2021-22_fall_32161_beatriz-lourenco.pdf - RUN

A Work Project presented as part of the requirements for the Award of the Master’s degree in Management from the

Nova School of Business and Economics

Consulting project for SJPF:

Redesigning a financial literacy programme for professional football players – Proposing an

advertisement strategy and assessing the programme’s short versus long-term impact

A Work Project carried out under the supervision of:

Professor Pedro Brinca

MARIA BEATRIZ MATIAS LOURENÇO

17-12-2021

Abstract

The project’s goal is to redesign a financial literacy programme, in partnership with SJPF, considering the challenges of COVID-19. In fact, the programme could not

be successfully implemented due to the players’ lack of motivation, PNFF requirements, lack of HR availability and CNSF complexity. Taking into account the

project’s goal, internal and external factors were studied to assess the programme’s current situation. These were followed by quantitative and qualitative analyses

as well as an external benchmarking, from which several recommendations were developed. SJPF could implement an advertisement plan considering existing

social media platforms, the power of word-of-mouth and the delegates.

Keywords: SJPF, Financial literacy, Football players, Education, COVID-19, Clubs, Promotion

This work used infrastructure and resources funded by Fundação para a Ciência e a Tecnologia (UID/ECO/00124/2013, UID/ECO/00124/2019 and Social Sciences

DataLab, Project 22209), POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences DataLab, Project 22209) and POR Norte (Social Sciences DataLab,

Project 22209).

A Work Project presented as part of the requirements for the Award of the Master’s degree in

Management from the Nova School of Business and Economics

Consulting project for SJPF:Redesigning a financial literacy programme

for professional football players

A Work Project carried out under the supervision of: Professor Pedro Brinca

Catarina Pereira Cavaco | 31924

Margarida Veríssimo Churro | 31981

Maria Beatriz Matias Lourenço | 32161

GROUP PART

Firstly, the team would like to give the warmest thanks to our advisor Professor Pedro Brinca for his encouragement, optimism, understanding,

and support even when things seemed to be too challenging. The professor’s easy-going and relaxed posture was crucial for the team to stay

focused, even when the project seemed impossible to accomplish in such short time.

We would also like to express our gratitude to Dr. Joaquim Evangelista and Dr. João Oliveira from the Professional Football Players’ Union

(SJPF) for their insights and availability throughout the project. Without their support this project would not have been possible and for that we

are grateful.

Moreover, we would like to extend our gratitude to Dr. Bruno Carvalho and the SJPF Communications team department for their determination

in collecting as much responses to the survey as humanly possible.

Our team would also like to take the opportunity to once again express its gratitude to all the players who answered to the survey and/or were

available to participate in the in-depth interviews. Without them the project would not have been possible.

We also take this opportunity to show our gratitude to Nova School of Business and Economics and especially Professor Ana Balcão Reis for

her understanding and flexibility regarding the work project and its issues.

Finally, we are grateful to our families and friends for their support and encouragement throughout the project.

Acknowledgements

1

Executive Summary

2

The sports management lab was developed in collaboration with Sindicato dos Jogadores Profissionais de Futebol (SJPF) aiming at redesigning an

unsuccessful financial literacy programme - Todos Contam e No Futebol Também - considering the challenges of COVID-19. This programme was

created in 2017 after an adaptation from the national programme (PNFF) with the purpose of adjusting it to the football players’ reality: lower-than-

average level of education, high income in a short period of time combined with the high-risk of injury. Moreover, due to the players’ lack of

motivation, PNFF requirements, lack of HR availability and Conselho Nacional dos Supervisores Financeiros (CNSF) complexity the programme

could not be successfully implemented.

The project methodology followed the problem-solving approach which was divided into diagnosis, analysis and recommendations, taking into

consideration the collaboration goals defined.

In the diagnosis phase, external and internal analyses were performed using relevant frameworks. From these analyses, it was possible to infer that

the fact that the content is not adapted to different football players, the disconnection between trainers and target and the current training sessions’

schedule can all contribute to the loss of players’ interest in this programme. Furthermore, in order to cope with the COVID-19 challenges, SJPF

needs to adapt its service to an online format, which is considered to be a smooth process given the steps already taken.

After that, in the analysis phase, hypotheses were formulated regarding the possible adjustments to the programme in terms of project service and

policies. For the sake of validating the hypotheses, quantitative (survey) and qualitative (in-depth interviews) methods were performed as well as an

external benchmarking analysis.

Based on the validated hypotheses, a set of recommendations was performed. Firstly, SJPF could reformulate the project service by reformulating

the on-site sessions, introducing online sessions and creating an online platform. This should take into consideration the trainers and its dynamic,

the content and the timeframe. Secondly, SJPF should restructure its policies by providing incentives for participation purposes and establishing a

mandatory requirement for clubs. This would increase participation rates as well as expand and consolidate SJPF´s target groups. Lastly, an

advertisement plan should be implemented considering the different existing social media platforms as well as the power of word-of-mouth and the

delegates.

Bibliographic context

Lusardi, Michaud & Mitchell (2017) argue that financial literacy plays a key role in explaining wealth inequality given that different levels of

financial knowledge early in life have considerable implications on how much people save. Consequently, greater financial literacy is often

associated with greater retirement planning and wealth accumulation. (Lusardi & Mitchell, 2014)

The lack of financial knowledge and proper financial education of the population was emphasized during the COVID-19 pandemic. As

Chhatwani & Mishra (2021) mentioned in their study, financial literacy decreases the probability of being financially fragile by 9,1%. Similarly,

Kurowski (2021) argued that during the pandemic, unprepared individuals became exposed to excess debt due to lack of debt literacy.

Although the lack of financial knowledge is a transversal issue across careers, it becomes more serious when professional athletes and in

particular professional football players are considered. According to Moolman (2020), the biggest challenge for a professional athlete to be able

to sustain himself beyond retirement is the short-term nature of the career combined with various risks which could end it prematurely.

Nevertheless, these risks are often ignored as these athletes maintain an unsustainable lifestyle. (Barth et Al, 2021) Indeed, high risk

investments, lack of savings, living extravagant lifestyles, limited planning towards another career beyond their careers as professional athletes

and inadequate financial literacy skills were identified as the main financial pitfalls. (Moolman, 2020) Despite this, according to Danowski

(2012), bankruptcies among professional athletes are preventable if education about financial literacy and planning is available.

In this sense, employers and players’ associations have an important role in educating professional players about financial literacy and/or the

appointment of financial advisors. In some situations, training providers may be introduced by these entities in order to improve these athletes’

financial knowledge. (Moolman, 2021)

3

Glossary

▪ ASF (Autoridade de Supervisão de Seguros e Fundos de

Pensões) – Regulator of all insurance and pension funds related

activity

▪ Banco de Portugal – Portuguese Central Bank

▪ CMVM (Comissão do Mercado de Valores Mobiliários) –

Portuguese Securities Market Commission

▪ CNSF (Conselho Nacional de Supervisores Financeiros) –

Council composed of the President of ASF, the Governor of Banco

de Portugal, a member of the board of Banco de Portugal, and the

President of CMVM

▪ CSR – Corporate Social Responsibility

▪ CTeSP (Curso Técnico Superior Profissional) – European

Qualifications Framework Level 5

▪ DGE (Direção Geral de Educação) – Responsible for the

execution of education related policies

▪ FINRA - Largest foundation in the US dedicated to investment

education

▪ FPF (Federação Portuguesa de Futebol) – Portuguese Football

Association

▪ MLB – Major League Baseball

▪ MLBLA – Major League Baseball Players Association

▪ MMI (Money Management International) – Largest non-profit, full-

service credit counselling agency in the US

▪ NBA – National Basketball Association

▪ NBPA - Basketball Players Association

▪ NFL – National Football League

▪ PNFF (Plano Nacional de Formação Financeira – Todos Contam)

– Financial Literacy National Programme

▪ RRF – Recover and Resilience Facility

▪ SJPF (Sindicato dos Jogadores Profissionais de Futebol) –

Professional Football Players’ Union

▪ Todos Contam e no Futebol Também – Adapted programme to

consider the special characteristics of football players

▪ US – United States

▪ WOM – Word-of-mouth

4

Agenda

01

02

07

06

05

03

Project Overview

▪ Project Context

▪ Project Challenge

▪ Project Scope

Project Methodology

Situation Analysis

Recommendations

Limitations and Risks

References

▪ Collaboration Goals and Scope

▪ Overview

▪ Timeline

▪ Literature Review

▪ Investigation Tools

▪ Mixed-Method Approach

▪ PESTLE Analysis

▪ Todos Contam (PNFF)

▪ Football Players’ Profile

▪ Todos Contam e no Futebol Também

▪ SWOT Analysis

▪ TOWS Analysis

04 Research Analysis

▪ Deductive Reasoning

▪ Inductive Reasoning

▪ Hypotheses Table

▪ External Benchmarking

▪ Survey Analysis

▪ In-depth Interviews Analysis

▪ Hypotheses Validation

▪ Summary and Priority Matrix

▪ Reformulate project service

− Reformulate on-site sessions

− Provide an online service

▪ Provide incentives for participation purposes

▪ Establish mandatory requirements for clubs

▪ Implementation Roadmap

▪ Implement an advertisement plan

▪ Impact assessment

5

08 Annexes

01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

The Sports Management Field Lab aims to allow students to create value for an

organization in the sports industry while developing and solving a real business challenge. It

is a mutually beneficial collaboration, where the company benefits from receiving

external, highly skilled students who can help develop and propose new ideas. On the other

side, students have an opportunity to solve a real problem by applying the theoretical

knowledge previously acquired, while working closely with an organization.

The main goal of this Field Lab is to support SJPF in helping and promoting financial

literacy across the football market. During the past two months, the NOVA SBE’s team

has cooperated alongside the SJPF team aiming to redesign an existing financial

education programme, considering the challenge of the COVID-19 pandemic and thus

creating value not only for SJPF, but also for the other stakeholders involved.

OVERVIEW

OBJECTIVE

NOVA SBE´S TEAM:

ADVISOR:

SJPF TEAM:

Catarina Cavaco Beatriz LourençoMargarida Churro

Pedro Brinca

Dr. Joaquim Evangelista

Dr. João Oliveira

Dr. Bruno Carvalho

PROJECT OVERVIEW | PROJECT CONTEXT

The Sports Management Field Lab aims to create value for SJPF by helping and promoting financial literacy across the football

market through a mutually beneficial collaboration

Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes

7

PROJECT OVERVIEW | PROJECT CHALLENGE

Over the last years, famous professional football players have been on the

news due to their money spending habits during and after retirement and its

consequences. Some go bankrupt; some make bad investments which lead to

losses; others do not know how to properly spend it after retirement in order to

save money for the rest of their lives. All these issues arise due to the lack of

financial literacy.

Since its launch, the financial literacy programme was never successfully

implemented. Moreover, in 2020, during the COVID-19 economic crisis, in which

inflation was higher, the importance of the promotion of a household’s financial

resilience was reiterated. This resilience was deeply affected by the economic

impact of the health measures imposed by the government.

SITUATION

COMPLICATION

QUESTIONS

Should SJPF redesign its financial literacy programme

considering the new challenges imposed by the COVID-19?

ANSWER

Yes, by redesigning the project’s service and policies.

The main goal of this project is to redesign an unsuccessful financial literacy programme promoted by SJPF considering the

challenges imposed by the COVID-19

8


01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

PROJECT METHODOLOGY | COLLABORATION GOALS AND SCOPE

COLLABORATION GOALSIN THE SCOPE

OUT OF SCOPE

▪ Bibliographic context on the importance of financial education

▪ Analysis of the current situation and identification of weaknesses and

opportunities for improvement

▪ External Analysis


▪ Survey conduction and analysis

▪ Impact Assessment

▪ Risks

▪ Budget constraints

▪ Internal resources allocation

▪ Creation and development of training sessions

▪ Selection of trainers

▪ Project implementation

▪ Project marketing

▪ Analyse in detail what is being done countrywide

and how it can be adapted to the football world;

▪ Search and comprehend the success or failure of

related initiatives around Europe;

▪ Understand why the current model is not successful

and how it can be redesigned;

▪ Understand how financial literacy programmes are

perceived by football players;

▪ Create a set of recommendations based on the

previous retrieved information;

▪ Adapt the recommendations to the new reality of

COVID-19.


The team defined the main goals in collaboration with SJPF and agreed on the project’s topics which are in the scope and out of

scope

10

DIAGNOSIS ANALYSIS RECOMMENDATIONS

DELIVERABLES

DURATION

2 weeks 3 weeks 2 weeks

PROJECT

ACTIVITIES

PROJECT METHODOLOGY | OVERVIEW

▪ Qualitative and Quantitative research

analysis

▪ Analysis of the SJPF organization.

▪ Meetings with the President and the

General Manager of SJPF to manage

expectations and define the project’s

goals.

▪ Analysis of the external context.

▪ Internal Analysis:

− Todos Contam

− Football Player’s Profile

− Todos Contam e no Futebol

Também

− SWOT and TOWS analysis

▪ Deductive and inductive reasoning to

formulate the hypotheses.

▪ Hypotheses development.

▪ Research on external benchmarking.

▪ Conduction and analysis of a survey to

assess players’ behaviours towards financial

management and saving habits.

▪ In-depth interviews with active and former

football players from different leagues as

well as a coach and an expert to understand

their perspectives about the programme.

▪ Hypotheses validation as a starting point

for the recommendations.

▪ Definition of possible courses of

action

▪ Development of the implementation

strategy


▪ Limitations of the project

▪ Risk assessment

▪ Further research

▪ Implementation roadmap

The project methodology followed the problem-solving approach which was divided into diagnosis, analysis and

recommendations, taking into consideration the collaboration goals previously defined

11


OCTOBER NOVEMBER DECEMBER

W1 W6W5W4W3W2 W7 W8

DIA

GN

OS

ISA

NA

LY

SIS

RE

CO

MM

EN

DA

TIO

NS

Kick off meeting

▪ Kick-off meeting with SJPF

▪ Definition of the project's goals

▪ Data collection

▪ External and internal analysis

▪ Hypotheses formulation

▪ External benchmarking

▪ Survey analysis

▪ In-depth interviews analysis

▪ Hypotheses validation

▪ Formulation and development of

recommendations

▪ Action Plan


▪ Limitations & Risks

▪ Further research

PROJECT METHODOLOGY | TIMELINE

During the last seven weeks, the team worked in partnership with SJPF team through several meetings to manage project’s

expectations and goals

Deliverables Deliverables

12


More information on ANNEX B | INVESTIGATION TOOLS: MEETINGS

Several frameworks and authors were analysed with the purpose of defining and evaluating appropriate courses of action

PROJECT METHODOLOGY | LITERATURE REVIEW (I/III)

▪ This Sports Management Lab followed the standard approach, used in major consulting firms, “The Pyramid Principle” stated by Minto, B. (1987) in her book “The

Minto pyramid principle: Logic in writing, thinking and problem solving”. According to the author, this top-down solution-problem methodology aims to provide

structured reasoning to ensure that the key message is communicated clearly to the client. As a result, this method should start with the answer/solution of the

ultimate question followed by the supporting arguments’ breakdown through deductive and inductive reasoning. By applying deductive reasoning, the supporting

data derive from each other and lead to a “therefore” conclusion (“Why”). On the other side, in inductive reasoning the arguments are generated aiming to explain

“How” the problem can be solved. The former McKinsey consultant points out that in formulating the arguments, it is crucial to state the Situation within which a

Complication developed that raised the Question to which the report bestows the Answer – SCQA framework. This framework is helpful to introduce the problem in a

structured and easy way, facilitating effective communication of the context.

▪ In fact, to support the arguments of the main question, it is necessary to conduct an internal and external analysis. The latter performs first since it helps to

understand the context in which the problem happened. Moreover, it creates the basis for identifying opportunities and threats, analysed in the internal analysis

(Hwa Yap et al, 2021) and, therefore, it is a fundamental antecedent to the formulation of goals or primary strategies (Dess, 1987). Indeed, environments provoke

crucial constraints and contingencies for organizations (Boyd & Fulk, 1996): a project’s survival depends on the ability to interpret, control and readjust to external

changes (Wei Choo, 1999).

▪ The PESTLE analysis refers to Political, Economic, Social, Technological, Legal and Environmental Analysis. This macro-environmental framework is commonly

used in the environmental scanning component of strategic management (Babatunde & Adebisi, 2012). Aguilar (1967) described for the first time the concept as

environmental scanning called ETPS in his book. According to the author, the concept defines as a search for information concerning the events and relationships in

an organization´s outside environment. He also reiterates that this knowledge can assist top managers decisions about the firm's future. The old version of the ETPS

framework suffered some updates given the rise of environmental and ecological factors (Anwar et al, 2021). Nowadays, it is commonly known as PESTLE analysis.

▪ As aforementioned, the internal analysis is also a crucial component to evaluate. Indeed, a company contains internal factors that influence its resources (Pakkanen,

2012). Thus, understanding its core competencies and capabilities is fundamental to, afterwards, combine with the external analysis in the SWOT and TOWS.

13


PROJECT METHODOLOGY | LITERATURE REVIEW (II/III)

▪ SWOT states Strengths, Weaknesses, Opportunities and Threats. It is a common method used to examine the organization's resources and environment

(Akiyoshi et al, 2006). According to Dyson (2004), Strengths and Weaknesses are internal and controllable factors of an organization that support and restrict,

respectively, the accomplishment of its mission. In contrast, Opportunities and Threats are external and uncontrollable – respectively enabling and disabling an

organization from attaining its mission. By analysing the factors in these four fields, it is possible to recognize the core competencies crucial in the strategic planning

process (Hill & Westbrook, 1997) to further develop recommendations. Although, as aforementioned, this framework has been a tool widely adopted, if used

simplistically, it may lead to strategic errors. In fact, the SWOT analysis should not be just a static tool. Instead, its interpretation should be a dynamic part of the

management and business, and complementary frameworks should be used in order to overcome SWOT´s inherent limitations (Pickton & Wright, 1998).

▪ TOWS is an example of a framework that can complement the SWOT analysis. By combining comprehensive and systematic assessment of external and

internal factors (SWOT), the TOWS framework can be a helpful tool for the tactics’ development. These tactics are crucial to implement strategies and to identify

specific actions that strengthen them (Baudino et al, 2017). Indeed, this framework presents four alternative strategies based on the relationships among threats,

opportunities, weaknesses, and strengths According to Weihrich (1982), it is important to benefit from all relationships. In fact, most organizations only focus on the

strengths to take advantage of opportunities, ignoring the other factors such as the challenge of overcoming weaknesses to exploit opportunities.

▪ According to the literature, the Resources Based View Model and Porter´s Five Forces frameworks are also important to understand the competitive

environment and the firm´s competitive advantage. However, given the context of the project, it does not apply since SJPF does not have any competitors.

