Organisational support for high-performance athletes to develop financial literacy and self-management skills

Hong, Hee Jung; Fraser, Ian Article Organisational support for high-performance athletes to develop financial literacy and self-management skills Journal of Risk and Financial Management Provided in Cooperation with: MDPI – Multidisciplinary Digital Publishing Institute, Basel Suggested Citation: Hong, Hee Jung; Fraser, Ian (2022) : Organisational support for highperformance athletes to develop financial literacy and self-management skills, Journal of Risk and Financial Management, ISSN 1911-8074, MDPI, Basel, Vol. 15, Iss. 1, pp. 1-14, https://doi.org/10.3390/jrfm15010017 This Version is available at: https://hdl.handle.net/10419/258741 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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Journal of Risk and Financial Management 15: 17. https://doi.org/10.3390/jrfm 15010017 Academic Editor: Thanasis Stengos Received: 11 November 2021 Accepted: 28 December 2021 Published: 4 January 2022 Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Copyright: © 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). Journal of Risk and Financial Management Article Organisational Support for High-Performance Athletes to Develop Financial Literacy and Self-Management Skills Hee Jung Hong 1,* and Ian Fraser 2 1Faculty of Health Sciences and Sport, University of Stirling, Stirling FK9 4LA, UK 2Stirling Management School, University of Stirling, Stirling FK9 4LA, UK; [email protected] *Correspondence: [email protected] Abstract: This paper reports the results of analysing desk-based data on organisational support for high performance athletes to develop their financial literacy and self-management skills when transitioning out of sport. There are two research questions: (1) Do sport organisations provide support schemes or other interventions such that high-performance athletes develop their financial literacy and self-management skills? and (2) Do sport organisations provide financial support schemes for high-performance athletes’ retirements? If so, what do they involve? Desk-based data collection was applied to 23 sporting organisations; these comprised 21 national organisations representing 19 countries, the International Olympic Committee (IOC) and the Oceanic National Olympic Committee (ONOC). Fifteen of the 23 organisations, representing 14 countries, provided some support or interventions on financial planning and self-management within their career assistance programmes. The findings also indicate that most organisations in 17 different countries did not provide any financial support for athletes’ retirements. While a number of sport organisations have developed appropriate interventions to assist high-performance athletes to develop financial literacy and self-management skills, such schemes appear only to be provided to high-performance athletes who have competed at the highest level e.g., Olympics, world championships, etc. Support for athletes at lower levels should also be developed and delivered by national governments, or by national sport organisations. Keywords: financial literacy; financial well-being; organisational support; career transitions in sport; career development and self-management 1. Introduction High-performance athletes’ career development and transitions have been the subject of significant and growing interest from academic researchers and the research area is well-developed (Stambulova et al. 2009;Stambulova et al. 2020). The research emphasis has shifted from an initial research focus on sport career termination (e.g., Mihovilovic (1968) and several studies, from the 1960s to the 1980s, investigated high-performance athletes’ career development and career transitions, especially retirements. Since the 1990s, the focus has shifted to a holistic perspective on athletic career and within-career transitions, e.g., junior-to-senior transitions, using sport-specific theoretical frameworks such as the ‘Athletic career transition model’ (Stambulova 2003), the ‘Holistic athletic career model’ ( Wylleman 2019 ;Wylleman and Lavallee 2004), and, taking a holistic ecological approach: the ‘Athletic talent development environment model’ and the ‘Environment success factors model’ (Henriksen et al. 2010) .Park et al. (2013) identified 122 papers on athletes’ career development and transitions published between 1960 and 2010. These research developments have contributed to the development of studies on assisting high-performance athletes to better manage both their athletic and non-athletic careers (Stambulova and Wylleman 2014) . Assistance may take the form of interventions or structured programmes developed and delivered by sport governing bodies/organisations J. Risk Financial Manag. 2022,15, 17. https://doi.org/10.3390/jrfm15010017 https://www.mdpi.com/journal/jrfm J. Risk Financial Manag. 