A new study published in Frontiers in Sports and Active Living has found that golf generates substantial value for Finnish society. While golf players spend approximately €330 million on the sport each year, the total societal benefits are estimated at nearly €630 million. The research assessed golf’s impact in Finland during 2021 by examining both the economic activity generated through player spending and the wider public benefits arising from increased physical activity, improved well-being and reduced healthcare costs. Using the Social Return on Investment (SROI) framework, the study calculated an SROI ratio of 1.9, rising to 2.4 when broader economic multiplier effects were included.
The research was based on an online survey completed by 1,052 members of the Finnish Golf Union in May 2021, alongside financial data from ten golf courses, national economic statistics and previous research. The study was led by Julia Kettinen, a visiting researcher at the University of Eastern Finland and postdoctoral researcher at ETH Zürich, in collaboration with researchers from Finland, Switzerland and the United Kingdom. The SROI methodology measures the social, economic and health value generated relative to the investment made, providing a comprehensive picture of golf’s contribution beyond direct financial returns.
Golf players’ annual spending of around €330 million supports a wide range of sectors across Finland. The largest share, approximately €150 million, was spent on shareholder fees, club memberships, green fees and other playing costs. Golf equipment purchases accounted for around €59 million, while domestic golf tourism contributed €50 million. This spending flows throughout the wider economy, supporting employment, local suppliers, subcontractors and tourism services, with significant contributions to wages and regional businesses.
The study also highlighted golf’s important role in promoting physical activity. Survey results showed that 89% of respondents participated in at least four hours of physical activity each week, while 59% engaged in more than two hours of vigorous exercise weekly, well above the Finnish average. As a result, golf participation was estimated to generate around €80.9 million in annual societal savings and additional public revenues. The largest benefits came from increased tax revenue, reduced costs of institutional care for older adults and lower disability pension expenditure.
Overall, the SROI analysis combined three major sources of value: players’ enjoyment and well-being, economic activity generated across Finland and public-sector savings linked to improved health. Together, these produced an estimated €630 million in total societal benefits, with the figure rising to approximately €770 million after accounting for wider economic multiplier effects. The resulting SROI ratios align closely with comparable studies examining the value of sport and physical activity in other countries.
According to Julia Kettinen, the findings demonstrate that golf is far more than a leisure activity. While golfers invest €330 million annually for their own enjoyment, they simultaneously generate roughly €300 million in additional value for society. Beyond stimulating economic activity, golf encourages sustained physical activity, particularly among middle-aged and older adults, for whom regular exercise has the greatest potential to reduce healthcare costs and deliver long-term benefits for society.
More information: Julia Kettinen et al, The social significance of golf in Finland in the year 2021 based on SROI analysis, Frontiers in Sports and Active Living. DOI: 10.3389/fspor.2026.1832817
Journal information: Frontiers in Sports and Active Living Provided by University of Eastern Finland