▪ In order to test the hypotheses, the team, as the literature recommended, used the mixed-method approach that combines both qualitative and quantitative

analysis. Indeed, Amaratunga et al (2002) wrote that this analysis should be considered complementary. While the quantitative analysis performs a statistical detailed

assessment of patterns of responses, the qualitative method presents a deep explanation of survey answers, (Gunaydin & McCusker, 2015). According to Rossman and

Wilson (1991), the mixed-method approach allows for confirmation or validation of both qualitative and quantitative methods.


14


PROJECT METHODOLOGY | LITERATURE REVIEW (III/III)

▪ Indeed, aiming to increase the study validity, decrease research bias, and provide deeper perspectives of the hypothesis in consideration, triangulation – a mixed-

method approach - could be chosen, according to Denzin (1970). In fact, the use of triangulation can be controversial (Badger et al, 2018). However, the literature agrees

that this method can not only boost confidence in the research analysis, present a more robust knowledge of the research question, but also expose arguments

that would prevail unexplored (Thurmond, 2001).

▪ As mentioned before, the mixed-method approach is a combination of qualitative and quantitative methods. Regarding the qualitative methods, in-depth interviews are

the most common method used to gather information (Hannabuss,1996). As mentioned by Gubrium et al (2012), the nature of the research question conditions the

application of in-depth interviews being best suited to descriptive or explanatory research questions. Indeed, the in-depth interviews help to understand the context

of the research question as well as to provide a “complete picture” of what is happening and why (Boyce & Neale, 2006). Among the quantitative methods, the

survey is the most used (Bowling & Ebrahim, 2005). Survey analysis is useful to numerically illustrate the research question and to determine the relationships

among variables (Stockemer, 2019). In fact, one of its objectives is to build precise and trustworthy evidence for statistical analysis (Goertzen, 2017). Moreover,

according to Goertzen (2017), quantitative methods are very successful at answering the “ how” of a research question.

▪ Furthermore, aiming to understand what the best method is, to define the correct actions to overcome difficulties and to improve performance, a benchmark

analysis is necessary (Büyüközkan & Maire, 1998). This effective and efficient continuous analysis compares the service in study – the financial literacy programme -

concerning the same service placed in other countries recognized as leaders (Camp, 1995). Given the fact that the comparison is among similar operations,

systems or processes with external organizations, it is named External Benchmarking (Ahmed & Rafiq, 1998).

▪ After all the analysis performed and the hypothesis tested, the last step is to develop the recommendations and its impact on the organization. Indeed, the value of

a recommendation depends on the strength of its argument and need to be carefully designed according to the audience (Van den Hoven, 2017).


15


Quantitative and qualitative data were collected as to validate hypotheses and, consequently, provide useful recommendations

PROJECT METHODOLOGY | MIXED-METHOD APPROACH & INVESTIGATION TOOLS

QUANTITATIVE DATA QUALITATIVE DATA

▪ Data collected through an online

survey

▪ Analysis of the collected information

through statistical methods

▪ Identification of key relationships

through cross sectional analysis in

order to infer on players’ behaviour

and test the validity and relevance of

the suggested hypotheses

▪ Interviews conducted online through

Microsoft Teams

▪ Collected information was analysed

and key points were transcribed

▪ Identification of key patterns

between the players’ responses in

order to infer on the validity of some

proposed hypotheses

▪ Analysis of the relationships

identified using cross sectional

analysis

▪ Incorporation of such relationships in

the conclusions on the hypotheses

▪ Key patterns were analysed in order

to build a potential profile of a

football player

▪ These patterns were used to

validate or reject hypotheses

▪ Comparison of key findings and results from both data collection methods in

order to infer on the proposed hypotheses

▪ Both methods were given equal representation and relevance meaning

contrasting results need further analysis

▪ Negative responses to hypotheses either in one data collection method or both

will result in either a hypothesis reformulation or in the hypothesis being rejected

▪ Hypotheses confirmed through these methods are validated and should be

subject to further analysis for recommendations’ purposes

INVESTIGATION TOOLS

▪ In-depth interviews were organized with players from different leagues,

a former player, a coach, and a member of SJPF, summing a total of 9.

▪ These were divided in 2 groups: those who can enjoy sessions from

the programme, and those who can contribute for its development.

IN-DEPTH INTERVIEWS

▪ Through Microsoft Forms, a survey was conducted to understand how

COVID-19 affected the household’s finances, as well as to assess

players’ awareness about the existing financial literacy programme.

▪ There were a total of 175 answers, 173 of which were valid.

SURVEY

▪ Several meetings with responsible parties from SJPF to better

understand the current programme and its weaknesses.

▪ There were a total of 4 meetings with various members from the

organization.

MEETINGS

▪ Analysis of the information available online as well as internal

documents from SJPF combined with a detailed analysis of external

benchmarking in order to understand major differences and similarities.

DATA ANALYSIS

16


01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

SITUATION ANALYSIS | PESTLE ANALYSIS

POLITICAL▪ The political instability in the country may impose some challenges and concerns on the National Strategy for Citizenship Education’s future

prospects.

▪ As sports were not included in the RRF, funds allocation to this industry remains highly uncertain.

ECONOMIC▪ In times when the economy is still responding to the economic crisis, providing support on how to recover and start again is key.

▪ Financial literacy programmes can play an important role on the post-pandemic situation as a tool to cope with these challenges, most of which

were never experienced before.

SOCIAL▪ Given the general lack of financial literacy among the Portuguese population, it is important to contribute with effective solutions to this problem.

▪ Since the COVID-19 pandemic has given rise to the exposure of many social issues, it is important to keep financial literacy on the agenda as it may

also have impacts in other areas.

TECHNOLOGICAL▪ The increasing internet use over the last few years poses a new challenge for companies, entities and, in this case, labour unions to catch up with the

new technological developments.

▪ Given the intensification of the Internet use over the last year and a half as a result of the COVID-19 pandemic challenges, an opportunity to adapt the

existent methods and approaches arises.

LEGAL▪ SJPF is simply the sponsor of the financial literacy programme so, according to the law, it cannot provide training sessions by itself.

▪ Therefore, it must establish a partnership with a certified entity in order to implement the programme.

ENVIRONMENTAL▪ Unlike at the economic and social levels, the COVID-19 crisis actually reduced the pressure on the environment, meaning that, by continuing the

good practices acquired during this period, it is possible to reduce the environmental impact.

▪ As these new habits have become embedded in people’s lives, taking advantage of this opportunity in order to preserve the environment and the

natural resources is key.

▪ Aligned with the RRF’s goals, contributing to the decarbonization should be a priority for this project too.


To redesign the financial literacy programme, assessing the external conditions that can influence its effectiveness is key

18More information on ANNEX C | PESTLE ANALYSIS

Todos Contam is a national programme designed by CNSF aiming to increase the population’s financial literacy in different topics

SITUATION ANALYSIS | TODOS CONTAM (PNFF)

TIMEFRAME

This project was created with the purpose of increasing the population’s financial

literacy and promoting adequate financial behaviour.

TRAINING TOPICS

Improve financial knowledge and attitude

OBJECTIVE

Develop saving habits

Promote responsible credit recourse

Increase knowledge on how to use digital financial services

Support financial inclusion

201720162011

The programme was created

by CNSF, which includes:

▪ Banco de Portugal

▪ CMVM

▪ Autoridade de Supervisão

de Seguros e Fundos de

Pensões.

The second edition of the

programme was launched

nationwide. The previous

programme was revised, and

two new topics were added:

▪ Digital Financial Services

▪ Financial Education for

managers and entrepreneurs

In 2017, the national plan

was adapted in a football

context and Todos Contam

e no Futebol Também was

created.

Create precaution habits

Reinforce financial knowledge in business

TARGET

Pre-school to high-

school students

Workers University studentsVulnerable groups

Entrepreneurs and

managersThe PNFF is inadequate for football players due to the nature and characteristics of their

careers.

19Source: CNSF- Plano Nacional de Formação Financeira 2016-2020


More information on ANNEX C | TODOS CONTAM (PNFF)

Career Duration

▪ Data from the Portuguese League association show that in the

2019-20 season, football players from the first and second

championships received, on average, 11 094€ per month. (Liga

Portugal, 2021) This average is likely to decrease when women

football and the players from Campeonato de Portugal are

considered, given their historically lower wages. The average per

month wage for the Portuguese population is 1005,1€

(PORDATA, 2019) which is nevertheless considerably lower.

▪ According to Monteiro et al (2020), the age of retirement for a

Portuguese football player is around 33 years. This increases

to 64,4 years (2020) when the entire population is considered.

(PORDATA, 2020)

▪ The fact that players retire from professional football at an early

age means that they can either save during their active years in

order to be able to maintain a similar lifestyle after retirement or

that they need to find a new occupation.

▪ Players face a high-risk of injury which can have implications for

the future of their careers. They are also more vulnerable since

contracts are signed on a short-term perspective and highly

depend on performance. Finally, players are at risk of

suffering high monetary losses due to low financial literacy

combined with high-income. (Moolman, 2020) In the Portuguese

population, 82,2% of the employed individuals have without-

term contracts and only 30,1% work in sectors with highly

physical requirements. (PORDATA, 2020)

▪ According to the 2017 Report on Financial Literacy of SJPF,

approximately 33,3% of respondents admit to have a Basic

Level of Education. (CNSF & SJPF, 2019) This percentage

contrasts with the national number of 19,9%. (PORDATA,

2020)

▪ Although experts in their field of work, these individuals are

considered underqualified due to their low level of education.

Once retired from professional football, the underqualification

results in few job prospects.

SITUATION ANALYSIS | FOOTBALL PLAYER’S PROFILE

Level of Education

Annual Income

Risk

Football players have a lower-than-average level of education, but usually earn a high income in a short period of time which,

combined with the high-risk of injury they face, are extraordinary conditions that must be considered

20


SITUATION ANALYSIS | TODOS CONTAM E NO FUTEBOL TAMBÉM (I/II)

Provide Information and

raise awareness about

the need to manage

personal finance

RESEARCH

INFORMATION

TRAINING

Diagnostic study on

football players’ financial

literacy and financial

management practices

Training on financial

literacy and financial

management

This project aims at increasing football players’ financial knowledge and promoting

appropriate financial attitudes and behaviours, as part of SJPF’s mission to support

football players’ individual and collective interests in different areas.

ACTIVITIES

OBJECTIVE

TARGET

TRAINING SUBJECTS

Young football players Currently active football players Retired football players

▪ What are the main challenges of a short professional career

and how can a budget plan be helpful?

▪ Why is it important to consider the income uncertainty and to

value the fixed expenses?

▪ Which are the main stages while planning a budget?

Familiar budget planning and management

▪ What should one know before signing a contract

▪ Why should one be careful with the use of payment services

such as the digital ones?

Relationship with banks and payment services

▪ What are the characteristics and risks of the different savings

application products?

▪ In which product should one invest and for how long?

▪ Which are the most adequate savings application products to

prepare for retirement?

Savings

▪ What are the borrower’s responsibilities when signing a credit

contact?

▪ How to prevent and management non-compliance situations?

Credit and non-compliance prevention and management

▪ How can insurance help to minimize the financial impact of

unpredictable situations?

▪ What is important to know before asking for insurance?

Insurance

Todos Contam e no Futebol Também is a financial literacy programme created by SJPF in partnership with CNSF to adapt the

national programme considering the football players’ profile

21Source: Todos contam e no Futebol Também


More information on ANNEX C | TODOS CONTAM E NO FUTEBOL TAMBÉM

Lack of HR available

Out of SJPF’s Human Capital,

delegates, who are entitled to

represent SJPF and make the bridge

between SJPF and its associates,

would be the most suitable people to

be considered as possible trainers for

this programme. Nevertheless, they

do not have the availability

required to complete the mandatory

preparation course of PNFF in order

to become certified trainers.

CNSF complexity

CNSF is composed by Banco de

Portugal, CMVM and Autoridade de

Supervisão de Seguros e Fundos de

Pensões. Every decision taken

under PNFF must be validated by

each member of the CNSF, which

increases the level of bureaucracy

associated with the programme, thus

making it more difficult to implement.

PNFF requirements

According to PNFF, the sessions

promoted under this programme must

be provided by people who have a

specific certification of trainer in

financial literacy, which requires

them to take a long preparation

course in this field before training

other people. Otherwise, CNSF will

not certify those sessions as part of

PNFF.

Players’ lack of motivation

Recently, financial literacy has

conquered its place on the agenda as

a relevant educational component for

the society and, especially, for football

players due to the characteristics of

their careers. Nevertheless, there is

still much room for improvement in

what concerns players’ awareness,

engagement and motivation about

the topic, which are key to the

programme’s success.

SITUATION ANALYSIS | TODOS CONTAM E NO FUTEBOL TAMBÉM (II/II)

The current programme has been facing some problems of implementation regarding players’ lack of motivation, PNFF

requirements, lack of HR availability and CNSF complexity

22Source: SJPF


PROBLEMS

SITUATION ANALYSIS | SWOT ANALYSIS

INT

ER

NA

L

W1 – Lack of trainers linked to SJPF

W2 – Fixed location preventing some

players from attending the training

sessions

W3 – Training content is not adapted to

different target groups in terms of age and

salary level

W4 – Disconnection between trainers and

target

W5 – Training sessions schedule

WEAKNESSES

EX

TE

RN

AL

O1 – Increase in the number of bankrupt

national football players

O2 – Online platforms becoming popular

tools for training

O3 – Financial literacy as a gap in the

current national mandatory education

program

O4 – Financial education as an important

part of clubs’ CSR

O5 – Already existent financial literacy

initiatives developed by corporations and

aimed at partnering with sports associations

OPPORTUNITIES

INT

ER

NA

L

S1 – Highly reputed ambassador

S2 – Strong partnership established with

Conselho Nacional de Supervisores

Financeiros

S3 – Close relationship with players and

clubs

S4 – First steps already taken

STRENGTHS

EX

TE

RN

AL

T1 – Football players’ lack of interest

about the subject

T2 – Disruption of COVID-19

T3 – Resources instability

THREATS

S W

OT

In order to have a broader perspective about the programme, it is important to analyse internal strengths and weaknesses and

external opportunities and threats

23


SITUATION ANALYSIS | TOWS ANALYSIS

WEAKNESSES

STRENGTHS + OPPORTUNITIES WEAKNESSES + OPPORTUNITIES

TH

RE

AT

S

STRENGTHS + THREATSWEAKNESSES + THREATS

(S1 | O1) – Programme’s ambassador is a role model for

unsuccessful football players

(S2 | O3) – SJPF can use its partnership with CNSF to fill the gap

in the current national mandatory education programme

(S3 | O4) – SJPF can take advantage of its close relationship with

clubs to persuade them to set financial literacy as a priority

(S4 | O2 + O5) – Given the first steps already taken by SJPF,

changing to an online service will be a smooth process. Also, it will

allow to easily partner with those corporations

(W1 | O1) – Players who went bankrupt in the past can establish a

partnership with SJPF and thus be considered as a reference for

other players

(W2 + W5 | O2) – Providing an online service prevents football

players from not attending the sessions and allows for a more flexible

learning plan

(W3 | O3 + O5) – SJPF can take advantage of the expertise of some

corporations to redesign and personalise the content of the training

sessions thus filling the gap in the current national education

programme

(W4 | O4) – Clubs can intervene as a moderator of the relationship

between trainers and target

(S1 + S2 | T1) – Having a highly reputed ambassador and a

partnership with the CNSF is important to get the less motivated

players on board

(S3 | T3) – Close relationship with clubs can help SJPF to cope with

the financial resources' instability

(S4 | T2) – Given the steps already taken, SJPF is more comfortable

when dealing with the challenges imposed by the COVID-19

pandemic

(W1 | T3) – Financial resources instability can make it even more

difficult to have trainers linked to SJPF

(W2 | T2) – The fixed location of the training sessions can make it

difficult to deal with the COVID-19 challenges

(W3 + W4 + W5 | T1) – The fact that the content is not adapted to

different football players, the disconnection between trainers and

target and the current training sessions’ schedule can all contribute

to the loss of players’ interest in this programme

STRENGTHS

OP

PO

RT

UN

ITIE

S

With the purpose of exploiting the programme’s strengths and weaknesses, SJPF should leverage existing opportunities and

minimize the threats’ impact

24


01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

RESEARCH ANALYSIS | DEDUCTIVE REASONING

Should SJPF redesign its financial literacy programme considering the new challenges imposed by the COVID-19?

YES!WHY?

INTERNAL EXTERNAL

Disconnection between professional football players and trainers

▪ Currently, trainers are associated with the PNFF, thus not being a reference for

players. As a result, sessions do not reach their full potential due to lack of proximity.

Content is the same regardless of the target audience

▪ In the current project’s structure, the workshops’ content is the same among

professionals, regardless of their salary, championship and age. Indeed, the type of

investments or savings’ level depends on a professional athlete’s salary given that in

Portugal, salaries among professional football players have substantial discrepancies.

Sessions are short and disperse in time

▪ Currently, each session takes 1,5 hours and covers all the contents briefly.

Moreover, sessions only happen once a year. Due to this short period and frequency,

it is impossible to go in depth about some important topics.

Sessions happen in a specific place, thus some players cannot assist

▪ Each session happens in a specific place and, therefore, not all football players can

assist. Due to the lack of flexibility, some players who want to watch these sessions

are unable to.

Disruption of COVID-19

▪ The COVID-19 disruption precluded the development of the financial literacy

programme. Indeed, during this event the SJPF could not adapt all its services to

online which meant this initiative was put on hold.

Some companies start to specialize in financial education

▪ There are some companies who already provide financial literacy programmes to

general population. A few of them desire to diversify their portfolio.

A club’s role is more than just about employment

▪ More and more, clubs have a crucial role in the life of an athlete. In fact, in

partnership with SJPF, they help professional athletes in different areas of their lives.

Recently, the topic of financial literacy has gained more importance among

professional football players which imposes new challenges for the clubs.

Professional football players’ necessity

▪ In the national mandatory education programme, financial literacy is not covered.

Thus, it is crucial to continue educating professional football players independently in

order to ensure they are capable of overcoming potential future financial challenges.


Deductive reasoning reinforces why SJPF should redesign its financial literacy programme considering the new challenges

imposed by the COVID-19

26

RESEARCH ANALYSIS | INDUCTIVE REASONING

Inductive reasoning reinforces how SJPF should redesign its financial literacy programme considering the new challenges

imposed by the COVID-19

27


Reformulate

project service

Adapt content

Restructure

project policies

Provide online service

Readjust the training

structure

Adjust timeframe

Introduce a mandatory

requirement

Establish partnerships

Provide incentives for

participation purposes

Introduce online sessions

Build a team of trainers composed by financial professionals

Establish mandatory requirements for clubs

Deliver short and regular training sessions throughout the year

Establish mandatory requirements for professional football players

Adapt the content according to the target audience

Establish partnerships that can improve the programme

Create incentives to attract professional players to participate in the

programme

Build a team of trainers composed by both financial professionals and

former players

Build a team of trainers composed by former players

Create an online platform accessible at any time

Deliver a long session covering all the topics

HOW?

YES!Should SJPF redesign its financial literacy programme considering the new challenges imposed by the COVID-19?

