Financial and Business Literacy in Sport for Athletes and Coaches

The proposed project addresses the problem of low financial and business literacy in athletes and coaches, which may contribute to sport integrity issues, manipulation, match-fixing etc. This low level of competency financial and business topics can lead to a number of issues of concern; including: 1) problems with financial and decision making during and after an athletes’ career, 2) athletes’ loss of reputation and wealth, and 3) club scandals. As such, knowledge of these skills aids in: 1) preventing sport integrity issues, and 2) facilitating the transition to conventional employment following their professional career. The project is transnational, structured and results-driven, connecting higher education, business and the sport sector and as such is cross-sectoral in nature. Partners intend to develop training and educational materials for athletes and coaches, implement workshops for both target groups, and prepare an IT tool for online learning to improve the financial and business literacy of athletes and coaches. The outcomes of the project will have long-term value and will be available in 6 languages for use among athletes and coaches in EU countries as well as partner countries. It is important that the project addresses key target groups (athletes and coaches) being role models, and whom, in executing their jobs and duties must respect regulations, and should avoid scandals and issues with sport integrity. Research has shown that financial problems could result in issues of sport integrity including abuses of position, irregularities in sporting results, match-fixing etc. Athletes and coaches with financial problems are an easier target of organised crime and criminal elements. One of the key goals of the project, and future implementation of the activities, is raising awareness of the issues. This is so that athletes and coaches are able to better avoid them should they arise, being skilled in the essential tools with which to fight such issues.