2022,15, 17 2 of 14 (Torregrossa et al. 2020). Wylleman et al. (2004) have defined career assistance as “integrated and comprehensive combinations of workshops, seminars, educational modules, individual counselling and/or a referral network providing individualized and/or group-oriented multidisciplinary support services to athletes with regard to their athletic participation, developmental and lifestyle issues, and educational and vocational development” (p. 511). The need for, and importance of, providing such career assistance to high performance athletes have been highlighted, including the development of career assistance programmes by sport governing bodies/organisations (Stambulova et al. 2009). Following an emphasis on the role and responsibilities of sport governing bodies/organisations in providing support to highperformance athletes in terms of balancing their athletic and non-athletic careers in order to better prepare for life after sport (Anderson and Morris 2000), specific career assistance programmes have been designed in response (Stambulova et al. 2020). Park et al. (2013) identified significant factors influencing the quality of athletes’ career transitions based on two existing theoretical frameworks (Gordon 1995; Taylor and Ogilvie 1994 ). While these factors included ‘financial status’, Park et al. (2013) reported that only eight articles (e.g., Lotysz and Short 2004 ;Menkenhorst and Berg 1997) out of 122 discussed financialrelated factors. Those eight articles emphasise that retiring athletes may experience substantial career transition difficulties and are likely to enjoy limited post-athletic career opportunities; financial challenges are experienced by the retired athletes (Park et al. 2013) . In a recent study, Hong and Fraser (2021) investigated high-performance athletes’ development of financial literacy and self-management skills and the related organisational support available to them during their athletic careers via the in-depth accounts of 20 retired highperformance athletes. They find that high-performance athletes experience financial challenges due to a lack of organisational support from sport governing bodies/organisations, reduced or terminated funding and limited opportunities to access sponsorships to subside their living expenses and athletic careers. High-performance athletes tend appear to selfdevelop their financial literacy and self-management through experience or trial and error. However, as Hong and Coffee (2018) have demonstrated, a number of sport governing bodies/organisations have established career assistance programmes; but whether such programmes provide support and resources to help high-performance athletes to develop financial literacy and self-management skills for both their athletic and post-athletic careers, remains unidentified in the literature. Thus, this paper seeks to fill a research lacuna by providing an overview of the resources provided to high-performance athletes by career assistance programmes with a particular focus on how they seek to enhance athletes’ financial literacy and self-management. The study addresses two research questions: (1) Do sport organisations provide support schemes or other interventions such that high-performance athletes develop their financial literacy and self-management skills? and (2) Do sport organisations provide financial support schemes for high-performance athletes’ retirement? If so, what do they involve? The purpose of the paper, therefore, is to identify available organisational support for enhancing athletes’ financial literacy and self-management skills in order to share good practice and explore how better to support high performance athletes. The following section reviews relevant literature and explains the rationale of the study. The methodology section explains our research approach, which follows that of Hong and Coffee (2018). Our findings are presented and discussed in the Results and Discussion sections respectively. Finally, the implications and limitations of the study and future research directions are discussed in the Conclusions. 2. Literature Review 2.1. High-Performance Athletes’ Financial Literacy and Self-Management Researchers have highlighted the importance of financial literacy in enabling highperformance athletes to ensure their financial well-being, an important determinant of the quality of their post-athletic lives (Moolman 2019;Muratore and Earl 2015). Financial literacy is considered as a critical life-skill and can be defined as “a combination of awareness, J. Risk Financial Manag. 2022,15, 17 3 of 14 knowledge, skills, attitude and behaviour necessary to make sound financial decision and ultimately to achieve individual financial well-being” (Organisation for Economic Co-Operation and Development (OECD) 2018, p. 4). Skill in financial self-management may be understood as an individual’s competence to manage finance and cope with any financial issues based on their life-experience, knowledge, and skills (Hong and Fraser 2021). Life transitions can be stressful, requiring coping and adaptation (Wheaton 1990) and transitions out of sport are a significant life change for high-performance athletes (Lavallee 2005); it has been reported that the mental health of high-performance athletes can be negatively affected by them (Lavallee and Robinson 2007;Park et al. 2013) with accompanying depression and anxiety (Gouttebarge et al. 2015,2016;Rice et al. 2016;Schuring et al. 2017). Since