RESEARCH ANALYSIS | HYPOTHESES TABLE (I/II)


Main Issue Sub Issue Hypothesis Analysis Tools

Should SJPF

reformulate its

project

service?

Should SJPF

readjust the

training

structure?

At the moment, trainers are appointed by the PNFF. However, there is a lack of proximity between these

appointed trainers and football players due to different backgrounds and professional paths. For that

reason, the current structure could be adapted as to account for the proximity issue. That being said,

three options arise: 1) a financial professional is responsible for conducting the sessions alone; 2) a

financial professional is accompanied by a former football player so that the latter can use his/her

professional experience to create empathy with the audience; 3) a former football player is responsible

for delivering both the content and his/her experience alone.

▪ In-depth interviews


analysis

Should SJPF

adapt the

content?

The current programme structure does not distinguish the audience assuming every player is equal.

This means players with considerable differences in terms of pay and future job prospects, for example,

receive the same training content despite their different points of focus. For that reason, content could

be adapted to different audiences in order for the focus points in each session to differ according to the

profile.



analysis

Should SJPF

adjust the

timeframe?

The current programme is composed of sessions in squads that take approximately the same time to be

presented, regardless of the audience and content delivered. Moreover, sessions are usually dispersed

in time. In this sense, there are two possibilities: 1) smaller sessions (max 1h30min) but more frequent

in time so that football players remain focus and retain the information more easily; 2) longer sessions

(min 2 hours) in order for every topic to be presented, even if in a shallow way.



analysis

Should SJPF

provide online

service?

The current financial literacy programme is designed entirely on-site. With the disruption of COVID-19,

the SJPF’s project was interrupted. Contrarily to some businesses that adapted to the current situation,

this initiative did not. Moreover, the fact that, currently, the programme is all on-site, prevents some

professional players from assisting as well as other target groups such as former players. As a result,

the project could benefit if it readjusted to online. Indeed, it is possible to consider two options: 1)

Introducing online sessions; 2) Introducing an online platform accessible at any moment in which

professional football players could consult a session of their interest.



analysis

▪ Survey

Reformulating project service can be accomplished by readjusting the training structure, adapting the content, adjusting the

timeframe and providing an online service

28Source: SJPF


RESEARCH ANALYSIS | HYPOTHESES TABLE (II/II)


Main Issue Sub Issue Hypothesis Analysis Tools

Should SJPF

restructure

its project

policies?

Should SJPF

introduce a

mandatory

requirement?

Although clubs have an increasing social responsibility towards players, the number of existing financial

training programmes in clubs is yet to reach its full potential. For that reason, and given the urgent

necessity to instruct players on how to manage their money, a mandatory requirement for clubs could be

introduced. On another perspective, the lack of motivation and unwillingness to participate in financial

literacy courses could also be solved with the introduction of a mandatory requirement for players. Both

these solutions would increase participation rates, although it could be for the wrong reasons which can

damage the programme’s effectiveness. Nevertheless, two possibilities can be suggested: 1) A

mandatory requirement for clubs to provide financial training to its players; 2) A mandatory requirement

for players to be able to become professionals.



analysis

Should SJPF

establish

partnerships?

At the moment, the existing programme depends on both the SJPF’s and the PNFF’s efforts. However,

in Europe there are already several initiatives on financial literacy in sports developed by corporations

and whose main goal is to partner with sports associations. That being said, SJPF could consider

partnering with these organizations as well in order for the training sessions to become more complete

and diversified.



analysis

Should SJPF

provide

incentives for

participation

purposes?

The current percentage of participants in SJPF’s financial literacy training sessions is low. This is not

only the result of low flexibility and frequency as previously mentioned but also a matter of motivation.

Indeed, although most players have previously stated in a survey conducted by SJPF that they are the

ones managing their own familiar budget and assets, the percentage that is willing to speak about

money and financial products with individuals outside their close circle is very low. As a result, their

willingness to participate in financial literacy programmes is also low, which damages participation rates.

For that reason, SJPF could consider implementing some sort of incentive in order to increase potential

demand for this initiative, which in turn would allow for better organization and customisation of the

content to be presented.



analysis

Restructuring project policies can be accomplished by providing incentives for participation purposes, introducing a mandatory

requirement and establishing partnerships

29Source: SJPF, Relatório do Inquérito à Literacia Financeira dos Jogadores Profissionais de Futebol


COUNTRY SPAIN UK

INITIATIVES

▪ “Planificación financiera para deportistas” by Asociación de

Futbolistas Españoles (AFE) in partnership with Tressis

▪ “Your ProPlan” by ProSport in partnership with

Professional Footballers Association

PARTNERS/SPONSORS

▪ Asociación de Futbolistas Españoles (AFE)▪ Professional Footballers Association

▪ ProSport

TARGET▪ AFE´s affiliates (male or female) ▪ Current and retired football players

OBJECTIVES▪ Educate professional football players into financial planning and

management through the different stages of their lives

▪ Help professional football players in revenues management from

a more strategic point of view

▪ Offer some tools to help during players’ retirement

▪ Educate professional football players into financial planning

and management through the different stages of their lives

▪ Help professional football players in planning their financial

security well beyond their sports careers

TRAINERS ▪ Javier Arizmendi has a Bachelor’s degree in Management and

an MBA in Finance. He is a Former professional player working at

Tressis.

▪ Other consultants working at Tressis

▪ Gareth Griffiths a former professional player currently

working at ProSport.

▪ Other consultants working at ProSport

APPROACH ▪ Long-term, one-to-one relationship about financial planning,

savings, etc.

▪ Workshops and talks about financial management

▪ Long-term, one-to-one relationship

▪ Understand financial goals and priorities to develop a

financial plan that is regularly reviewed

In the European football market, several financial literacy programmes have been implemented by diverse organizations

30Source: iusport, AFE, ProSport


More information on ANNEX D | EXTERNAL BENCHMARKING

RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (I/VI)

COUNTRY ITALY FRANCE

INITIATIVES

▪ “Facciamo la Formazione” programme by Associazione Italiana

Calciatori in partnership with Lega PRO

▪ Tailor-made service for high-level athletes and "360°"support

PARTNERS/SPONSORS▪ Associazione Italiana Calciatori

▪ Lega PRO

▪ Extra Sport Conseil – consultancy agency founded by the

former player Guillaume Borne

TARGET

▪ Serie C active players (Under 23) ▪ Young players of all sports

OBJECTIVES ▪ Educate young players who already play in the professional

championships into financial planning and management

▪ Raise awareness among football players about the importance

of financial literacy

▪ Prepare active football players for the retirement based on the

competences acquired on the pitch

▪ Help structure the heritage of the player considering his

patrimonial or fiscal situation

▪ Benefit young players from Guillaume’s experience with

unfortunate investments

▪ Educate players on how to manage high incomes,

something for which they have not been fully prepared

TRAINERS▪ Gianfranco Serioli, former player who has a Bachelor’s degree in

Economics and is now working in Associazione Italiana Calciatori

▪ Dario Tosetti, former player who works in financial planning

▪ Guillaume Borne is a former player who is now a consultant

in the management of independent heritage. He works in the

training centers of Rennes, Nantes or Lorient

▪ Other consultants

APPROACH

▪ (Information was not available)

▪ Long-term, five-step transversal approach which takes up

all clients’ questions whether on the civil, financial, real estate

and tax level


Source: Associazione Italiana Calciatori, MoneyVox, Extra Sport Conseil 31



RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (II/VI)

COUNTRY UEFA UEFA & FIFA

INITIATIVES

▪ UEFA Financial Management Training (UEFA FMT)

▪ “The second half” programme, a partnership of UEFA

Women’s Football and the FIFA Women’s World Cup with

VISA

PARTNERS/SPONSORS

▪ Santander Private Banking ▪ VISA

TARGET

▪ Elite players of all ages (football and futsal) ▪ Female footballers in Europe

OBJECTIVES▪ Offer practical tools and knowledge to elite players so they can

be in the driving seat of their finances and financial future

▪ Improve European football players' financial education and help

them prosper financially

▪ Demonstrate how participants can apply all the skills

developed as a professional football player -

perseverance, teamwork, and commitment - outside of sports

▪ Raise awareness about career opportunities in addition to

‘traditional’ sports careers

TRAINERS▪ Santander

▪ Former internationals: Gaizka Mendieta and David James

▪ Visa

▪ Visa partners

APPROACH ▪ E-learning platform through which players will acquire the

knowledge needed to manage their finances, take informed

decisions and plan for the future over the course of seven

modules. The programme comprises the basic principles of

finance, such as cash management, credit, savings and

investments, and provides a comprehensive introduction to

entrepreneurship.

▪ Online sessions aiming to develop training, mentoring,

network and work experience.


Source: Financial Times Adviser, UEFA, UEFA Academy, VISA 32



RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (III/VI)

PARTNERS INITIATIVES

Target: Rockie ( 11+), Pro (14+) and Hall of Fame (18+);

▪ Online interactive resources (platform), targeting three different groups;

▪ Content: The same content, but adapted to each target group;

▪ Partnership with VISA and NFL.

Covers: Budgeting, Saving, Financial Institutions, Credit, Debt, Identify Theft, Life Events

Target: Rugby players

▪ Partnership with Rugby Players Association (RPA) and Sanlam;

▪ Seminars, Webinars, Financial Awareness Handbook

Target: 500 female and male rugby players

▪ Partnership with Rugby League Players Association, National Rugby League and investment advisory firm Pivot Wealth;

▪ Group and one-on-one seminars

Covers: Property and share market investment, cryptocurrency, budgeting and cash flow

Similarly to what happens in football, other sports also provide financial literacy courses to their athletes in different formats

33Source: Financial Football, Sanlam, Financial Review


RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (IV/VI)

SPORTS INITIATIVES

Rookie Transition Programme

Mandatory four-day programme, designed by NBA and NBPA to all NBA’s rookies. Financial Education is one of the topics covering:

understanding basics, like budgeting; check writing and bill paying; savings, interest, and investments; recognizing and understanding

fees; how money relates to family and friends. The trainers of the programme are not only professionals in the area but also former

players.

Rookie Career Development Programme

Mandatory four-day program, designed by MLB, in partnership with the MLBPA. From all 30 MLB teams, each team sends 2-3 of their

best prospects. Financial Education is one of the topics covered among others (from dealing with media to handling their finances to

sorting through competing demands for their time and tips on proper nutrition and other health-related topics). Aiming to be effective,

some talks are organized by former players and professionals in the topic.

National Football League Financial Education Programme (FEP)

Through five different partnerships, this programme is meant to ensure NFL’s players long-term financial stability: MMI provides NFL´s

players guidance and education to make responsible financial decisions through their career and retirement; FINRA helps NFL’s players

to spot and avoid investment fraud and to make informed financial decisions (1/1 counselling); Investment Education Challenge, in

partnership with Omniology LLC, teach players about basic investing principles for long-term financial stability through a 10-year portfolio

simulation. Credit Management, in partnership with credit bureaus Equifax and TransUnion, provides credit education to NFL teams;

NFL Business Management & Entrepreneurial Programme: Joint effort between the NFL, the NFLPA and world-renowned schools of

business to improve players’ business acumen to enable them to better evaluate business opportunities.

Baseball

Football

Basketball

Contrary to what happens in Europe, the leading leagues of the US have introduced regulations that impose mandatory financial

education programmes to all athletes that enter their leagues

34Source: Money Smart, Athlete, Complex, Chicago Tribune, MLB players, USA Today, NFL


RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (V/VI)

TOPIC INITIATIVES

Laws of the Game*

Target: Sub-7, Sub-9, Sub-11, Sub-13, Sub-15, Sub-16, Sub-17, Sub-18, Sub-19

▪ Description: Squad presentations that cover: Game’s rules and characteristics, analysis of video examples for players to discuss

▪ Trainers: FPF or Regional Associations

▪ Duration: Between 1 and 2 hours

Integrity and Human

Rights*

Target: Sub-15

▪ Description: Squad presentations that cover: Truthfulness in football, human rights and football’s inclusive role, discriminatory

behaviour

▪ Trainers: FPF or Regional Associations


Nutrition*


▪ Description: Squad presentations that cover: Balanced diets in football, how food influences performance

▪ Trainers: Nutrition department of each club or invited professional in the area


Sports Ethics*


▪ Description: Squad presentations that cover: Illegal bets, corruption, match-fixing, and ethical behaviour in football

▪ Trainers: FPF or Regional Associations as well as invited professionals


* These sessions are mandatory for clubs to earn the Complementary Education Criteria points which contribute to the overall punctuation and associated number of stars of each

forming club under the Certification Process of FPF. This Criteria requires clubs to perform other sessions whose topics must be chosen from a series of approved suggestions.

In Portugal, FPF is already offering mandatory educational programmes about other subjects to young football players

35Source: FPF: Regulamento Certificação de Entidades Formadoras de Futebol e Futsal Masculino 2021 / 2022


RESEARCH ANALYSIS | EXTERNAL BENCHMARKING (VI/VI)

▪ Assess players’ awareness about the Todos Contam e no Futebol Também.

▪ Evaluate their willingness to participate in training sessions promoted under this programme or to know more about it in case it is unknown to them.

▪ Understand whether their answers would change in case the training sessions were held online.

Only approximately 13% of the surveyed

players know the programme, while the other

87% have never heard about it.

Therefore, different questions were applied to

these two distinct groups: those who know and

those who do not know about Todos Contam

e no Futebol Também.

Todos Contam e no Futebol Também

173 VALID ANSWERS

151

22

No Yes

91% 86%78%

9% 14%22%

16-24 24-30 >30

No Yes


In order to further assess the level of awareness about the Todos Contam e no Futebol Também programme,

the respondents were split into three different age groups: 16-23, 24-30 and >30 years old. This division was

based on the way players are usually divided in competitions. Players who are under 23 years old usually belong

to the Under 23 championship, while the others take part in the main teams. Moreover, given players’ short

career, it is reasonable to assume players who are above 30 years old should belong to the oldest category.

According to the data collected, the percentage of

respondents who know the Todos Contam e no

Futebol Também increases proportionally to age.

While 22% of the players above 30 years old know

the programme, for the youngest players, this

percentage is reduced to 9%. This difference may be

due to the fact that older players have been related to

SJPF for a longer period and thus being more aware of

its activities and programmes. For the purpose of

further investigating this relationship, the remaining

survey analysis will be split between the three different

groups.

A large percentage of the respondents have never heard about the programme and this percentage is higher the younger the

respondents

36


More information on ANNEX D | SURVEY ANALYSIS

RESEARCH ANALYSIS | SURVEY ANALYSIS

MAIN GOALS

68% 32%

0% 50% 100%

16-23 No

Yes

37

38

0 10 20 30 40

16-23 Yes

No

4

3

0 2 4

16-23 Yes

No

75

7

16-23

Yes

No

Want to participate in training sessions promoted

under this programme

Want to know more about the programme


Yes

No

From those who were interested in

participating in training sessions (3/7) or

knowing more about the programme (38/75),

the majority (68%) would continue to be so

even though the sessions were online.

From those who were not interested in


knowing more about the programme

(37/75), the majority (80%) would not

become interested even though the

sessions were online.

80% 20%

0% 50% 100%

16-23 No

Yes

Would change their answer if the training

sessions were held online

Out of those who have never heard about the programme, approximately half do not want to know more about it, and most would

not change their answer even if the training sessions were held online

37



16-23 years old

73% 27%

0% 50% 100%

24-30 No

Yes

73% 27%

0% 50% 100%

24-30 No

Yes

1

7

0 2 4 6 8

24-30 Yes

No





Yes

No








knowing more about the programme

(21/51), the majority (73%) would not

become interested even though the

sessions were online.

51

8

24-30

Yes

No

21

30

0 10 20 30 40

24-30 Yes

No



Out of those who know Todos Contam e no Futebol Também and belong to the 24-30 years old group, the majority want to

participate in training sessions promoted under this programme

38



24-30 years old






25

7

>30

Yes

No

3

4

>30

0 1 2 3 4 5

Yes

No

8

17

0 5 10 15 20

>30 Yes

No

Todos Contam e no Futebol Também 73% 27%

0% 50% 100%

>30 No

Yes

Yes

No









the majority (73%) would not become

interested even though the sessions were

online.

67% 33%

0% 50% 100%

>30 No

Yes

66% of the respondents are willing to either participate in training sessions promoted under this programme or in knowing more

about it

39



> 30 years old

44%

16-23

50%

Total

56%

24-30

53%

>30

▪ As mentioned before, the sample was divided between the ones

who know Todos Contam e no Futebol Também and those who

do not.

▪ From the very few who are aware of the programme, it is

possible to conclude that the 24-30 years old group is the most

interested in participating in sessions promoted under this

programme (7/8), while the youngest ones seem to be the most

reluctant (3/7).

▪ In regards to those who do not know the programme, the vast

majority is willing to obtain more information about it, although

the percentage of respondents between 16 and 23 years old

unwilling to do so (37/75) is almost the same as the percentage of

those willing to (38/75).

▪ After that, the players’ response to online sessions were

assessed by asking them if they would change their interest either

in participating in these sessions or in obtaining more information

about the programme if the sessions were held online:

− 16-23 years old: 44% continue to be interested even though

the sessions are held online;

− 24-30 years old: 56% continue to be interested even though


− >30 years old: 53% continue to be interested even though


▪ Overall, 50% of the whole sample would continue to be

interested in participating in the sessions or in obtaining more

information about the programme even if there were online

sessions.

On-site VS Online

▪ Do not mind online sessions

▪ Do not want online sessions

Do not mind online sessions

Do not want online sessions

10% of the respondents would only

become interested in participating in

the sessions or in knowing more about

the programme if the sessions were

held online

50% of the whole sample would continue to be interested in participating in the sessions or in obtaining more information about

the programme even if there were online sessions

40



RESULTS

Yes No

▪ Understand whether financial literacy programmes were held during school or throughout their careers.

▪ Collect information about their preferences with regards to training sessions.

▪ Validate or reject hypotheses based on these preferences.

Currently active

football players

Former Player and

Coach

6 2Experts from SJPF

(one Former Player)

1+1

2

5

Yes No Yes No

Had financial

literacy training in

school

Had financial

literacy training

during his/her

career

Consider financial

literacy to be

important

9 IN-DEPTH INTERVIEWS

I do Others

Who currently

manages the family

budget

On a scale from 1 to 10 how

comfortable are you doing this

7,7On average

▪ Most interviewees have completed or are completing a bachelor’s

degree;

▪ Most players have never participated in financial literacy programmes;

▪ Despite their championship and age, opinions are mostly unanimous.

MAIN GOALS

Although all the interviewees considered financial literacy to be important, only 29% of them had education on these topics during

their careers

41


More information on ANNEX D | IN-DEPTH INTERVIEWS

RESEARCH ANALYSIS | IN-DEPTH INTERVIEWS ANALYSIS

MAIN HYPOTHESES RESULTS

FOOTBALL PLAYERS EXPERT

6/6Players agree that an online service

could be a good complement

Reasons include: advantage of being

able to consult topics at any time and at

their own pace; desire to learn more

which can be attained with the

introduction of this platform.

