A new study published in Frontiers in Sports and Active Living shows that Finnish golf players spend approximately €330 million on golf annually, and that this generates an estimated benefit to society almost twice as high.
The study analysed the societal significance of golf in Finland in 2021. It examined two dimensions: the flow of money spent by golf players into different sectors of the economy, and the broader societal impacts of the physical activity and well-being promoted by golf, including their effects on healthcare costs.
SROI, or Social Return on Investment, is a method used to assess the social return of investments, that is, their societal impacts, value and benefits in relation to their costs. The SROI ratio estimates the return on an investment relative to the amount invested. In this study, the SROI of golf illustrates the sport’s impacts on public health and the national economy. The SROI ratio was 1.9, rising to as much as 2.4 when economic multiplier effects were taken into account.
The main data for the study were collected through an online survey in May 2021, completed by 1,052 members of the Finnish Golf Union. The study also drew on existing research literature, financial statements from ten golf courses and other national economic statistics.
The first author of the study was Julia Kettinen, a visiting researcher at the University of Eastern Finland and a postdoctoral researcher at ETH Zürich. The research team included researchers from Finland, Switzerland and the United Kingdom.
Golf players’ spending flows widely into the national economy
Golf players spent a total of approximately €330 million per year on their sport. The largest single category of expenditure comprised shareholder, club membership and green fees, together with other costs related to playing, amounting to approximately €150 million. The second-largest expenditure category was the purchase of golf equipment in Finland, at approximately €59 million, followed by domestic golf tourism, at €50 million. This spending supported the national economy through wages (€57 million), local suppliers and subcontractors (€50 million), and domestic tourism services (€50 million), among other channels.
Golf promotes physical activity and generates €80 million in savings for society
Golf players were considerably more physically active than Finns on average: of the survey respondents, 89% engaged in physical activity for at least four hours per week throughout the year and 59% engaged in vigorous physical activity for more than two hours per week. Owing to these higher levels of physical activity, golf participation was estimated to generate annual societal savings and additional revenues of approximately €80.9 million. The largest individual benefit categories were increased tax revenues (€46.0 million), reduced costs of institutional care for older people (€11.0 million) and lower disability pension costs (€8.1 million).
SROI ratio of 1.9 – golf creates positive externalities
The SROI analysis consisted of three components: the enjoyment and well-being experienced by players (€330 million), economic flows in Finland (€220 million), and societal savings and added revenues (€80 million). Total benefits were estimated at approximately €630 million, resulting in an SROI ratio of 1.9. When the economic multiplier effects of sports and recreation services are taken into account, the economic impact rises to approximately €370 million, total benefits to approximately €770 million and the SROI ratio to 2.4. The result is in line with other SROI studies in the sport and physical activity sector, in which SROI ratios have ranged from 1.92 to 3.28.
The findings suggest that golf players do not personally receive all the societal value generated by their participation in the sport: they spend €330 million to gain personal benefits, while at the same time generating approximately €300 million in additional benefits for wider society.
“The results show that golf is more than just a leisure activity – it can be a significant societal investment. The sport brings economic activity to Finland and keeps golf players more physically active than Finns on average. It is a particularly valuable form of physical activity for middle-aged and older adults, among whom physical activity has the greatest potential to reduce healthcare costs,” says Julia Kettinen.
For further information, please contact:
Postdoctoral Researcher Julia Kettinen, Laboratory for Movement Biomechanics, ETH Zürich, Switzerland, [email protected], +358 500411601
Research article:
Kettinen J, Ala-Vähälä T, Murray A, Foster C, Horn N, Taylor WR and Laukkanen R (2026) The social significance of golf in Finland in the year 2021 based on SROI analysis. Front. Sports Act. Living 8:1832817. doi: https://doi.org/10.3389/fspor.2026.1832817