athletic careers are relatively short with early retirement often experienced because of career-ending injury and deselection (Lavallee et al. 2014), researchers have emphasised the need for financial literacy and self-management skills (Moolman 2019,2020) as well as pre-retirement planning (Martin et al. 2014;Park et al. 2013). Cases of high-performance athletes experiencing mental health issues due to financial challenges and difficulties have been widely reported. For instance, Gail Emms, a British Olympic silver medallist, has been outspoken about her financial struggles following depression and her inability to ‘pay the bills’ due to a lack of financial resources following retirement (Lofthouse 2017). A former Olympic rower, Matt Gotrel, a gold medallist at Rio 2016, subsequently struggled to pay his rent and ‘felt lost’; he has highlighted the importance of development of financial planning and literacy (Ferguson 2021). The financial challenges experienced by former high-performance athletes due to their lack of financial literacy and self-management skills are highlighted in Hong and Fraser’s (2021) study. The authors point out that issues of financial literacy and self-financial management of high-performance athletes have been under-researched although mental health issues have been widely researched and discussed (Chang et al. 2020). While there is limited research on athletes’ financial literacy and well-being, some very recent studies have discussed such issues. For instance, Mogaji et al. (2021) examined 27 British sportswomen’s experience of financial well-being, which can be defined as “the ability to sustain current and anticipated desired living standards and financial freedom” (p. 1). They found that the perceptions of sportswomen as to their financial well-being was influenced by personal and contextual factors, affecting their quality of life and general wellbeing. However, Mogaji et al. (2021) also pointed out that these sportswomen had limited access to funding and facilities provided by sport governing bodies/organisations. This exacerbated their financial struggles. As noted above, Hong and Fraser (2021) explored the experiences of retired high-performance athletes, principally former Olympians, focusing on how they developed their financial literacy and self-development skills during their athletic careers; they provide in-depth accounts of their financial challenges and struggles and of the internal (e.g., coping skills) and external (e.g., organisational and social support) resources available to them in overcoming such challenges. While some high-performance athletes developed their financial literacy and self-management skills through their financial mistakes or awareness that their athletic careers would not last indefinitely, the need for organisational support from sports organisations was highlighted and it was suggested either that material on financial literacy and self-management should be included within the established career assistance programmes delivered by sport organisations or that new programmes were developed. Proposition 1. High-performance athletes lack financial literacy and self-management support from their sports organisation. 2.2. Organisational Support for High-Performance Athletes via Career Assistance Programmes Sport organisations play a critical role in supporting athletes’ career development and transitions by providing support via career assistance programmes (Anderson and Morris J. Risk Financial Manag. 2022,15, 17 4 of 14 2000;Hong and Coffee 2018;Park et al. 2013;Torregrossa et al. 2020). Thus, career assistance programmes have become a significant area for academic research. Anderson (1993) researched well-recognised sport organisations which had established career assistance programmes in Australia, Canada, the UK, and the US. The international dimension has made it a subject for academic research (e.g., Gorely et al. 2001;Lavallee et al. 2001). Since Anderson’s (1993) study, Lavallee et al. (2001) have examined an extended range of career assistance programmes in seven different countries. In their systematic review, Park et al. (2013) identified eight relevant studies over more than a decade (Albion 2007; Gilmore 2008;Goddard 2004;Lavallee 2005;Selden 1997;Redmond et al. 2007;Stankovich 1998;Torregrossa et al. 2007). Those studies indicate a positive relationship between athletes’ involvement in career assistance programmes and their life skill development; this may affect the quality of career transitions. Stambulova and Ryba (2013) also provide evidence on a broad range of career assistance programmes, but Stambulova and Ryba (2014) pointed out that these programmes remain under-researched. Hong and Coffee (2018) investigated an extensive range of career assistance programmes in 19 different countries across five different continents (Asia, Europe, North America, Oceania, and South America) and provide evidence on available resources within the programmes to support high-performance athletes’ career development and transitions. However, their data was collected between November 2013 and October 2014 so it may be dated. In addition, it was unclear whether such programmes