6/6Players agree on the structure →

former player + financial

professional

Reasons include: professionals’

technical knowledge combined with

former players’ examples and testimony.

▪ The expert agrees that a mandatory requirement for clubs would be the

best solution to ensure participation

Reasons include: certification for clubs already exists and it is reasonable to

assume it would be possible to include financial education as a topic; clubs are

more receptive to mandatory requirements than players

▪ The expert believes that establishing partnerships would not be a viable

solution

Reasons include: the partnership with PNFF and CNSF is incompatible with

other partnerships due to potential conflicts of interest.

▪ The expert agrees that creating incentives for participation is a good

solution to implement

Reasons include: there is a lack of motivation to participate in training sessions,

especially related with finance, which could be attenuated with the creation of

incentives

▪ The experts agrees that it is necessary to increase SJPF’s online presence

Reasons include: COVID-19 showed that players participate even if in an online

format; it is a good way to increase participation by including different formats;

PNFF has good documents and other materials which can be used by football

players as well

6/6Players agree on the timeframe →

shorter sessions

Reasons include: acknowledgment that

longer sessions are tiring and that

individuals are incapable or remaining

focus for long; recognition that a player’s

career is incompatible with long sessions

due to practices, games and other events;

desire to see every topic developed

properly.

6/6Players agree that content should

differ depending on the audience

Reasons include: desire to learn about

specific topics in more detail;

understanding that players from different

leagues earn different salaries which

influences the topics that should be

discussed; acknowledgement that

younger generations are often less

interested.

All the interviewees expressed the same opinion regarding the different proposed solutions

42


RESEARCH ANALYSIS | IN-DEPTH INTERVIEWS ANALYSIS

RESEARCH ANALYSIS | HYPOTHESES VALIDATION (I/IV)

Should the Portuguese Players’ Union redesign its financial literacy programme considering the new challenges imposed by the COVID-19?

Hypothesis Sub-hypotheses Decision Justification

Should

SJPF

readjust

the training

structure?

Should SJPF build

a team of trainers

composed by

financial

professionals?

Although financial professionals have the necessary knowledge and know-how to be able to conduct these sessions, they lack

empathy towards players. As pointed by SJPF, the lack of empathy of trainers regarding players damages the accomplishment

of the mission as players fail to connect with these professionals and thus lose focus on the topic. For that reason, and given

that this option was not chosen by none of the six interviewed players, it must be rejected.

Should SJPF build

a team of trainers

composed by both

financial

professionals and

former players?

Although this option presents itself as the most expensive, given that two trainers are required in each session, this is also the

option that reached consensus as being the best solution. This would allow to employ former players as trainers, fulfilling the

request of SJPF, but assuring that the necessary technical knowledge and pedagogical skills are also present. According to the

benchmark analysis, this is also common practice in other countries, where professionals are always accompanied by former

players who can give their testimony. Considering that this is the desire of every interviewed player, which will ultimately be the

users of this programme, it must be validated as a solution.

Should SJPF build

a team of trainers

composed by

former players?

If sessions were to be conducted by former players exclusively, there would not be empathy or connection issues as former

players would be able to share their examples and know-how of the topic. However, given that these trainers are not

professionals, they may lack either the interpersonal and pedagogical skills necessary to be able to properly teach the topics,

and they may lack the necessary technical knowledge for it to be useful. Although SJPF has previously mentioned the desire of

conducting this programme using former players as trainers exclusively, this is not the desire shared by players given the

consensus on having a mix of both professionals and former players. That being said, this option must be rejected.

Should

SJPF adapt

the

content?

Should SJPF

adapt the content

according to the

target audience?

During interviews it was possible to reach a consensus that content adaptation is very important. Indeed, teaching the same

content to every player regardless of his/her academic background, age, league or salary level, for example, fails the purpose as

some players will not find the information useful. According to the benchmark analysis, this is also common practice in other

countries and sports, given the importance of adapting to the audience and its needs. For these reasons, this programme should

allow for a better customization of content in order for it to be useful for every individual that decides to join it and thus the

hypothesis must be validated.

The analysis allowed for the validation of a training structure composed by both financial professionals and former players and an

adaptation of the content according to the target audience

43


More information on ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION

RESEARCH ANALYSIS | HYPOTHESES VALIDATION (II/IV)

Should the Portuguese Players’ Union redesign its financial literacy programme considering the new challenges imposed by the COVID-19?


Should

SJPF adjust

the

timeframe?

Should SJPF

deliver short and

regular training

sessions

throughout the

year?

Shorter sessions are great since players can learn topics in a detailed manner, developing each topic thoroughly. These also

require less time in each day, even if during more days, which can be important given their tight schedule. According to the

benchmark, other initiatives around Europe also divide their programmes in small modules tackling each topic, which allows for

players to select in which to focus on. However, these also require trainers to be available more often which may not be desirable

as well. Nevertheless, players prefer this option as opposed to the alternative, as they can stay focus throughout the session which

was appointed as a major factor to consider. For that reason, it must be validated as an option.

Deliver a long

session covering

all the topics?

Longer sessions are easier to prepare because topics are introduced in a much shallower manner. However, as mentioned by

every interviewed player, long sessions become exhausting and it becomes very easy to lose focus which damages the overall

purpose of the programme. According to both the expert and the coach, longer sessions are historically ineffective and short

sessions should always be given priority, even in awareness sessions. As shown in the external benchmark analysis, there are

two programmes in other countries where longer sessions are preferred. However, this is far from the majority as most

programmes prioritize short over long timeframes. For these reasons, the hypothesis must be rejected as it is contrary to both the

players, the expert and the coach’s points of view and has proven to be ineffective in the past.

Should

SJPF

provide

online

service?

Should SJPF

introduce online

sessions?

The COVID-19 crisis highlighted the necessity to adapt to an online format in order to be able to continue the programme despite

the pandemic conditions. This was done in other programmes at SJPF and clubs, both of which were successful according to the

expert and the coach interviewed, respectively. Furthermore, online sessions are common practice in other countries due to the

flexibility in which these are implemented and its target‘s reach. Indeed, by being accessible in any part of the country, it allows for

players in different regions to take part of the same sessions which foments networking. In the survey conducted, responses were

divided. In fact, roughly 50% of respondents were open to an online solution while 50% responded they were not interested in an

online format. For that reason, and considering the nature of the hypothesis and its open scope, it must be validated even if the

solution does not include an online format exclusively.

Should SJPF

create an online

platform

accessible at any

time?

An online platform which in intuitive, interactive and accessible at any time can be a valuable complement to the programme since

it gives players the liberty to choose which topics to address, where and in which conditions. Although it requires some initial

resources, as the platform must be created and implemented, the content to include already exists and can be subject to minor

adjustments. Indeed, and as mentioned by the expert in his interview, since PNFF also implemented its own platform, SJPF can

simply adapt content without creating every material from scratch. Given this, the players‘ desire as shown in the in-depth

interviews the existence of initiatives similar to this one in other countries, this hypothesis must be validated.

The analysis allowed for the validation of short and regular training sessions throughout the year and the introduction of an online

service

44



RESEARCH ANALYSIS | HYPOTHESES VALIDATION (III/IV)

Should the Portuguese Players’ Union redesign its financial literacy programme considering the new challenges imposed by the

COVID-19?


Should

SJPF

introduce a

mandatory

requirement

?

Should SJPF

establish

mandatory

requirements for

clubs?

A mandatory requirement for clubs is a good way to increase participation rates without damaging the programme‘s reputation.

Indeed, since it is not directed at players but at clubs, through FPF‘s certification process, it can increase participation without

compromising the purpose and mission of the programme in the players‘ point of view. Since the certification process already

exists at FPF, the implementation of this hypothesis is not difficult as mentioned by the interviewed expert. Although the existing

benchmark did not show this hypothesis as being common practice in other countries and sports, it exists in Portugal and has

been successful since its implementation. That being said, this hypothesis must be validated.

Should SJPF

establish

mandatory

requirements for

professional

football players?

A mandatory requirement for players is not legally covered. This means that there is no possibility to implement such requirement

at the moment due to the legal barriers that exist. As mentioned by the expert, this is not an impediment to the implementation of

this hypothesis in the long-run. However, it is something which would not be considered as a priority since it would require SJPF to

request a change in the law which is difficult to attain. Although this is common practice in other countries, particularly in the US, it

is nevertheless a far from ideal solution. Considering that there is a simpler to implement alternative hypothesis and the reluctance

of SJPF in implementing this idea, the hypothesis must be rejected.

Should

SJPF

establish

partnerships

?

Should SJPF

establish

partnerships that

can improve the

programme?

Although partnerships can enrich the programme by presenting new materials and the perspective of other organizations, this

solution is conflictive with the partnership with PNFF. Indeed, CNSF prevents its partners from partnering with other organizations

to prevent conflicts of interest. That being said, although there were many advantages with this hypothesis being implemented, this

is impossible since SJPF has expressed the desire to maintain its relationship with PNFF. For that reason, the hypothesis must be

rejected.

Should

SJPF

provide

incentives

for

participation

purposes?

Should SJPF

create incentives

to attract

professional

players to

participate in the

programme?

Incentives are a good solution to increase participation rates. Indeed, by offering benefits either monetary or from another nature,

individuals are more open and motivated to participate in initiatives for which they were uninterested before. In this particular case,

since motivation was one of the issues pointed out in interviews as being the reason why participation rates are low, by creating

incentives which increase motivation, SJPF can increase participation. Although not all experts agree that this would be beneficial,

it is nevertheless a measure which can easily be implemented and withdrawn without damaging the programme. For this reason,

the hypothesis must be validated.

The analysis allowed for the validation of incentives for participation purposes and the introduction of a mandatory requirement

for clubs

45



A Work Project presented as part of the requirements for the Award of the Master’s degree in

Management from the Nova School of Business and Economics

Consulting project for SJPF:Redesigning a financial literacy programme for professional football

players – Proposing an advertisement strategy and assessing the

programme’s short versus long-term impact

A Work Project carried out under the supervision of: Professor Pedro Brinca

Maria Beatriz Matias Lourenço | 32161

INDIVIDUAL PART

RECOMMENDATIONS | 3. IMPLEMENT AN ADVERTISEMENT PLAN (I/III)

REASONING

ACTION

▪ Considering the responses to the survey, one can easily conclude that players’

awareness about Todos Contam e no Futebol Também programme is very low,

given that only approximately 13% of those surveyed know it. As such, in order to

raise awareness about the programme and, consequently, about the

importance of financial literacy as part of players’ education, SJPF should

follow a clear advertisement plan through both social media and its education

website, while also strongly relying on the power of WOM marketing and,

especially, on the influence that its delegates must have on the players as to

persuade them.

▪ Although in the survey analysis the respondents were divided into three different

groups, in terms of promotion there will not be any channel nor content

adaptation to people at different ages since this difference is believed not to be

relevant to how they perceive the programme.

▪ Increase content related to Todos Contam e no Futebol Também on SJPF’s

Instagram and Facebook pages.

▪ Develop SJPF’s education website as to include the specific channel for Todos

Contam e no Futebol Também – “Fora de Jogo”.

CHANNELS

The advertisement plan will combine social media with the power of delegates’ influence and WOM marketing

66


RECOMMENDATIONS | 3. IMPLEMENT AN ADVERTISEMENT PLAN (II/III)

On Instagram, SJPF can take advantage of its

interactive features in order to catch followers’

attention, while also getting them involved in

the different initiatives and campaigns.

Some examples of possible initiatives are:

INSTAGRAM FACEBOOK

▪ Inspirational videos with former

players on how to overcome

possible financial difficulties;

▪ Live sessions (talks) where the

audience can ask questions and

interact with the speakers;

▪ Promotion of the sessions and

platform through:

− Posts;

− Stories (swipe-up, memories, polls,

countdowns, Q&A etc);

▪ Participants’ testimony about the

sessions in the form of a video.

On Facebook, SJPF can take advantage of

the possibility to include links along with the

posts’ caption while providing more details on

it in order to better inform the audience.

Some examples of possible initiatives are:

▪ Inspirational videos with former

players on how to overcome

possible financial difficulties;

▪ Events communication in order to

reach the target audience and get

them to participate;

▪ Promotion of the sessions through:

− Posts;

− Stories (swipe-up, memories polls,

countdowns, Q&A etc);

▪ Participants’ testimony about the

sessions in the form of a video.

Instagram and Facebook are the most suitable social media channels to convey the intended message given the players’ age

67


9th and 12th grade

CTeSP

Polytechnic

Bachelor’s degree

Post-graduation

Master’s degree

School and University

Mental health

Racism in Sports

Financial Education

Projects

SJPF’s offer

Tailor-made courses

Partnership’s offer

Sports Director

Courses

Education

+

Football player’s career

Dual careers

RECOMMENDATIONS | 3. IMPLEMENT AN ADVERTISEMENT PLAN (III/III)

SJPF’S EDUCATION WEBSITE

▪ Improve SJPF’s education website with a special focus on the

Financial Education Project.

Incorporate Fora de

Jogo in the already

existent education

website.

SJPF’s education website should be restructured in order to become more appealing and to include the online platform in its

financial education section

68Source: SJPF Educação


IMPACT ASSESSMENT | SUSTAINABLE DEVELOPMENT GOALS

Quality

education

▪ Todos Contam e no Futebol Também’s main goal is to improve financial literacy among football players.

▪ While providing on-site and online sessions and complementing these with an online platform – “Fora de Jogo” –

SJPF provides players at different ages with financial knowledge and skills about various topics through

different channels, which ultimately contributes to the improvement of overall education, financial one included.

Good health

and well-being

▪ Financial management is an important part of players’ responsibilities given the fact that they start their careers

very early which then urges them to effectively manage their budget right from the beginning. This programme aims

at supporting football players in this task and preventing them from failure and, consequently, from getting into

addictions or even depression.

Reduced

inequalities

▪ While it is true that many football players earn considerably high salaries and thus being very successful in managing

their budgets, there is still a great number of players who strive to manage their income and cope with the

career challenges. With this programme, SJPF intends to minimize these inequalities by promoting appropriate

actions in order to empower them with the required knowledge and skills.

No

poverty

▪ While developing their financial knowledge and skills with the help of Todos Contam e no Futebol Também, players

will be well-equipped to face the challenges that may arise throughout their lives, especially, in times when the

economy itself is going through a recession period.

Decent work

and economic

growth

▪ Apart from providing players with financial knowledge and skills, Todos Contam e no Futebol Também aims at

encouraging them to take the lead of their lives and apply their money on relevant actions either through

investments, savings plans, or even to finance an entrepreneurial idea or project.

SH

OR

T-T

ER

ML

ON

G-T

ER

M

Target 4.4

Target 3.5

Target 10.3

Target 1.5

Target 8.3

Different SDGs and their respective targets will be tackled in the short-term and in the long-term

69Source: United Nations


More information on ANNEX E | IMPACT ASSESSMENT

IMPACT ASSESSMENT | STAKEHOLDERS

Goals/Benefits ImpactStakeholders

SJPF

Football players

Clubs

Promotion of financial literacy: All in all, this is the main goal of the whole project Todos Contam,

which was also transposed to Todos Contam e no Futebol Também, and that will be fully achieved with

its implementation.

Reduction of the number of professional players who go bankrupt: The programme was born from

the increasing number of players who go bankrupt due to their lack of financial literacy. However,

whether the programme will reduce this number or not remains uncertain.

Support to football players: As part of its mission, SJPF intends to continue to effectively support

football players, in this case focusing on financial support.

Financial knowledge and skills: Above all, players’ main goal while taking part in this programme

will be to significantly develop their financial knowledge and skills.

Guidance to face the challenges after retirement: Apart from knowledge and skills, players look for

relevant guidance and preparation for the future.

Quality education: As soon as the clubs include financial literacy as part of their educational

programmes, this is believed to substantially improve the quality of the education they provide.

Reputation: Although it improves training, the programme is said to have a low impact on clubs’ overall

reputation.

Corporate Social Responsibility: Given the importance of CSR, concerning about players’ education

can moderately contribute to that.

Very low Low Moderate High Very high

KEY TAKEAWAYS

Todos Contam e no Futebol Também is planned to have high or very high impact on most of the stakeholders’ goals for this programme. The least impact will be

felt by clubs, which end up being a partner rather than a direct beneficiary. On the reduction of the number of professional players who go bankrupt, it is highly

difficult to predict the impact given the different external factors involved.

SJPF, football players and clubs benefit from the programme in different ways

70


01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

Overview Methodology Situation Analysis Research Analysis Recommendations References AnnexesLimitations & Risks

LIMITATIONS

Time constraints: Due to external circumstances which were out of our control, the timeframe in which this project was accomplished was shorter than desired. As a

result, the analysis was compromised given that the group was unable to collect enough information to sustain its conclusions. This was further enhanced by the fact that

the group was composed by three members only, which entailed a higher workload and ultimately influenced the depth of its analysis. Nevertheless, the cooperation

between the group and SJPF was essential and very effective in such short time, contributing for the success of the project.

Data availability: 1) The fact that the existing programme was not documented and overall unsuccessful made it difficult to assess what the weaknesses were, which

influenced the choice to redesign the programme or not as well as which points should SJPF tackle to successfully do it. 2) Information regarding the current

programme’s trainers, the content presented in each session, the number of sessions that occurred, and how many players (as well as their personal characteristics)

were present in each session were unavailable given that SJPF did not collected the information. 3) Due to impositions of the GDPR regarding data protection, SJPF

made changes in its databases which resulted in unavailability of specific information in a timely manner. 4) Given the sensitive nature of some variables, the data

available was not as precise as desired.

Survey: Between the 1st of November and the 17th of December, one survey was conducted in which 175 responses were collected. This number is far from ideal but

given the nature of the project, which required professional football players to respond, and the tight schedule, it became unreasonable to believe a higher number could

be reached in such short time. Furthermore, responses are not equally divided which impacts the quality of the analysis. Indeed, the number of responses of both

League III and Campeonato de Portugal (“Others” in the survey) was below expected and far from the amount reached in other Leagues. Finally, since players are

historically unwilling to answer surveys, SJPF recommended a maximum of 10 questions in which 2 were requested.

In-depth interviews: Given the short timeframe and the players’ availability, the number of interviews conducted was below desired. As requested, SJPF was able to

select one player of each League as well as a younger perspective, a former player, a coach, and a player with financial difficulties. However, the ideal sample should

include a minimum of 3 players per League, one of each age group.

Technical knowledge: The team does not have the necessary technical knowledge to be able to understand the complexity of an online platform and what it requires,

as well as the details involved in partnership negotiations.

