had the privilege of working with a number of female sports professionals at different stages of their careers.
Some are just starting out, other individuals are established and earning, and some are nearing the end of their professional playing career.
The drive for equal pay among sportspeople has had varying success across different sports. All four grand slams in Tennis have equal prize money for men and women.
In football, FIFA president, Gianni Infantino, recently announced a target of equal prize money for men and women at World Cups by 2027.
For cricket, the England and Wales Cricket Board’s (ECB) 2025-2029 Women’s Professional Game Strategy outlines some changes that should see increased income for players in Women’s cricket over the next few years.
As the income of sportswomen increases, it is vitally important to ensure that they are receiving financial education and advice.
My personal experience is that female sports professionals are actively engaged with their finances and are already saving towards their future.
They are keen to understand how they can maximise their financial position and transition from cash savings to investments.
The aim being to give them security and a high level of financial flexibility when they stop playing sport.
As advisers, we understand that each client has their own specific needs.
This is especially true for sportswomen, and in my experience, the following four considerations need to be thought about when it comes to their finances.
1) Preparing for the unexpected
The earnings and career progression for sportspeople can be very unpredictable.
You can have regular increases in income over many years, several lump sums for tournaments throughout the year, or your earnings could stop abruptly.
With the unknowns in a sporting career, having a financial plan and considering the various scenarios is key.
Cash flow planning tools allows clients to visualise how different factors can influence their income and model the evolution of their wealth over time.
This includes unexpected events such as sustaining an injury through to key life events such as taking time out to have a family.
Once they have a personalised financial plan, this underpins how much needs to be invested every month to help them reach their desired goals.
2. The projected earnings gap
On average, the level of income over the career of an elite professional sportswoman is less than the level of income of a comparable elite professional sportsman.
That can range from salary to sponsorship deals. As a result of this, starting to save towards your financial future as early as possible is key.
As some sportswomen may have less, they need their earnings to work as hard as possible, for as long as possible.