included material relevant to the development of financial literacy and self-management. To the authors’ knowledge, Torregrossa et al.’s (2020) study constitutes the most up-to-date research on career assistance programmes. They provide an extensive overview of how these programmes have evolved and how they might be applied to support dual career athletes (student-athletes) as well as consideration of support providers’ skills development to better support athletes. However, it is still unknown whether existing programmes include content relating to financial literacy and self-management. The importance of providing organisational interventions such as career assistance programmes is highlighted in the “conceptual model of adaptation to career transition” (Lavallee et al. 2014). This theoretical framework includes causes of transitioning out of sport (e.g., age, deselection, injury, free choice), factors relevant to athletes’ adaption to career transition (e.g., developmental experiences, self-identify, perceptions of control, social identify, tertiary contributors), resources available for adapting to career transition (e.g., coping strategies, social support, preretirement planning), career transition distress (e.g., adjustment difficulties, occupational/financial problems, family/social problem, psychopathology), and interventions for career transition (e.g., cognitive, emotional, behavioural, social, and organisational). These elements are all closely associated with the quality of athletes’ career transitions. Financial challenges are one of the career transition difficulties which athletes may experience, which may require alleviating interventions. Hong and Coffee (2018) consider career assistance programmes as a form of organisational intervention; this has informed the current study. Proposition 2. The career assistance programmes from sport organisation are not sufficiently developed. Based on the gaps identified in the literature, this research aims to identify and provide an overview of the resources within career assistance programmes worldwide which are available to assist high-performance athletes develop financial literacy and self-management skills. 3. Methodology The research forms part of a larger project on organisational support programmes for high performance athletes across the world, focusing, in particular, on development of financial literacy and self-management skills. Data collection and analysis replicate Hong and Coffee (2018) and Hong et al. (2020). Thus the research takes the form of a multiple-comparative case study with the inclusion of multiple cases and imple- J. Risk Financial Manag. 2022,15, 17 5 of 14 mentation based on replication logic (Yin 2003). Multiple cases help researchers “maximize variation in the sample and ensure better opportunities for the comparison of findings” (Sammut-Bonnici and McGee 2015, p. 1) . The research was conducted by following Yin’s (2003) multiple-case study protocol with the inclusion of four phases: (1) selection of cases; (2) data collection; (3) data analysis; and (4) cross-case analysis. In this study, the cases were selected based on the list of sport organisations investigated by Hong and Coffee (2018) and each organisation was considered as a discrete case. Each case was investigated by exploring its official website followed by a request for whatever additional data necessary in order to answer the research questions. The collected data for each case was analysed according to the research questions by developing a table; each case was compared with the other cases thus enabling the presentation of clear findings to the research questions. Further detail is given and explained in the following sub-sections. Institutional ethics approval was granted before commencement. 3.1. Data Collection Web-based data collection was applied initially, between May 2018 and September 2019, stage in order to identify information relevant to the research questions: (1) Do sport organisations provide support schemes or other interventions such that high-performance athletes develop their financial literacy and self-management skills? and (2) Do sport organisations provide financial support schemes for high-performance athletes’ retirement? If so, what do they involve? Following Hong and Coffee (2018), the International Olympic Committee (IOC) and National Olympic Committees (NOCs) websites were explored to identify other sport organisations’ websites. Hong and Coffee (2018) found that the IOC and NOCs had established support programmes/interventions for high-performance athletes and that these were generally delivered by the organisations’ practitioners/staff members. These practitioners/staff members were contacted for further information necessary to answering the research questions. The research procedure and subjects are discussed in the following sections. 