For the project’s execution, one should consider the limitations regarding time constraints, data availability, the survey, the in-

depth interviews and the technical knowledge

72

RISKS (I/II)

Risks Potential response

General

Implementation delay Lack of human capital

Readapt the timings of

implementation and develop a

recruitment process for this purpose

Resources scarcity Lack of financing initiatives

Plan the budget in advance

accounting for the different SJPF’s

sources of financing available

Fail to forecast the expected

impact

Lack of data about the number of

participants

After the first year, register the

number of participants as to better

forecast the future impact

A

Fail to reach out to all clubs

Clubs’ unwillingness to integrate Todos

Contam e no Futebol Também in their

educational programme

Try to get strategic members of the

clubs as programme’s

ambassadors

Tight schedules of some clubs can be

difficult to conciliate with the programme

Adapt the programme’s timetable in

order to meet the clubs’ schedules

Insufficient number of available

trainers

Lack of availability to take the

preparation coursePost the job offer online to reach

out to more peopleInability to find available trainers across

the entire country

B Low participation rates Players’ lack of interest about the topic

Increase the investment in

campaigns to raise awareness

about the importance of the topic

Causes Probability Impact

Low Moderate High

Upon implementation, it is important to bear in mind the associated risks, what might cause them, their probability and impact and

how they can be mitigated

73


RISKS (II/II)

Risks Potential response

B High dropout rates

Lack of engagement on the part of the

trainers Provide the trainers with some tips

on how to expose the content and

to catch players’ attentionNon compelling content

C

Players taking part in the

programme with the wrong

motivation

Misinterpretation of the incentives

Put the emphasis on the

programme’s long-term goals and

on how players can benefit from it

External course providers reject

the introduction of incentives

High level of bureaucracy involved in the

process Explain to external course providers

the advantages of providing

incentives for participation purposesPerception that this introduction can

devalue the course

D

Implementation not being

feasible

High level of bureaucracy Be flexible and patient about this

process, assuming it may not

happen in the short-term. Intead,

put the effort on a long-term planComplexity of the certification process

FPF’s rejectionNot seeing the programme’s value for

younger generations

Provide FPF with some relavant

evidence of the progamme’s value

and benefits for the educational

path of young players

Causes Probability Impact

Low Moderate High

Upon implementation, it is important to bear in mind the associated risks, what might cause them, their probability and impact and

how they can be mitigated

74


FURTHER RESEARCH

Performance measurement: In order to properly assess the programme’s success and performance, Key-Performance Indicators (KPIs) should be defined. In

this sense, further research could include the definition and application of KPIs, in order to understand the fragilities of the initiative, points that can be improved

and potential adjustments that can be made in order to improve it. It could also be interesting to understand how these KPIs vary with the economic situation of the

country, that is, if for example participation rates in the programme increase when the economic stability of the country decreases.

Mandatory requirement for players: Although this hypothesis was rejected due to the current unfeasibility of the suggestion, further research on the implications

and requirements of changing the existing law can be made. This analysis can be complemented with both a quantitative and a qualitative analysis in order to

understand how players view this solution. The results of both these analyses can then be used to validate or re-reject the hypothesis.

Partnerships: Although partnerships were rejected as an hypothesis due to the incompatibility of this solution with the existing partnership with PNFF and CNSF,

further research could include an analysis of potential partners as well as an assessment of the impact this solution could have on players. Even if not incorporated

in the existing programme, which is the focus of this project, partnerships can still be developed by SJPF.

Financial impact: Due to time constraints, inexistence of data and the information that budget constraints should not be a point of focus meant that a financial

impact analysis of the recommended solutions was not performed. However, further research should include this analysis with expected costs and potential

benefits of implementing the programme and all the abovementioned recommendations.

App development: Nowadays, the use of phone Apps is becoming more and more common. Although this project recommended the creation of a platform which

can be accessible in all mobile devices, this would still be through a website. In this sense, further research could study the relevance and potential impact of an

App in all its dimensions: social, economic and in pre-defined KPIs.

Beyond the project’s scope, further research should be conducted in order for the programme to be more effective in its execution

75


01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

References (I/VIII)


Agência Lusa. (2021). “Governo tem ignorado o desporto”, diz Comité Olímpico de Portugal. Observador.

https://observador.pt/2021/02/22/governo-tem-ignorado-o-desporto-diz-comite-olimpico-de-portugal/

Aguilar, F. J. (1967). Scanning the Business Environment. Macmillan.

Ahmed, P. K., & Rafiq, M. (1998). Integrated benchmarking: a holistic examination of select techniques for benchmarking analysis.

Benchmarking for Quality Management & Technology.

https://www.emerald.com/insight/content/doi/10.1108/14635779810234802/full/pdf?title=integrated-benchmarking-a-holistic-examination-of-

select-techniques-for-benchmarking-analysis

Akiyoshi, M., Samejima, M., Shimizu, Y., & Komoda, N. (2006). SWOT Analysis Support Tool for Verification of Business Strategy. 2006 IEEE

International Conference on Computational Cybernetics, 1–4. https://ieeexplore.ieee.org/document/

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https://www.visa.co.uk/the-second-half.html

https://www.sciencedirect.com/science/article/abs/pii/0024630182901200

https://www.ft.com/content/7cfd4171-cf5e-4d44-909b-4ea533b7c384

01

02

03

04

05

06

07

PROJECT OVERVIEW

PROJECT METHODOLOGY

SITUATION ANALYSIS

RESEARCH ANALYSIS

RECOMMENDATIONS

LIMITATIONS & RISKS

REFERENCES

08 ANNEXES

▪ Project Scope

▪ Investigation Tools: Meetings

▪ PESTLE Analysis

▪ Professional Football in Portugal

▪ SJPF

▪ Todos Contam (PNFF)

▪ Todos Contam e no Futebol Também

A

B

C

Project Overview

Project Methodology

Situation Analysis


▪ Survey Analysis

▪ In-depth Interviews

▪ Hypotheses Analysis and Validation

▪ Establish a mandatory requirement for

clubs


D

E

Research Analysis

Recommendations


ANNEX | INDEX

86

PRODUCT AND CHANNELS

The project focus in to rethink and adapt the product offer and to redesign the distribution

channels. SJPF aims to reposition itself in the financial education area, increasing the number

of members who benefit from future initiatives.

ANNEX A | PROJECT SCOPE

MARKET

The project was focused in Portugal as Union players must work in the Portuguese

championship.

~

PRIMARY GOAL

The primary goal of this project is to redesign SJPF’s financial literacy programme, with no material constraints, aiming to

decrease the number of bankrupt football players after their retirement.

The customer target is the B2C segment.

CUSTOMER

87


ANNEX B | INVESTIGATION TOOLS: MEETINGS

▪ Introduction to the topic with an overview of the main issues faced as

well as the proposed strategy of cooperation.

▪ Discussion of the main focus points and definition of clear collaboration

goals.

▪ Request of documents to be sent.

MEETINGS SCHEDULE

Meeting 1 (29-10-2021)

Meeting 3 (08-11-2021)

Meeting 2 (02-11-2021)

▪ Clarification of approach to be used in the Work Project.

▪ Q&A for better understanding of how the Portuguese Players’

Association functions, its main areas of focus and responsibility, as well

as the training sessions which take place under its service. follow in

order to use them.

▪ Q&A about what the Todos Contam e no Futebol Também initiative is

and its main characteristics and problems.

▪ Clarification of some points which the previous meetings were not

able to answer.

▪ Request of information to be sent.

▪ Discussion on best questions to be asked and how the answers can

be useful for retrieving information.

▪ Approval of survey to be spread around football players in every

league through email and WhatsApp groups.

▪ Hypotheses presentation and discussion of possible reformulations or

adjustments.

▪ Update on survey status and main findings at this point.

▪ Main findings from interviews so far and feedback regarding the chosen

interviewees.

▪ Request of documents to be sent.

Meeting 4 (24-11-2021)

88


ANNEX C | PESTLE ANALYSIS (I/VI)

KEY TAKEAWAYS

▪ In 2017, the current government implemented its National Strategy for Citizenship Education, in which financial education is contemplated as one of

the subjects to be covered.

▪ The current government collapsed on October 27th, 2021, after the Prime Minister had failed to get the far left to support his state budget. On

November 4th, Portugal’s president dissolved parliament and called an election two years ahead of schedule.

▪ Lack of extraordinary public policies to minimize the national sports situation regarding the COVID-19 pandemic effects.

▪ The government did not contemplate Sports as a relevant sector in the Recovery and Resilience Facility (RRF) to obtain European Funds.

1. The political instability in the country may impose some challenges and concerns on the National Strategy for Citizenship Education’s future prospects.

2. As Sports were not included in the RRF, funds allocation to this industry remains highly uncertain.

POLITICAL

Source: Financial Times, Observador, Governo de Portugal, DGE 89


ANNEX C | PESTLE ANALYSIS (II/VI)

KEY TAKEAWAYS

▪ After a steep increase in the unemployment rate as a result of the first lockdown, it then followed a

decreasing pattern, with a slightly increase after the second lockdown. Despite this, there are signs

the economy is gradually recovering.

▪ In comparison with the Euro area, Portugal has always registered lower levels of unemployment.

▪ In addition, the economic effects of the COVID-19 pandemic were considerably different among

the population, mainly due to the disparate pre-pandemic salary and working conditions and

consumption patterns.

1. In times when the economy is still responding to the economic crisis, providing support on how to recover and start again is key.

2. Financial literacy programmes can play an important role on the post-pandemic situation as a tool to cope with these challenges, most of which were

never experienced before.

ECONOMIC

6,7 6,8 6,37,5 8

6,9 6,6 6,8

7,4 7,4 7,18 8,6 8,1 8,1 7,8

0

2

4

6

8

10

3rdQuarter

2019

4thQuarter

2019

1stQuarter

2020

2ndQuarter

2020

3rdQuarter

2020

4thQuarter

2020

1stQuarter

2021

2ndQuarter

2021

Unemployment rate (%)

Portugal Euro area

Source: Eurostat 90


ANNEX C | PESTLE ANALYSIS (III/VI)

KEY TAKEAWAYS

Source: Relatório do Inquérito à Literacia Financeira da População Portuguesa, Observador

▪ According to a survey conducted in 2015 about the Portuguese population’s financial literacy, despite their level of financial inclusion, there is still

much room for improvement.

▪ The results show that almost 30% of the population do not plan the familiar budget and around 40% have no savings whatsoever.

▪ Over the last few years, more and more social issues such as gender equality, human rights, sustainability, discrimination, mental health among others

have been under discussion. Due to the challenges imposed by the COVID-19, these topics have even more on the agenda, which may not leave

much space for other equally important issues such as financial literacy.

1. Given the general lack of financial literacy among the Portuguese population, it is important to contribute with effective solutions to this problem.

2. Since the COVID-19 pandemic has given rise to the exposure of many social issues, it is important to keel financial literacy on the agenda as it may also

have impacts in other areas.

SOCIAL

91


ANNEX C | PESTLE ANALYSIS (IV/VI)

KEY TAKEAWAYS

▪ There is no significant difference between the internet use of people aged between 16 and 44

years old. However, when it comes to people aged above 45 years old, the percentage of people

who use Internet decreases proportionally.

▪ In general, the Internet use has increased for every age group across time, which suggests the

same pattern will apply for future years.

▪ Furthermore, during the lockdown, the Internet use was intensified, which led to more significant

increases between 2019 and 2020, particularly in the oldest age groups.

1. The increasing internet use over the last few years poses a new challenge for companies, entities and, in this case, labour unions to catch up with the new

technological developments.

2. Given the intensification of the Internet use over the last year and a half as a result of the COVID-19 pandemic challenges, an opportunity to adapt the

existent methods and approaches arises.

TECHNOLOGICAL

20,0

40,0

60,0

80,0

100,0

2016 2017 2018 2019 2020

Internet use by age group (as a % of total individuals)

16-24 25-34 35-44

45-54 55-64 65-74

Source: PORDATA 92


ANNEX C | PESTLE ANALYSIS (V/VI)

KEY TAKEAWAYS

Source: SJPF

▪ According to the law, only certified entities can provide training sessions.

1. SJPF is simply the sponsor of the financial literacy programme so, according to the law, it cannot provide training sessions by itself.

2. Therefore, it must establish a partnership with a certified entity in order to put the programme into practice.

LEGAL

93


ANNEX C | PESTLE ANALYSIS (VI/VI)

KEY TAKEAWAYS

▪ Despite the profound economic and social impacts of the spread of the coronavirus, at the environmental level, the crisis did not actually increased the

pressure on the environment. As a consequence of the new living and working habits imposed by the lockdown, there were significant positive effects on

the environment:

− Fuel burning emissions decreased by 21,9%;

− Energy consumption, namely electricity and natural gas, decreased by 3,8% and 9,4%, respectively;

− Household consumption composition changed in the first three quarters of 2020 with an increase in the private consumption of foodstuffs;

− Sector waste generation decreased, despite the increase in municipality waste generation;

− Air quality improved due to the decrease in the average hourly concentration of nitrogen dioxide in urban and rural environments.

▪ Decarbonization is a main priority established in the RRF.

1. Unlike at the economic and social levels, the COVID-19 crisis actually reduced the pressure on the environment, meaning that, by continuing the good

practices acquired during this period, it is possible to reduce the environmental impact.

2. As these new habits have become embedded in people’s lives, taking advantage of this opportunity in order to preserve the environment and the natural

resources is key.

3. Aligned with the RRF’s goals, contributing to the decarbonization should be a priority for this project too.

ENVIRONMENTAL

Source: INE 94


ANNEX C | PROFESSIONAL FOOTBALL IN PORTUGAL

Football Clubs

League 1 League 2 League 3Campeonato de

PortugalWomen’s League

Number of football clubs 18 football clubs 18 football clubs 24 football clubs 61 football clubs 16 football clubs

Number of football players 533 football players 451 football players 572 football players 1427 football players 360 football players

Average Salary 5000€ - 6500€ 2000€ - 3500€ 1000€ - 1500€ 665€ - 1000€ 665€ - 1000€

Minimum Salary1995€ gross salary

3x national minimum

wage

1163€ gross salary1,75x national minimum

wage

997,5€ gross salary1,5 national minimum

wage

665€ gross salarynational minimum wage

665€ gross salarynational minimum wage

115

Football Players

+3300

Professional Male Leagues

League 1

League 2

League 3

Campeonato de Portugal

Professional Female Leagues

Women’s League

*This information is based on data from SJPF and its associates and may differ from official sources

95Source: SJPF


ANNEX C | SJPF (I/II)

Support football players’ individual and collective interests, particularly of those who are

considered to be at risk concerning their rights and working conditions.

MISSION

REPUTATION

Education

Health

Legal

Job

Founded in 1972, the SJPF organization is the active voice of the Portuguese players

and it is present in the important decision moments, as a result of the cooperation

between the union and the national and international institutions that regulate sports and

football in particular.

HISTORY

Union

Social Protection

Information

Proximity

Merit

Representativeness

Solidarity

ASSOCIATES

62 (1,8%) 3480 (98,2%)

As part of its Education and Training programme in partnership with the

Portuguese Football Federation (FPF), SJPF decided to implement a

special project devoted to financial literacy for football players: Todos

Contam e no Futebol Também, an adaptation of an already existent

project by Conselho Nacional de Supervisores Financeiros.

96Source: SJPF


ANNEX C | SJPF (II/II)

SOURCES OF FUNDS AFFILIATION FEE

CHAMPIONSHIP

100,00€I League

60,00€II League

20,00€Campeonato de

Portugal

ANNUAL VALUE

97Source: SJPF

Broadcast rights

European funds through

Erasmus+ programme

Affiliation fees

FIF Pro member:

Football players’ image

rights


ANNEX C | TODOS CONTAM (PNFF)

▪ Raise awareness for the importance of financial education

▪ Raise awareness for the necessity of planning a family budget which

accounts for both revenues and expenses.

▪ Increase knowledge regarding basic financial concepts in order to allow for

better comprehension of information in the financial system. This allows for

better judgement of financial products and thus better choices which fully

account for risk.

TRAINING SUBJECTS

Improve financial knowledge and attitude

Develop saving habits

Promote responsible credit recourse

Increase knowledge on how to use digital financial services

Support financial inclusion

Create precaution habits

Reinforce financial knowledge in business

▪ Raise awareness on what digital financial services are and for the safety

measures to follow in order to use them.

▪ Raise awareness for the risks in using digital financial services, namely on

the ease of access to credit products and the consequences on impulse

purchases.

▪ Promote responsible credit use, properly weighting the added expenditure

on the family budget both in the short and medium terms.

▪ Incentivize the population to make adequate choices regarding credit

products, aligning the purpose of the credit with a product with

advantageous characteristics.

▪ Alert the population for the risks of overdebtness, as well as for the

economic and social consequences associated with it both individually and

collectively.

▪ Alert the population for situations that can indicate fraud or other potentially

harmful of their rights on the financial markets.

▪ Raise awareness for the importance of preventing unexpected expenses

that can affect the budget (e.g., disease, unemployment, catastrophe,

accidents, etc.), explaining the role insurances have on managing and

mitigating such risks.

▪ Inform the population on the access to minimum banking services which

include a banking account and basic paying services.

▪ Increase the financial competences of entrepreneurs, businessmen, and

managers of micro, small and medium sized companies in order to allow for

an appropriate choice of financial products.

▪ Increase financial competences of entrepreneurs regarding social economy.

▪ Raise awareness of entrepreneurs, businessmen, and managers of micro,

small and medium sized companies on the importance of financial literacy in

the development of capabilities and trust. These allow them to become more

attentive on the risks and financial opportunities, make informed decisions

and know where to go for assistance.

▪ Raise awareness on the importance of saving as a mean to strengthen the

patrimony and to face unexpected or occasional expenses.

▪ Raise awareness on the crescent individual responsibilities in saving for

both retirement and health purposes.

▪ Stimulate the population to make adequate choices in applying their savings

in order to be able to generate revenues and risk which are adequate and

suitable to the consumer’s profile.

98Source: CNSF- Plano Nacional de Formação Financeira 2016-2020


ANNEX C | TODOS CONTAM E NO FUTEBOL TAMBÉM

▪ Campaign’s official launch

▪ Assessment of the players’

financial knowledge through a

diagnostic study

▪ Definition of the training subjects

▪ Training for trainers

▪ Initial training project

▪ Partnerships establishment

▪ Financial training week

▪ Presentation of the materials

for financial training for football

players

▪ Publication of the campaign

flyers

▪ Publication of the results from

the initial study

▪ Training initiatives on Financial

Literacy for football players

from the I and II Leagues and

young players from the national

championships

▪ Financial training week

OCT – NOV 2018NOV 2017 – DEC 2018OCT – NOV 2017JUL – SEP 2017

TIMEFRAME

99Source: Todos contam e no Futebol Também


ANNEX D | EXTERNAL BENCHMARKING (I/IV)

▪ Understand professional football player financial goals and priorities01

▪ Design an investment plan based on the diagnosis02

▪ Explain what the professional football player can expect at every stage of the planning and investment process03

▪ Explain, in simple terms, how investments work and the choices available, before the football player make any decision04

▪ After the choice, regularly review of both football player circumstances and investments aiming to guarantee that the plans

stay on track. 05

There are not any charges until the professional football player is certain that the plan added value. The initial and ongoing fees are agreed, and set out clearly

in writing, before the diagnosis starts.

