Financial and Business Literacy in Sport for Athletes and Coaches
What is FB-LS?
The Financial and Business Literacy in Sport for Athletes and Coaches (FB-LS) project is supported by the Erasmus + Sport Programme of the European Union.
The aim of the project is to tackle global risks and issues in sport, related to match fixing, completion manipulation, and other integrity issues which may arise particularly due to lack of financial and business literacy and skills.
The FB-LS project partners are aware of global risks relating to the manipulation of competitions and other such situations which could lead to irregularities in sport. Action is needed on international, national, and local level at sport and education institutions.
The FB-LS project offers a number of results and recommendations to reduce the negative impacts in this area.
1. FB-LS Athletes & Coaches WOrkshops
Throughout 2022 and 2023, FB-LS conducted a number of workshops for athletes and coaches and raised awareness on integrity issues and educated the participants on finances and business skills for lifelong learning career management.
2. FB-LS Educational materials
The FB-LS workshop materials are freely accessible for all educators on this website. They include materials on entrepreneurship career, continuing development and self-improvement, reflective learning and managing individual change.
3. FB-LS Online-learning tool
The project team has developed a tool for athletes’ and coaches’ self-education in basic management of personal finances and business skills in the terms of lifelong learning career management.
In order to avoid financial difficulties and bankruptcy athlete not only need knowledge and skills regarding how to manage their personal finances, but also knowledge and skills on how to live the lifestyle of a potentially successful athlete; to plan their “career” both during and following their time in sports. Furthermore, business skills will help said athletes better understand how their life may look following the end of their career and better equip them with the tools to organise their own lives.
OBSTACLES FACED BY ATHLETES DURING AND FOLLOWING THE END OF THEIR CAREER:
- Financial problems faced during and after an athlete’s career.
- Loss of income and earning potential during and after an athlete’s career, leading to bankruptcy.
- Lack of career plan – career plan as a professional athlete and education that leads to employability in the labour market after the end of an athletes’ career.
- Lack of business skills inhibiting their ability to earn following career end
- Integrity issues (also possible reputation loss) due to participation in match-fixing, betting, doping etc.
- Possible health issues as a result of engaging in doping
OBSTACLES FACED BY COACHES DURING AND FOLLOWING THEIR CAREER
- Financial problems due to poor management of resources
- Lack of business literacy inhibiting their opportunity to earn following career end
- Integrity scandals involving club members (athletes, coaches, support staff etc.) due to poor decision making
- Legal issues (tort, liability, criminal), for contributing to integrity issues in club/team
Project Partners