3.2. Procedure The first author first used the list of sport organisations investigated by Hong and Coffee (2018) and examined the websites of the identified sport organisations investigated. Although a few sport organisations’ websites did provide relevant information, this was considered insufficient to answer both research questions. In addition to the information obtained from websites, additional information was requested from each organisation via email, video call, or, in three cases, (IOC, the Oceania National Olympic Committee [ONOC], and Sport Singapore) personal visit. While this was facilitated by the first author’s existing research network, this had to be supplemented by further enquiries via the sport organisations’ websites in most cases. These further enquiries resulted in introductions to appropriate persons able to provide relevant information. Overall, 50 NOCs were contacted based on the list that Hong and Coffee (2018) facilitated, but data was finally collected from 25 organisations in Australia (two different organisations), Belgium (two different organisations), Botswana, Canada, Denmark, France, Germany, Hong Kong, Ireland, Japan, Malaysia, Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, the United Kingdom (UK), and the United States of America (USA) as well as the IOC and the Oceania National Olympic Committee (ONOC). The sport organisation in the UK did not confirm the requested information within the timeframe. The Norwegian sport organisation suggested the required information could be accessed on some relevant websites they provided, but the required information proved to be unavailable. Thus, data from the Norwegian and UK organisations were excluded. Thus, data from 23 sports organisations is presented and discussed. In addition, other NOCs that were eventually removed from the current study were contacted at least five times. However, they either did not reply to requests for information or refused to J. Risk Financial Manag. 2022,15, 17 6 of 14 cooperate. The collected data, however, represents all continents other than South America (and Antarctica). 3.3. Data Analysis Deductive analysis was applied. The deductive approach assumes that key concepts emerge from the data (Bradley et al. 2007;Thomas 2006) and a ‘start list’ (Miles and Huberman 1994) is used to analyse the data. The research questions served as the start list, following Hong and Coffee (2018). The data, therefore, was analysed and organised in accordance with the research questions. At the initial stage of the data analysis, the first author collated all collected data from the websites and enquiries and shared it with the second author. Both authors reviewed the collated data several times and held meetings to discuss which information was most relevant and should be included in a cross-case analysis. Following multiple reviews and two research meetings, both authors agreed on the final content and completed the crosscase analysis. As a result, ‘team consensus’ was established, enhancing the trustworthiness of the data analysis process (Nowell et al. 2017). 4. Results An overview of the results is presented in Table 1. Table 1. Financial planning and support for high performance athletes by country and sport organisation. Country Sporting Organisation Do Sport Organisations Provide Support Schemes or Other Interventions Such That High-Performance Athletes Develop Their Financial Literacy and Self-Management Skills? Do Sport Organisations Provide Financial Support Schemes for High-Performance Ath-Letes’ Retirement? If So, What Do They Involve? Australia Australian Institute of Sport (AIS) The AIS provides financial literacy online courses and has commenced face-to-face courses throughout the states. No, we don’t. South Australian Sports Institute (SASI) Some relevant workshops are delivered on financial literacy and management skills The organisation takes care of emerging (our emphasis) athletes, so this is not the case for the organisation. However, the AIS deals with this. Belgium ADEPS (Administrative service of the Ministry of the French Community of Belgium) We work on the educational side; the goal is to help athletes succeed in their post-athletic careers. Again, we work on the educational side, the goal is to help them to succeed in their post-athletic careers. Sport Vlaanderen (Administration of the Ministry of Sport) Our own DCSP don’t do this, because it is important to have the right expertise, but we cooperate with 2 companies on this subject. No Botswana Botswana National Olympic Committee Yes, occasionally financial literacy workshops are carried out to equip athletes with financial skills as some are making a lot of money internationally, though locally based, and others will make money in the future as they are still young Unfortunately, we do not. J. Risk Financial Manag. 