Action Plan

Fees

United Kingdom

Source: Pro Sport


100

ANNEX D | EXTERNAL BENCHMARKING (II/IV)

▪ Presentation of our activities

▪ Discovery and Knowledge of your situation

▪ Qualification of your investment objectives and criteria

▪ Taking into account your ESG & SRI sensitivity

▪ Conduct of regulatory obligations

01

▪ Presentation of our intervention according to the services requested

▪ Signature of the mission letter02

▪ Study of the Patrimonial Balance Sheet, taking into account any adjustments, recommendations

▪ Validation of the strategy Possible specific themes to be deepened03

▪ Implementation of recommendations

▪ Compliance with European standards of the duty to advise04

▪ Implementation of the accompaniment:

▪ Follow-up of recommendations

▪ Updates

▪ News, regulatory monitoring and case law

▪ Summary of your assets

▪ Tax returns

▪ Themes to be explored in more depth

▪ New missions...

05

SERVICES

Financial Investment Advisory

(CIF)

Intermediation in Banking and

Payment Services (IOBSP)

Insurance Brokerage

Foresight

Real estate agent

ACTION PLANFrance

Source: MoneyVox, Extra Sport Conseil


101

ANNEX D | EXTERNAL BENCHMARKING (III/IV)

▪ Your plan01

▪ Your Cash Management02

▪ Your Credit03

▪ Your Savings and Investments04

▪ Your Businesses05

FAQ

Covered by UEFA

Throughout the year

Online

25 hours

English

MODULES

▪ Your Environment06

▪ Final Quiz07Certificate of completion

UEFA

Source: Financial Times Adviser, UEFA, UEFA Academy


102

ANNEX D | EXTERNAL BENCHMARKING (IV/IV)

• Social Media

• Personal Branding

• Partnerships

• CV writing

• Career Planning

• Managing Finances

01Training

All participants in the programme would be offered the opportunity to have a mentor from a senior stakeholder at Visa or one of the VISA’s partners.

The goal is to partner the participant with a mentor from a business area that is aligned with her interests or long-term career goals.

02Mentoring

There is no cost with this programme

03Networking

Fees

Sessions

Visa is a world-known brand, that has an extensive network of partners in different industries. The participants benefit by having an opportunity to

build their network across the sectors.

Visa offers the opportunity to internship in some of their European offices or with some of their partners. Currently due to COVID-19 the work

experience session is not happening.

04Work

Experience

UEFA & FIFA

Source: VISA


103

ANNEX D | SURVEY ANALYSIS (I/II)

SURVEY CHART

Age

Championship

Level of

Education

During the COVID-19

lockdown, how was your

monthly income affected?

- It Increased

- It did not suffer changes

- It was reduced due to

lay-off or other

contractual agreement

- I had no income

During lockdown, how

did you change your

saving habits?

- I increased my savings

level

- I did not change my

savings level

- I reduced my savings

level

- I have not saved

Do you know the Todos

Contam e no Futebol

Também programme?

YES

NO

Would you be interested in

participating in any formation

promoted under this programme?

YES NO

Would you change your answer

to the previous question if the

programme was online?

Todos Contam e no Futebol

Também is a financial literacy

programme created for

professional football players. The

initiatives include squad formations,

workshops and other awareness

campaigns in order for the

participants to understand

concepts such as the importance

of maintaining healthy saving

habits, how to plan a family budget

or how to invest in the medium and

long-run, etc.

Considering the above

description, would you be

interested in receiving

more information about

the programme?

YES

NO

Would you change your

answer to the previous

question if the

programme was online?

Yes

No

NoYes


104

ANNEX D | SURVEY ANALYSIS (II/II)

173 VALID ANSWERS

Women's Football

Others

III League

II League

I League

12th grade

4th grade

6th grade

9th grade

Bachelor'sdegree

Master'sdegree

Championship Level of EducationAge

Chart 1: Age distribution Chart 2: Championship distribution Chart 3: Level of education distribution

0

2

4

6

8

10

12

14

16

18

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41


105

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (I/VIII)

▪ Recording request

▪ Data protection rules and request to mention name in interview’s

documentation and transcripts

▪ Detail interview procedures: sincerity, informality, detailed answers

▪ Explain the purpose of the interview

PROFESSIONAL PLAYER INTERVIEW

Introduction

PART 2 – During the career as a football player

PART 1 - Demographics

▪ Age

▪ Level of Education (completed)

▪ During your academic path, did you have any kind of financial literacy

training?

▪ What about during your career as a football player?

▪ Do you consider financial literacy to be a relevant topic in the development

of an individual? Why?

▪ Nowadays, who manages your financial situation?

▪ In a scale from 1 to 10, how comfortable did you feel in that position? (either

being the one managing the finances or having someone else doing it)

▪ Taking into consideration all the information you were able to gather during

your career as a football player, do you consider that having some sort of

training in this matter would have been relevant to make decisions in the

past? If yes, in which areas? (savings, investment, personal finances, etc.)

▪ In your experience, which one do you consider to be more effective? One

longer session where topics such as savings and investment are covered

without detail but in a general matter, or more smaller sessions where in

each session a topic is discussed in detail?

▪ In your opinion, should these sessions (regardless of the duration and

characteristics previously discussed) happen once during the career or

should be repeated in a timely manner so that players can be reminded of

the topics discussed?

▪ If an online platform was created where players could find information

regarding every finance-related topic but which could be accessed at any

time of any day, do you think this would be well received as a complement of

the live sessions?

▪ Which of these seems more appropriate as a trainer? A) A former player

who received training; B) A former player and a professional trainer; C) a

professional trainer alone.

▪ To wrap up, we would like to know if you have any investment idea for the

future or if you prefer to wait until retirement to think about it?


106

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (II/VIII)






YOUNG PLAYER INTERVIEW

Introduction



▪ Age



training?







▪ Do you feel that some financial education could help you in this department?

If yes, in which topics?

▪ Comparing with your older peers, do you consider that the perspective

towards money and its management is different?












the live sessions?




▪ To wrap up, we would like to know if you have any investment idea for the

future or if you prefer to wait until retirement to think about it?


107

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (III/VIII)






PLAYER WITH FINANCIAL DIFFICULTIES INTERVIEW

Introduction



▪ Age



training?







▪ We know that a few years ago you experienced some financial difficulties.

Can you tell us a little about your story and what happened?


your career as a football player, do you consider that having some sort of

training in this matter would have been relevant to make decisions in the

past? If yes, in which areas? (savings, investment, personal finances, etc.)












the live sessions?





108

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (IV/VIII)






FORMER PLAYER INTERVIEW

Introduction



▪ Age



training?




▪ During your career as a football player, did you manage your own finances

or did someone else do it for you?

PART 3 – After retiring from professional football

▪ How long did you retire from professional football?

▪ And how long did it take for you to find a new occupation after retiring?

▪ Nowadays as a retired football player, who manages your finances?

▪ We know that today you work at SJPF. Can you tell us a little about your

work and what you do?

▪ As an education promotor, do you think football players seem available to

participate in training sessions developed by SJPF, independently of the

topic in question?

▪ Have you considered offering some sort of incentive in order to increase

participation rates?

▪ At the moment, the financial literacy programme predicts a collaboration

between SJPF and CNSF. Have you considered partnering with other

specialized organizations such as, for example, a financial entity or a

consultancy company?




your career as a football player and, in the present days, as a retired player,

do you consider that with some financial education you could have made

different decisions in the past that could have had an impact today?


109

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (V/VIII)






COACH INTERVIEW

Introduction

PART 2 – During the career as a coach


▪ Age



training?



▪ From your experience as a coach, do you believe that players give the

necessary importance to this topic? Why?

▪ Do you think that the posture of a player towards money varies with age?

What about championship?

▪ What subjects/topics do you consider to be more relevant or important to be

tackled?

▪ From your experience, which types of sessions and activities are more

effective to pass the message?

▪ Throughout the years you have been coaching younger teams as well as

senior ones. Have you ever tell or have you ever been told that a player of

your team was experiencing financial difficulties?

▪ If yes, do you consider that these problems were the result of poor

management skills or do you think there were external factors influencing

the outcome?

▪ We know that the role of a coach has changed considerably in the last few

years. His/her role shifted from a purely trainer function to more of a mentor.

That being said, do you adopt that role of mentor in your day-to-day life? If

yes, have you ever mentioned the topic of financial literacy?

▪ In the UEFA PRO course you had to be part off in order to be a professional

coach, was the topic of financial literacy ever mentioned?

▪ Do you consider that clubs should have a preponderant role in forming

players? If yes, how can they do it?

▪ During the pandemic did you maintain contact with your players despite the

championship being suspended? If yes, which digital means did you

adopted? Do you consider that these were effective?


110

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (VI/VIII)






SJPF PERSPECTIVE

Introduction

PART 2 – Career background


▪ Age


▪ For how long have you been working at SJPF and what led you to this

organization?

▪ What is your role in this organization?

▪ Please state three positive points and three negative points of the SJPF as

an organization.

▪ In a scale from 1 to 10, how independent and autonomous do you consider

the SJPF to be? Why?

PART 3 – Financial literacy programme

▪ Why did you decide to create this programme in 2017?

▪ What was your role in the creation and implementation of this programme?

▪ Please state three positive points about the current programme and three

points that, in your opinion, need to be improved.

▪ In a scale from 1 to 10, how do you evaluate the current programme? Why?

PART 4 – Hypotheses study

▪ Taking into consideration the relationship between you and football players

as well as the feedback they give you, what are the most relevant points that

should be addressed in the programme?

▪ From your experience, do you think the most relevant points to be

addressed change by age group or league?

▪ We know that that the current programme is a partnership with the CNSF

and that, because of that, the current trainers must be appointed by the

PNFF. What is your opinion regarding this?

▪ Have you ever considered structuring the programme such that you use a

professional trainer and a former player together, thus maintaining the

content focus but adding the empathy and professional experience of a

player?


111

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (VII/VIII)

▪ We know that a few initiatives were organized in the past and external

professional trainers were chosen to conduct them. Can you take us through

the recruitment process and explain us in which conditions these trainers are

hired?

▪ In your opinion, with which frequency should these sessions be done? Why?

▪ From what you could observe of other training sessions or awareness

initiatives organized in the past, which method seems more efficient: small

sessions (max 30 minutes) but in which each topic is detailed, or a longer

session (for example, 3 hours long) that covered every topic at once in a

shallow way.

▪ What kind of adaptations were implemented in SJPF in light of the COVID-19

pandemic?

▪ The fact that training sessions were not performed online was an imposition

from the CNSF/PNFF or the programme was simply not developed enough

for that transition to be possible?

▪ Ignoring the existence of the COVID-19 pandemic and its impact on society

for a second, did you ever consider shifting these sessions to an online

format? This could reduce logistics problems and would allow for better

customization of programmes accounting from age and salary differences.

SJPF PERSPECTIVE

▪ Do you know the online platform of the PNFF?

▪ Do you consider that the creation and implementation of an online platform

similar to the one from the PNFF in the SJPF’s website as a complement from

training sessions would be positive?

▪ We know that, as part of clubs certification process in the FPF, they have to

reach a number of objectives and implement specific actions. In your opinion,

do you think it would be beneficial to impose a mandatory requirement for

financial literacy training sessions in clubs? Why?

▪ What if this mandatory requirement was aimed at players instead of clubs,

that is, for a football player to be able to compete in a professional league, he

would have to take part in a financial literacy training session? What if it

included not only the financial literacy theme but also other themes deemed

necessary in their careers?

▪ At the moment, some sports unions have established partnerships with

companies deemed relevant with the purpose of enriching their respective

programmes. Through these partnerships, they organize workshops,

seminars and other activities about subjects in which they are very

experienced. Have you ever considered establishing similar partnerships in

Portugal? Why?


112

ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (VIII/VIII)

▪ In your opinion, do you think these partnerships would be positive for the

SJPF, considering its current structure and plan model?

▪ We know that at the moment the participation rate is below expected. Have

you ever considered implementing an incentive scheme associated with

participation? For example, reducing annual quotas for associates, offering

free mentoring sessions, etc.

▪ Do you see any advantage in this suggestion?

SJPF PERSPECTIVE

PART 5 – Final considerations

▪ If you could redesign the programme, what would you change?

▪ Where would you like to see the programme in the short run (1 year) and in

the medium run (5 years)?


113

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (I/XVI)

League I

“During my career as a football player, I participated in a training session on

financial education, as part of the course I took in dual career management, but I

cannot remember the exact number of training hours. It was mainly about

investments and how the money is spent: real estate, cars, investments, even

cryptocurrency, which is a more recent investment. Basically, it was an

opportunity to know more about investments and about what we have, how long

it will take and for how long can we make it work. These training sessions were

promoted by SJPF and ISCTE, about six months ago and all the training

sessions were held online due to the COVID-19 pandemic. Besides football

players, there were also gymnasts participating in these training sessions.”

Bachelor’s

degree40 years old

Financial literacy background

Importance of the topic

“Of course it is important. As football players, we have a lot of connections, many

different people reach out to us, managers, friends, and the football player can’t

always know exactly what each of them will bring, why they are apporaching

him, if they are actually friends and want to help. Therefore, as long as we have

some basic knowledge at least we can better understand the real intentions of

these people. That is, we can get if that person is bringing something beneficial

for me and my family or if that person is trying to deceive me or take advantage

of that particular moment or of the football players’s image. If we look at the

statistics, we can see what happens to the football players’ careers when they

stop to play, what they earn during the career and how they finish it. This was

also discussed on that training session. When football players are young they

only look at the present, without thinking about the future. But these sessions

promoted by SJPF end up helping players to plan 10 years ahead, for example.”

Managing familiar budget

“For quite some time, my wife and I manage the familiar budget because she

works too. On a scale of 1 to 10, I would say a 7 describes how confident I am

on doing it. The other three points left have to do with my lack of knowledge

about investments. My father was also a football player and, because he

suffered much more than me, I always had his example of how important it is to

have savings and he helped me a lot on that matter. That’s why my difficulty is

related to investments. Not that I don’t try to know more about it, but still I think I

could do more in that sense.”

Training sessions content

“I wish I could have had training sessions on investments earlier in my career so

that I could have not only savings, but also investments. Currently, I am taking

an online course on investments, promoted by a Brazilian entity. The first

session covers all types of investments, as a starting point, from the most basic

to the most complex ones. I’m taking this course for myself, but obviously that if I

had this type of training from SJPF or other entity I would appreciate it.

Timeframe

“I would prefer to have shorter and more intensive sessions, to go more in depth

on the content. In terms of opportunity, I think the player shoud have the chance

to take one of this at least two times per year. Quarterly sessions is almost

impossible to put in practice, unless it is a short training.


114

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (II/XVI)

League I Bachelor’s

degree40 years old

Online service

“I think the existence of a platform as a complement would be a great idea.

Besides the financial literacy and the investments, whether it is more basic or

more complex, I think psychology is also important to be covered. Mental

questions such as the importance of the family, to stay close to other people who

can bring you positive things for your life. (…) Financial stability comes as a

result of a stable family and a clear and stable mind. It is important to know

myself and what I want to do and how I want to be some time from now.”

“I would choose to have professional trainers and former players. Combining the

examples of the former players with some qualified experience and the

professionals in financial literacy, will certainly help to put the theory into

practice. Not only we have the theory explained by the professional in this area,

but also the practical examples of the former players. As such, it is easier for the

players to understand and retain the message conveyed.”

Trainers

“I have been preparing to stop playing football over the last five years, but the

most difficult part for me is to decide what I want to do afterwards. (…) As I said,

about 80% of the football players need to find a new job right after stop playing

because what they earn is what they spend. If it is for a matter of necessity, I will

accept the first offer but being prepared to give my best until I am able to change

to that position that I really want. If there is an opportunity to wait a little bit, I

would wait and prepare myself for that new market, which is completely different

from the football market. Since the beginning of my career that I have been

saving and making some investments in order to prepare for the future”.

Post-career


115

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (III/XVI)

League II (Young Player)

“No I had nothing similar to financial training during school.”

“No, during my career I also haven’t had financial literacy training.”

12th grade22 years old



“Without a doubt. Very important. I think that not only for a football player but for

everyone who starts working, either with an university degree or not, knowing

who to deal with money is very important and no one teaches us how to do it.

They do not teach us how to save and how to invest and I think this is something

that is missing in our school programme.”


“I am the one managing my familiar budget. On a scale of 1 to 10, I would say a

6. I think I deserve a positive grade because I manage my money just fine.

However, I cannot give more because I am not totally comfortable doing it and I

do not have all the knowledge I should have.”


“I think savings and investments are very important. The way education is

structured in our country nowadays creates unprepared individuals in terms of

money. We start making money in our jobs but since we have no background

information on what to do with it, we just keep it in the bank which is not really

saving money since it is useless. If we had some notion of what types of

investments exist or where to apply your money in a way that it is not just

standing there, we could make better decisions.”

Timeframe

“Shorter sessions for sure. If they take less time but are more specific, we can

stay focus longer. Otherwise we would not hear the entire session because we

would eventually be distracted with something else. Yes, I think it should be

regular. Since we evolve as players, what I think and prioritize now may be

different from what I will think in a few years so I would need regular sessions.”

Online service

“Yes for sure. That is very useful. The ones that would like to know more about a

topic would consult the platform. Those who are not interested would not be

affected by it. So yes, I think it would be relevant.”

“I would prefer the option with the professional and the former player. If we have

the opportunity to extract the best in each person, we should always go for that

option. like to have professional trainers for sure, but it’s always important to

have some practical examples. Therefore, I think both would be better.”

Trainers

Young perspective

“That depends a little on the person. Some colleagues are more willing to save

and are very responsible with money while others are not. I think that,

considering my age, I am responsible and conservative about money. However, I

do think that the older we are, the more we know how to deal with money so in

this sense I would say that yes, the perspective towards money evolves with

age. In general, young players do not care as much as older ones because

some, like me, still live with parents and do not have any major responsibilities.”


116

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (IV/XVI)

League III

“During my academic path, I have never had a training session on financial

literacy”.

“During my career as a football player, I think I had two. They were not in that

context, but they led us to those topics of savings, etc. They were promoted by

PFA, because I was abroad. It was when I was in England, because the English

Player’s Union had many of those initiatives and the two training sessions I had

were in the same year. Moreover, they had some interesting investments which

could be suitable for some players. The training sessions were meant for the

entire team.”




“I think it is very important. I even think that we should decide to have those

warnings for younger players earlier in their career because not only but

specially in football we earn a considerable amount of money too early. I mean, it

ends up being easy money because we do what we like, we get well paid but the

fact that we are young combined with the money that we get opens up some

paths which are not ideal for us, for our future. Thanks to my parents, I have

always kept my feet on the ground, not spending much and focusing on my

studies. But it is always important to have those warning as not everyone

receives that piece of advise from their parents.”



10 describes how confident I am on doing it because I really trust myself. I prefer

to trust myself than other people.”


“I think the savings topic is really important because I feel that we, the players,

only live the present and that’s not good. On one hand, it’s good because we

have both negative and positive experiences and we learn with all of them. On

the other hand, I think there isn’t much care about the future, specially in terms

of savings. That’s why I think it could be great to have some guidance in this

sense.”

Timeframe

“In general, I think many short training sessions would be better in order not to

have loads of information on the same session because at some point it is

impossible to retain everything and there are many important topics to be

covered. Although in those short sessions, some topics may not be of everyone’s

interests, I think it is preferable to take that risk and do more sessions with low

duration.(…) I think the training sessions should be continuous.”

Online service

“Speaking for myself, I like to read about those topics and to be aware of the

updates, but I think not everyone is like this. Some people do not have much

patience for that. Personally, I prefer online content. I think it would work better

as a complement to the usual on-site format.”

“I would like to have professional trainers for sure, but it’s always important to

have some practical examples. Therefore, I think both would be better.”

Trainers


117

“For me I would say managing the family budget or maybe investments. For

example, in my case I am close to retirement and maybe I could invest in a

business for the future. However, since I lack the knowledge to do it, I do not feel

comfortable and so I have not invested in anything. So maybe with some

training I could retrieve some dividends as a professional.”

“I am the one managing my familiar budget. On a scale of 1 to 10, maybe 8 or 9.

There is no reason for me not so say 10 since I feel like I am capable of

managing my own budget easily. Of course that this is considering my current

financial possibilities. In the current financial situation I am at, I can manage my

expenses well and can maintain a stable financial condition. Nevertheless I

believe I could manage it even better with some more knowledge so I think these

training sessions are important.”

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (V/XVI)

Campeonato de Portugal

“No, in school I did not have anything related with financial literacy.”

“No, that I recall I also did not have anything related with financial literacy during

my career.”

33 years old



“Yes, I think it is important even if just for us to learn how to manage our own

resources.”



Timeframe

“I would say more days but smaller sessions. Maybe in the past I would have

chosen the first option of longer sessions but fewer because I had less time and

would most likely prefer to have some knowledge, even if not that detailed, but

that would not imply me spending a lot of time doing it. Now that I am close to

retirement, maybe I would prefer the latter one because it allows me to have a

more detailed knowledge of the themes.”

“Regarding frequency I would say once a year or something on those lines.”

Online service

“Yes I think that would be important.”

“Maybe the platform could have other themes besides finances such as mental

health, psychological support, or technical knowledge on the football area.”

“If they could guarantee that the former players had all the necessary knowledge

to be able to give these training sessions I think I would prefer that because they

also know the football world very well and can give their insights on that.

However, if they lack some knowledge, maybe a professional trainer would be a

good complement.”

Trainers

9th grade


118

“For me I would say savings. Learning how to save properly and not just keep

money so that saving is actually useful. And now speaking for everyone in my

league and not me particularly because, as I said, I think I do a good job in

managing my finances, I would say that because women only started being paid

to play a few years back, it would be important to explain them that they cannot

spend everything they earn because that money can be important later on.”

“I am the one managing my familiar budget. On a scale of 1 to 10, maybe a 7. I’ll

say a 7 and not a 5 or 6 because I think I am coherent in managing my finances

and do an overall good job. I can control myself and not buy everything I see so I

think I’m a 7. However, I do not give more because maybe I could manage it

better or make a better use of it. I can save money but I do not know exactly

what to do with it. I am not talking specifically about investments but maybe on

how to save money with more knowledge of it because without knowledge I’m

just keeping the money.”

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (VI/XVI)

Women’s Football

“No, during school I did not have any training sessions on financial literacy”.

“No, I also did not have training sessions about finance during my career as a

football player.”

24 years old



“Yes, for sure. Not only us as athletes but everyone. The women’s football world

is growing a lot and very fast and a few years ago we did not receive anything as

players but since we do now, I think it is very important to learn about this

subject so that we have an idea of what to do with the money we receive. But

this is something everyone should learn about. Not in college but before, in high

school. I think it is very important and needed now.”



Timeframe

“I would say more days but smaller sessions. Maybe not sequential days but for

example once a week. Longer sessions are tiring and our concentration really

decreases.”

“I think frequency should be once a year because from one year to the other our

work conditions can change and maybe our focus points in those sessions or

even our perspective on one issue can also change.”

Online service

“Yes I think that is a good idea, specially because we do not have the same

schedules and while some workout in the morning, others do it in the afternoon.

With this platform the ones that could not go could replay the session to keep up

with contents.”

“I think one professional who as the technical knowledge, and the experience of

a former player who managed his/her finances well for example.”

Trainers

Bachelor’s

degree


119

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (VII/XVI)

Player with financial difficulties

“No I did not have financial literacy sessions during my academic path.”

“No, during my career I also did not have financial literacy training.”




“Of course it is because it helps us get a new perspective and view of how to

manage our money and assets. I also think it is important because in case

something happens financially speaking, we are not as unprepared as we would

be without some knowledge.”



7. I feel comfortable because I’ve been doing this for a long time now and I’ve

been able to do it properly. However, I still lack the knowledge. I have the

experience but without knowing the technical knowledge behind it so I think that I

cannot give a higher number in the scale.”

Financial difficulties | Low detail for confidentiality reasons

“I played both in Portugal and oversees so I was able to save a lot of money.

However, after I returned to Portugal, I was hired to play in a club that failed to

pay me for 3 years. This means that during 3 years I was spending the money I

had saved in the years before without being able to increase it in any way. So

during these 3 years I lost everything: my savings, my quality of life, my

confidence in the Portuguese market, my patience. It was hard to manage

because I went back to the beginning. I think that when I was 18 years old I was

better than I was after these 3 years.”

“Nowadays every thing is stable but I play and I work. I will never trust the

marker again to play exclusively. I work because I know that if this happens

again, at least I can receive a payroll from the other job.”

“I would say that financial literacy is not that relevant in this situation because

this was not a mistake I made managing my budget or spending above my

capacities. However, I do believe that if at the time I knew how to invest I could

have probably done it which could then give dividends when I was not receiving

in the club. So yes, if we are considering investments I do believe that with some

knowledge things could have been different, even if the club situation was out of

my control.”


120

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (VIII/XVI)

Player with financial difficulties12th grade32 years old


“I think learning how to use tour savings to generate extra revenues is one of the

most important topics. When I saved money, it was just “dead money” because I

was not doing anything with it, it was just in the bank waiting. This is, of course,

not that good because if we are not able to multiply it, it will eventually decrease

until zero and as you know we have a lot of retirement ahead of us so we cannot

reach zero in our bank accounts.”

Timeframe

“In my opinion it should be shorter and more detailed. From my experience,

players are not that focused in these theoretical sessions so if you give them too

much information, they will just pick pieces here and there. That being said, if

sessions are shorter maybe they can maintain focused throughout the entire

session.”

“Definitely with a good frequency, maybe yearly. But I also think that it should

start not in the senior teams but before, while players are young and beginning. I

say this because first of all the younger you are, the better you learn because

you are more focused. Second of all. its when players are young that they create

a routine and begin automatizing their behaviour so if financial literacy and

responsibility is taught at a young age, maybe financial problems decrease in the

future.

Online service

“Of course it would be a good complement. This platform could include

everything: from managing your career to managing your finances. It could also

include information about mental health and psychology support because

football players need a lot of preparation in this sense.”

“The second option for sure. Former players know what we’ve been through and

can give their insights on the matter but we also need someone who knows the

technical knowledge and can teach us how to do some things we are unable to

do on our own.”

Trainers


121

“During my career I was the one managing the budget. On a scale from 1 to 10 I

would say I would give a 9 to by level of confidence because although I was

great in managing my expenses, I lacked some knowledge about investments.”

“Yes, not underestimating the importance of the other areas but financial literacy

is one of the most important because we deal with finance every day. So in this

sense, in my opinion, it is as important as math, Portuguese or any other school

subject.”

“I would not say that it is more important for a football player. I believe that

independently of what you earn every month, either 10000€ or 500€, it is still

very important to have knowledge on the matter. Of course that, for an elite

player, it is more relevant in the sense that without this knowledge he may not

take advantage of his position or status while he is earning a salary that is above

average and thus will not contribute to have a stable life post-retirement as he

could have had.”

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (IX/XVI)

Former player | Career

“No, during my academic path I did not have that kind of training and, if I may

had, I did not valued much. Nowadays I believe it would have been very

important.”

“No, during my career I also had no training regarding this subject. I had to

search that information in an autonomous way through books for example,

although I recognize it would have been valuable.”

37 years old




Impact

“Yes I would probably have made some different choices. When I say it would

have been useful I am not speaking of how to avoid unnecessary expenses

because I did not have them, but the investment part would have been

important. If I had the knowledge, I could have taken advantage of my above-

average salary and good credit situation to invest in, for example, real estate.”

“If I had done things right I could now have a much larger patrimony than what I

have.” So yes, I would probably live in a different situation today if I had receivedthese sessions in the past.”

Bachelor’s

Degree


122

“As manager at the education department I can say that players are not very

interested and receptive to our training sessions, regardless of what is being

taught. Sometimes they are the ones that suggest topics as things they would

like to learn more about and once we manage to organize these sessions, the

audience is below expected because they simply decide not to participate.”

“Players do not give the necessary importance to this as they should. A football

player’s career is much shorter than other people’s and they should focus on

what they will do after retiring. However, they do not care until they are married

and with kids because before this, they are not bothered with the future.”

“At the SJPF, I am responsible for the education department as well as manager

of dual-careers. In essence, I am responsible for all the education of football

players and I promote education as an important step of their lives. I focus on

how to manage studies and a football career since many players believe that,

because they are professionals, they do not have the time to focus on their

studies. I try to show them that it is possible using my example and that of other

players who managed to maintain a dual-career.”

“Besides this, I also follow their careers and assist them on other levels such as

legal problems, salaries, how to deal with agents and managers, etc.”

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (X/XVI)

Former player | Post-career

“I retired from professional football 6 years ago.”

“I immediately started working after retiring from professional football. I stopped

playing by choice because I had already been offered a position related to

football which I chose to accept.”

37 years old

Retirement years and job prospects

SJPF position

Players’ availability

Incentives

“We prefer to teach by example so the way to show them that it is an important

topic is by showing other players who participated in training sessions or

invested in their education and how that impacted their lives. Of course there are

also examples of players who earned millions while they were players and

nowadays have nothing but we prefer to show the good examples instead of the

bad ones. We also like to focus on motivation. If we can motivate them to be

better they can become a better version of themselves both on field and in life.”

“I would say an incentive would have to be money but even this fails to increase

participation rates. In the past, we have offered training sessions which cost

hundreds of euros in an attempt to increase participation rates but it did not

work. It is simply a matter of them, inside, deciding that this is important in their

lives and for that we must work on motivating them and showing them that it is a

positive thing instead of trying to lure them into participating.”

“I would say, however, that this is shifting. When I was younger, when a football

player understood he would become a professional player he would simply give

up on school. Nowadays, players usually finish at least the 12th grade because of

their parents and club’s pressure to do so.”

“In my opinion, what is missing relates to what happens after they are finished.

For it to work, players would need to understand that after they were finished

with the sessions, there would be some sort of follow-up. After they finished they

could put in practice what they learnt and, with some help, transform their new

knowledge in money. This would of course help with the motivation problem I

mentioned before. However, the SJPF does not possess the necessary

resources to do so.”

Appointed difficulties

Bachelor’s

Degree


123

“I think that a way to motivate players to participate would be to allow them to

choose in which theme or themes they wanted to focus on. Of course that every

programme has a theoretical and more general part in the beginning but such as

a medicine course where after a few years students are allowed to choose a

specialization, maybe players could also choose in which area they wanted to

focus their time on instead of learning about everything as they may not find it

that interesting.

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XI/XVI)

Former player | Post-career

“I would say that if mentoring was divided by themes it could work. For example,

if a player was interested in real estate there was a person who knew a lot about

it and could help them.”

“However, from what we know, players who are really interested in doing

something for what they lack the knowledge, they usually hire someone to help

them. They sometimes ask us if we know someone or find someone on their

own and go ahead with their projects.”

“But yes, I think that if the programme included some sort of mentoring or post-

session follow-up players would be much more interested in participating.”

37 years old

Mentoring as a complement

Content customization

Bachelor’s

Degree


124


ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XII/XVI)

Coach

“No I did not have any financial literacy classes during my academic path.”

41 years old

Financial difficulties

“Yes I’ve known players who experience some difficulties. I know players who

split a house with other players to be able to pay less rent or avoid travelling to

other cities to visit their families on weekends because they do not have the

money to do so. There are players in the third league and in Campeonato de

Portugal who suffer because salaries are low. So it is not their fault in the sense

that they are irresponsible with money, it is more a question of earning a low

salary. Of course I also know players who received well and ended up having

difficulties. When this happens, it is usually because some so called “friends”

appear and convince players to invest in businesses which do not make sense

but, since they lack the mentorship of someone who can advise them on what to

do, they follow these “friends” and end up without money. There are also cases

of addictions, although these are usually after retirement.”

Master’s

Degree


“Yes it is important. Any type of knowledge, regardless of the topic, is important

for the development of an individual because it allows for much better decision-

making for example.”

“For a football player specifically I would say that it is essential mainly because a

professional player has very high salaries which are combined with his/her

young age. This results in difficulties on how to manage this money, how to

invest it properly, and how to save.”

“Some players give the necessary importance to this topic but the majority does

not. I have worked in several countries and its transversal to every country.”

“As players get older, there is a higher concern with this topic but usually young

players lack the perspective of retirement and how close it is so they do not care

about saving and investing, for example.”

“Yes it also varies with the championship, mainly because salaries are very

different. The highest the salary, the highest the problem. For players in the third

league for example that is not often the case because usually it is a matter of

survival meaning players do not have a salary that allows for problems because

they need to worry about surviving the month and paying all the bills.”

Content and approach

“I think savings and investment are the most important topics. As you know,

football players end their careers when they are 33 or 35 so these two topics are

the most relevant. They need a plan to be able to extend their money. They need

it to be able to pay their bills and so on, but also to be able to choose calmy the

next step of their careers knowing it is not urgent because they can sustain

themselves for a while. From my experience, and from my time in Spain, I know

that sessions in clubs work well. If you say that they need to go somewhere

voluntarily they will most likely won’t show. However, if you tell them that at 9am

they need to be at the club’s facilities and you simply present the topic you want

to discuss, it works much better, even if just to introduce the topics on their

heads. Even if during the session they do not seem interested, they keep

thinking about the issue afterwards which is good.”


125

Mentorship

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XIII/XVI)

Coach

“Yes its true that coaches have a mentorship role towards players. However, and

although they come to me with health issues and even family problems, financial

issues are not something they come to be to speak about. I think they are

uncomfortable so they avoid doing it.”

41 years oldMaster’s

Degree

UEFA PRO

“No we never discussed financial literacy. Not for ourselves but also not in a logic

of being able to speak about it with players. We had some courses related with

finance but more in a club’s investments perspective.”

COVID-19 adaptation

“Yes, during the first quarantine we remained in contact with players. Every day

we would have a workout so that they remained in shape and we often

introduced other activities such as dancing in order for it to be fun but still active.

We used online platforms such as this one we are using now (Microsoft Teams)

but also other similar ones such as ZOOM. They worked well and players felt

comfortable using them so I do think an online part of the programme could work

if attractive and practical.“

Club’s role

“Yes, clubs should have a more relevant role in a player’s life in every possible

topic. Nowadays bigger clubs in other countries already have departments which

focus exclusively on the well-being of a player in all its components. Players can

have council support related to finance but also psychology for example. So in

my opinion, clubs need to capacitate themselves to have the resources

necessary to give support if requested, without forcing it on players.”

“That is something I would advise you to do. The programme you are trying to

implement should not force players to be present but to show them how

important it can be. If you create a programme where professionals visit clubs to

give these sessions, try to give practical examples and show them how

interesting it can be, without forcing them to be part of the discussion if they do

not feel comfortable. Otherwise, they will eventually dislike the programme and,

as you know, there is a tight community so word-of-mouth can work against the

success of the programme.”


126

SJPF position

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XIV/XVI)

Expert from SJPF | Career and programme

“I’ve been working at SJPF since 2015. I did my Master’s in sports law and the

opportunity to come to SJPF presented itself so I took it.”

“Initially I worked exclusively in the legal department but in 2017 I also took the

role of secretary-general where I work in close relation with the board.”

31 years old

Perspective on the national programme partnership

“In my opinion, three positive points include: the technical quality and credibility

that the national programme gives us; the success in working with online

platforms which is clear in their partnerships with other organizations; the project

is very well structured and thought. The negative points include: the bureaucracy

of CNSF which for us is completely out of question (everything from the date,

hour, place, duration, etc. needs to be approved by every member of CNSF so

something that could take a week ends up taking a month to organize for

example); CNSF members never “work alone” meaning that each event needs to

have a member of each organization who is part of CNSF or the event cannot

take place; we are not able to put in practice something that is great on paper

and very important for players.

Master’s

Degree

Perspective on SJPF

“In my opinion, three positive points are: in-loco capacity in the sense that we

are able to be close to players through our delegates without losing the political

power; international dimension as members of FIFPRO which allows us to bring

to Portugal what is happening oversees; capacity to look at a player in a holistic

perspective focusing not only in the legal-representative topic but also on

education, health, employment, etc.”

“On the other hand, in my view our main negative points include: lack of

modernization which especially damages out relationship with younger

generations; human capital which is too small given the dimension of the

organization as a all; the Union stigma that arises with a few partners that

perceive us as conflictive and as opponents when that is not the case.”

Programme’s roots

“There were two main factors that influenced our decision to implement this

financial literacy programme. The first one relates with our social component. We

work with players every day and every year there are new players who come to

us asking for help due to their financial situation. Over the years we have helped

many players and it became clear that they lacked the necessary knowledge and

that we needed to meet this necessity. The second one relates with the national

programme that existed. The national programme was already very well

prepared and we considered that if it was relevant for the general population, it

was even more important for players due to the nature of their careers and their

purchasing power throughout it.”

Independence and autonomy

“Even though our funding sources may include the FPF or other partners, we still

maintain independence and autonomy in everything we are part off. Our

leadership is incompatible with any type of dependence and players have always

been the priority.”


127

Content

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XV/XVI)

Expert from SJPF | Hypotheses

“In my opinion the programme should focus on savings, managing a family

budget, digital platforms and how to use them to pay and choose financial

products, how to avoid fraud, the importance of a pension fund and how should

these funds be managed, investments.”

“Yes, I think it differs with age. For younger players maybe content should

change in terms of financial products and maybe it could include some

awareness initiatives on the importance of professional advisors, which is

something that for order players is difficult to accomplish.”

31 years old

Online service

“Yes I think it would be a good advantage to be present online as well. We were

a little reticent in implementing online sessions related to other topics rather than

financial literacy but now with COVID-19 and seeing clubs adapting to an online

format with players participating nevertheless is a good sign that we can do it as

well because players are already familiar with the format.”