2022,15, 17 7 of 14 Table 1. Cont. Country Sporting Organisation Do Sport Organisations Provide Support Schemes or Other Interventions Such That High-Performance Athletes Develop Their Financial Literacy and Self-Management Skills? Do Sport Organisations Provide Financial Support Schemes for High-Performance Ath-Letes’ Retirement? If So, What Do They Involve? Canada Canadian Olympic Committee Definitely; we offer a variety of skills courses around personal finances. No. but the federal government will provide a senior national team athlete with up to $5000 for transition support. High performance athletes who have been ‘senior-carded’ for at least three years may apply for Retirement Assistance to help them during their transition into retirement. Athletes can apply for a maximum of $5000 and are only eligible within one year of their retirement. France Ministry of Sports They receive advice to manage their money if necessary. Some of them have already a personal “manager” Yes; it’s now written in French law, but you need to be a “top level athlete” and you are considered to be a “sport worker”. Germany German Olympic Sports Federation (DOSB) Maybe through the career advisors in the Olympic Training Centres. The financial support of athletes is the responsibility of the foundation, ‘Deutsche Sporthilfe’, as well as of regional sports foundations. On a personal level many athletes are also advised by (sports) managers. Ireland Sport Ireland Institute Financial planning workshops Provide some relevant handouts Frequently ask a question about career planning No. formally. (possibly from NGB and Agencies) Netherlands NOC*NSF (National Olympic committee & National sports federation) In the Netherlands we have a project TeamNL@ work which is a project that helps high performance athletes with their transition to the next career. Within the project, the support is on: - Career planning - Coaching on the job - Group coaching - Job market orientation, internships and working experience - Competence development - Psychic and psychosocial support By this support high-performance athletes are supported in planning their finances after sport. In the Netherlands high performance sport is recognized as a profession like any other. This means that high performance athletes are insured for unemployment. If they lose their jobs as high performance athletes because of health problems (e.g., injuries) or lack of performance level, they can invoke unemployment benefits like any other profession. This gives them financial support to recover (from injuries) /or to try to get back to their high performance level or make a transition to a new career. New Zealand High Performance Sport NZ We get in financial experts and athletes can choose to attend their sessions). Our athletes who make the podium at a world event get a scholarship which entitles them to $10,000 of personal development on retirement. J. Risk Financial Manag. 2022,15, 17 8 of 14 Table 1. Cont. Country Sporting Organisation Do Sport Organisations Provide Support Schemes or Other Interventions Such That High-Performance Athletes Develop Their Financial Literacy and Self-Management Skills? Do Sport Organisations Provide Financial Support Schemes for High-Performance Ath-Letes’ Retirement? If So, What Do They Involve? Portugal National Olympic Committee of Portugal, through the Portuguese Olympic Athletes Commission Yes. One of the training chapters is based on financial literacy. However, a specific financial literacy program for athletes called Shaping Role Models has recently been initiated. This project is funded under the Erasmus + program and is implemented jointly with the Slovenian Olympic Committee (coordinating body), the Croatian Olympic Academy and the University of Ljubljana. The organization does not. Portuguese legislation provides financial support for athletes when they finish their sports careers, but only those athletes who have been integrated into the Olympic Preparation Project within a minimum period of 8 years have access. South Korea The Korean Sport Olympic Committee (KSOC) Some workshops/seminars are delivered within other educational programmes No Spain The High-Performance Sports Centre of Catalonia (CAR) Yes, we do training on finance No Sweden Swedish Olympic Committee Yes. We have specialist (partners) from whom you can get help regarding this. For example, meetings giving information. (this is not major support) No USA U.S. Olympic and Paralympic Committee We offer some self-service financial planning tools and are piloting some basic budgeting, expense tracking and tax preparation programs, but we do not offer post-career financial planning for athletes yet. No Denmark Team Denmark No Not financially but in terms of advising. Most athletes do not need that kind of (financial) support in Denmark. Hong Kong Sports Federation & Olympic Committee of Hong Kong, China (SF&OC) We focus on supporting athletes through consultation, career-planning, job matching, life-skills training and education support. We don’t have any specific programme on financial planning at this time. Our programme supports and equips athletes with academic qualification and skills for successful employment upon retirement. We do not have any financial support schemes for retired athletes. International Olympic Committee (IOC) IOC Fully aware of the importance of this matter In progress Fully aware of the importance of this matter In progress Japan Japanese Olympic Committee No. No. Malaysia National Sports Council of Malaysia No, we do not have that in place. The priority of our programs is to prepare athletes before their retirement, so that they will get a good job after their peak age. For normal athletes, we don’t have any financial support post-retirement. But, for athletes who win medals at the Olympic Games, we do have pension schemes for them for their whole lives.