“Maybe an online platform would be a good complement but I think it would

depend on how aware players were of its existence. I would say it could work but

only if on a later stage of the programme. Maybe we could successfully

implement two or three campaigns on clubs first where former players are part of

the process. We could also publish small videos on our social media platforms to

make the topic of financial literacy trendy and finally launch the platform when

players are fully aware of the programme.”

Master’s

Degree

Trainers

“Yes having a professional trainer working together with a former player would

be a good solution to consider. The only difficulty we encountered in the past

was exactly who would do the technical part. Even if it was not a former player,

the certification needed for a person to become a professional trainer approved

by PNFF was difficult to put in practice. Moreover, it was hard to imagine how

he/she could be integrated in the field because it is unreasonable to think a

single professional or two would be enough to visit every club in the country. We

initially considered forming our delegates which would be the smartest and

simplest approach but the number of training hours needed for each delegate to

become certified was unreasonable since in order to do it they would be outside

of their regions for a long period of time.”

“The idea would be to appoint a few SJPF employees and propose them to

PNFF as future trainers. These individuals would be part of the training sessions

necessary and would be given a certificate. This would allow us to organize

these sessions on our own. That is the ideal solution for PNFF considering that

their own trainers do not visit other locations for training purposes.”

Timeframe

“I would say that at least one session every championship season would be the

minimum.”

“Shorter sessions without a doubt. These should be the shortest and most

dynamic possible, with practical examples and some discussion.”

COVID-19 adaptation

“We were able to adapt all our pre-prepared sessions on clubs to an online

format. In order to decrease the number of contacts, we are also meeting with

the captain of each team and maybe one or two other players in order to present

them with the topics we want to discuss with the team and only afterwards, on

one other occasion, meet the all team.”


128

Clubs’ Certification

ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (XVI/XVI)

Expert from SJPF | Hypotheses

“Clubs have certification between 1 and 5 stars and players and parents usually

search for clubs with a good number of stars since this, in theory, is associated

with quality. Although clubs have initially clashed with this mandatory

requirement, it is now something that is implemented every year naturally. For

that reason, I think it would be a great way to ensure players listen to these

important topics. I would not say it would be necessary to include financial

literacy in every certification stage. However, including this topic in the

certification process of FPF, even if only at one stage, would guarantee that we

would introduce an essential topic in players’ lives.”

31 years old

Incentives

“We have never considered it before because, at least monetarily, it is not

relevant. For example, our quotas are paid every year but we never refused to

represent a player because he failed to make his/her payment. This means that

decreasing quotas is not a good incentive. We could consider other types of

incentives however. For example, for participants of this programme we could

apply a discount to other courses at SJPF or external such as dual-careers,

sports director, sports manager or coach, which are courses with high demand.

We could also save two or three spots for players who participated in this

programme and who wished to be part of some of courses (such as FPF

courses which are known for the low number of spots) which have very few

spots for a lot of candidates.”

“No, I do not think that implementing incentives would damage motivation or

change the purpose of the programme and its message. Players would only

participate if they wanted.”

Master’s

Degree

Players’ Certification

“If this certification was only related to financial literacy I would not recommend it

because it would be impractical. However, we have discussed the possibility of

introducing a mandatory requirement for players through an educational

passport to be able to play at a professional level which included financial

literacy and other topics which we deemed necessary. This has, as you can

imagine, some legal implications so we never considered it as a priority. It is,

however, important to mention that younger generations are more receptive to

new ideas and are also much more connected with education since academies

require them to finish at least the mandatory level of education. This means that

maybe this idea could be relevant in a few years when older generations retire,

even if it is unreasonable to consider it now.”

Partnerships

“We initially considered establishing partnerships with banks and other

institutions. However, once we established this protocol with PNFF, it became

impossible to do it since PNFF prohibits it. For example, if we want to organize

an event with a bank, it can never be referenced as being part of our Todos

Contam e no Futebol Também programme, as this has the name of PNFF and

they do not allow it. This means that partnerships are allowed but only if they are

not associated with the programme.”


129

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (I/XII)

▪ Should SJPF readjust the training structure?

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Interviewees mention that the technical knowledge is important but reiterate the desire

to have former players participating as well. The expert mentions the desire to include

former players in the programme in order for them to be linked to SJPF after they retire.

External Benchmarking

Among the football financial programs analysed, 1 out of 6 has its team of trainers

composed just by financial professionals. Indeed, this programme is the women

UEFA/FIFA partnership with VISA in which noted professionals in the area are used. In

the other sports examined, half of them were composed by professionals only, which

were partners of the respective sports associations.

Build a team of trainers composed by financial professionals

▪ Solid knowledge about the specific topic.

▪ The presence of financial professionals across the country

facilitates the logistics of the training sessions

▪ This hypothesis doesn’t match SJPF’s preferences

▪ Lack of connection between the participants and trainers, thus

making the programme’s goal more difficult to accomplish.

▪ The training structure is mostly theoretical, without any

practical examples to which the players can relate themselves.

Reject hypothesis: Not the desire of players and the expert from SJPF, contrary to the

external benchmark, cons outdo pros.


130


PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Players interviewed expressed their desire to have this solution implemented since it

combines technical knowledge with testimonies of a former player. SJPF’s expert

considered this to be the compromising solution but agreed on it.


Regarding the football financial programmes analysed, 5 out of 6 have their team of

trainers composed by both financial professionals and former players. In the US, the

major leagues four day mandatory programme has a team of trainers composed by

professionals and former players that present their personal experiences.

Build a team of trainers composed by both financial professionals and former players

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (II/XII)

▪ Combination of the financial professional’s knowledge with

the experience of a former player

▪ Connection between the players and the former player

▪ Possibility to integrate a higher number of former players as

employees from the SJPF.

▪ Fill the gap of the existent programme.

▪ Difficulty to schedule the sessions, given the need to

conciliate former football player, financial professional and

club’s availabilities

▪ Difficulty to manage these sessions as time must be split

between the financial professional and the former player

▪ Difficulty to find financial professionals willing to co-lead

training sessions

▪ Expensive method

Validate hypothesis: Players’ desire, the expert agrees on the solution, most of the

analysed countries and sports implemented this solution, pros outdo cons.


131


PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

In their interviews, several players mentioned that a former player alone would most

likely fail to teach the technical knowledge. They also mentioned that this would

compromise their trust on the programme since it would be impossible to know if these

former players had the necessary financial background. The expert recognized that

although this solution would fulfil their desire to have former players on the programme,

it could damage reputation and was difficult to implement due to PNFF’s demands.


Concerning all financial programmes analysed, none of them has a team of trainers just

composed by former players.

Build a team of trainers composed by former players

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (III/XII)

▪ Examples can become exclusively related with football failing

to tackle other important topics.

▪ Former players may not have a deep knowledge about the

specific topic and should be part of intensive PNFF training.

▪ Former players do not have practical experience in the area

and may not be good trainers.

▪ The former player went through a similar path as the football

players.


▪ Possibility to integrate former players that are searching for a

job in SJPF.

▪ Aligned with the desire of SJPF of having former players as

trainers exclusively.

Reject hypothesis: Not the desire of players, difficult to implement due to PNFF’s

constraints, contrary to the external benchmarking results, cons outdo pros.


132

▪ Should SJPF adapt the content?

PROS

CONS

RESULTS

In-depth interviews

Both players and the coach mentioned the importance of adapting content according to

differences in players. They also mentioned that age, for example, is a factor that

clearly influences content since different ages want to tackle different topics.


In the football financial programmes analysed, none of them adapts its content

according the target audience. However, given the fact that 4 out 6 have a specific

target, they do not need to adjust it. The same happens in the US major leagues

programme. Given that the 3 programmes target the rookies, all the information is

adapted according to it. Among the other programmes analysed with the same target as

the SJPF, 3 out 4 adapt its content according to the audience.

Adapt the content according to the target audience

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (IV/XII)

▪ Customization of content according to the target audience

allows for a better connection between the players’

necessities and the training sessions.

▪ It can motivate players to participate more willingly as they

can see value in being part of the programme.


▪ Increases logistics problems because there may be players

with different characteristics playing together in one team.

▪ It can artificially divide players who feel they cannot be part of

one session because they do not fill requirements

▪ Extra work is required to prepare the session, since exact

data about the participants would be needed.

▪ High number of training sessions.

CONCLUSION

Validate hypothesis: Players and the coach agree that this is important, external

benchmark agrees that it can be successfully accomplished and relevant, pros outdo

the cons since quality is seen as a priority.


133

▪ Should SJPF adjust the timeframe?

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Interviews were unanimous in this matter whether through the responses of players,

former player, coach and expert. Every interviewee mentioned that players often lose

focus and that the shorter the sessions, the higher the probability that they pay attention

to the topics being lectured.


Most financial education programmes analysed are divided in modules which are

covered throughout the year in different sessions.

Deliver short and regular training sessions throughout the year

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (V/XII)

▪ The players’ level of concentration is higher for a short period

of time.

▪ Players can attend the sessions that are of the utmost

interest for them.

▪ Short sessions can easily fit in players’ busy schedule.

▪ Trainers have the time to explore each content more in depth.

▪ Players can better consolidate what they learn in the training

sessions and have a more personalized learning experience.

▪ It requires both the trainers and the players to be available

more than one single day.

▪ Players need to participate in great part of the sessions in

order to have a broader knowledge of the topic.

▪ In terms of certification, it may be difficult to assess if the

player has met the minimum requirements to obtain it.

Validate hypothesis: Consensus that this is the most effective solution, common

practice in other programmes, cons can be solved with relative ease.


134

▪ Should SJPF adjust the timeframe?

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Players were unanimous in that they prefer short sessions over long ones. Both the

coach and the expert also mentioned that this would be the most effective solution.


Regarding the sports financial programmes analysed, 2 programmes are designed as a

long session covering all topics. One of them is in the US, in which the project covers all

major topics. In Portugal, the mandatory sessions clubs must schedule as part of their

certification process are long (min 1 hour). This is imposed by FPF, since otherwise

they do not count towards their certification. However, despite long, they prove to be

effective in sharing the message.

Deliver a long session covering all the topics

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (VI/XII)

▪ For trainers, it may be more appealing to provide only one

session, in spite of the higher level of preparation required.

▪ It gives the opportunity to explore more and different

concepts, thus giving the players a basic notion of all the

main topics related to financial literacy.

▪ In terms of availability, this method requires the players to be

available on one single day.

▪ Can reach players who would not participate in the

programme otherwise

▪ Given the loads of information in one single session, players

may get lost and lose the attention and focus on the subject.

▪ Players more easily forget what they have been taught.

▪ A basic notion of topics may not be enough for players to be

able to succeed on their own.

Validate hypothesis: Mandatory to take a minimum of 1 hour to be considered in

certification, effective according to FPF, players get an overview, can reach players who

otherwise would not participate


135

▪ Should SJPF provide online service?

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

The expert mentioned this was something SJPF had already considered and that it

could easily be implemented. He also mentioned other programmes at SJPF were in an

online format during quarantine. The coach used online services during quarantine to

communicate with players from his squad and did not identify major problems.

Survey

According to the data collected in the survey, 50% of respondents are open to an online

format programme while 50% opposed to it.


Among the football financial programs analysed, 2 out of 6 have are their programme

online. Concerning the other programmes evaluated, most of them adapted to online

due to the pandemic.

Introduce online sessions

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (VII/XII)

▪ Every football player can attend the session regardless of

his/her geographical location.

▪ Due to the COVID-19 pandemic, everyone got used to online

meetings, thus the adaptation will be a smooth process.

▪ Online is an eco-friendly training method, as the participants

do not need to come to a specific place, many times

contributing to the air pollution.

▪ The levels of concentration during the sessions may be low.

▪ It may decrease trainees’ level of commitment and how they

perceive the training sessions.

▪ Some trainers may not be willing to provide online training

sessions.

▪ Some players may be unwilling to participateValidate hypothesis: In-depth interviews confirm usefulness, 50% of respondents

would use the online format, external benchmarking confirmation, pros outdo cons.


136

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Every interviewed player recognized the benefits of introducing an online platform as a

complement to live sessions. The expert mentioned content already exists in the

PNFF’s website and could easily be adapted.


Just two programmes among all analysed have an online platform accessible at any

time with all contents. One of them is the partnership with UEFA and Santander, in

which the elite football players need to complete some modules. The other one is for

NFL’s players. In this case, the platform targets three different groups and adapts the

content accordingly.

Create an online platform accessible at any time

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (VIII/XII)

▪ Opportunity to learn the content at their own pace.

▪ Possibility to include interactive content (practical exercises,

quizzes, tests) in which the players would receive immediate

feedback.

▪ More personalized training, as the players can choose which

particular content they want to learn more about based on

their personal interests.

▪ Opportunity to further develop the concepts learnt during the

sessions.

▪ Since it has not a fixed schedule, some players may simply

forget the existence of this resource and thus not take any

advantage of it.

▪ It may decrease trainees’ level of commitment and how they

perceive the training sessions.

▪ Expensive solution.

Validate hypothesis: In-depth interviews confirm usefulness, content already exists

which decreases costs, other programmes have included this option before, pros outdo

cons.

▪ Should SJPF provide online service?


137

▪ Should SJPF introduce a mandatory requirement?

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

The expert mentioned the existence of a certification process for clubs who had youth

teams. He also mentioned that including financial literacy in this certification process

was feasible and could be suggested to the board. According to him, the benefits of this

implementation would be great. Moreover most of the professional football players

answered that during their career until the moment of the interview they didn´t attend

any course of financial literacy in their Portuguese clubs.


Among all international programmes studied, none is mandatory for clubs. However, 4

training sessions are mandatory for clubs as part of their certification process. These

sessions are given to young football players from the age of 7 to the age of 19.

▪ The only organization that can impose this requirements is

FPF. Moreover, in order to be approved by SJPF the project

would need to meet certain criteria.

▪ Depending on how the mandatory requirement is defined,

clubs can be given freedom to choose which programme to

introduce. This implies that SJPF’s financial literacy

programme might not be chosen by every club and thus the

impact of the programme can be smaller than expected.

Establish mandatory requirements for clubs

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (IX/XII)

▪ Participation rates would no longer be a problem since clubs

would persuade their players to participate in these sessions.

▪ More and more players would be aware of the importance of

financial literacy.

▪ Increased connection between players and clubs

Validate hypothesis: In-depth interviews confirm usefulness and feasibility of solution,

this already exists for other topics in Portuguese football, pros outdo cons.


138

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

The expert raised some concerns on this proposal due to legal issues in the

implementation process. He also mentioned that, although considered before, this was

not a priority for SJPF and that other solutions were more attractive from a strategic

point of view. Finally, he mentioned that in the long-run, this solution could be considered

as the next generation of players would more easily accept a mandatory requirement

related to studies that the current generation of players.


In the US, all professional players of the three major leagues must, in order to compete,

attend a mandatory four-days talk. During this programme, a set of topics is covered,

including financial literacy.

▪ The only organization that can impose this requirements is

FPF. Moreover, in order to be approved by SJPF the project

would need to meet certain criteria.

▪ The mandatory nature of the programme could change how

players perceive it which, ultimately, can make them lose the

interest on the subject.

▪ Being a requirement for players, some of them can participate

with the purpose of fill in the requirement, thus failing to

understand the topic´s importance.

▪ Existence of legal barriers

Establish mandatory requirements for professional football players

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (X/XII)

▪ Increased motivation as players would be participating with

the goal of becoming professionals.

▪ More and more players would be aware of the importance of

financial literacy.

Reject hypothesis: The in-depth interview was conclusive that is was not an option in

the short to medium-run, exists in the US where the legal context is much different,

cons outdo pros

▪ Should SJPF introduce a mandatory requirement?


139

PROS

CONS

CONCLUSION

RESULTS

In-depth interviews

The expert mentioned that partnerships were not possible to implement in the

programme due to impositions from PNFF and CNSF. These institutions consider that

there might be conflicts of interest and thus prohibits it. The expert explained that the

only option to establish partnerships would be to separate them from the Todos Contam

e no Futebol Também programme which is far from ideal.


Almost all financial education programmes established partnerships with well-known

players in the market. In fact the trainers of the programme are workers of these

partners.

▪ Since these companies are well-known players in the market,

they have the specialized knowledge about particular topics.

▪ The program could achieve higher recognition, given the

power of these partnerships.

▪ It could create a network among players and partners.

▪ The SJPF would not be responsible for the content/trainers of

the sessions.

▪ The schedule of these partners is very busy. Thus, if SJPF

wants to depend on them, it would need to do an extra effort

to conciliate the schedules.

▪ It would be difficult to do the sessions regularly.

▪ PNFF is incompatible with the existence of other partners.

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (XI/XII)

Establish partnerships that can improve the programme

Reject hypothesis: Impossible to accomplish given the partnership with PNFF and

CNSF

▪ Should SJPF establish partnerships?


140

Create incentives to attract professional players to participate in the programmePROS

CONS

CONCLUSION

RESULTS

In-depth interviews

Although the former player (who also works at SJPF) considered that this was not a

good solution, the expert interviewed expressed no major concerns and mentioned this

could work as a motivation booster. He did not believe that some players would

participate just for the incentive which was the concerned expressed by the former

player. He suggested some potential incentives which, in his opinion, could increase

participation rates.


None of the programmes examined created external incentives to attract professional

players to participate.

ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION (XII/XII)

▪ Participation rates would increase with these incentives.

▪ Players should be motivated to participate and not lured into

it.

▪ Some players can participate with the purpose of enjoying

these incentives thus failing to understand why the topic is

important.

▪ Costly for SJPF.

Validate hypothesis: Expert considers this as a good mean to increase participation

rates, pros outdo cons

▪ Should SJPF provide incentives for participation purposes?


141

The clubs that want to be certified as a Training Entity by FPF, need to fulfil some parameters every football season. The scale varies between 1 and 5 stars. In

order to obtain the respective level, clubs not only need to comply with certain mandatory requirements according to their stars level and to certain minimum access

requirements, but also to sum up points according to a set of criteria previously established (until a maximum score of 100)

CERTIFICATION PROCESS OF FPF

Target Group: Young football players

▪ Comply with the minimum access requirements

▪ Comply with the respective mandatory requirements

▪ Global criteria score of 90 to 100 points



▪ Global criteria score of 80 to 89,99 points



▪ Global criteria score of 50 to 79,99 points



▪ Global criteria score of 50 or more points



▪ Global criteria score of less than 50 or more points

STARS REQUIREMENTS

ANNEX E | ESTABLISH MANDATORY REQUIREMENTS FOR CLUBS (I/II)

Source: FPF - Regulamento: Certificação de Entidades Formadoras de Futebol e Futsal Masculino 2021/2022


142

CRITERIA 1 Strategic Planning and Budgeting 7 points

CRITERIA 2 Organizational structure and Welcome handbook and best practices 7 points

CRITERIA 3 Recruitment and/or Fundraising 12 points

CRITERIA 4 Sports training 18 points

CRITERIA 5 Medical-Sports support 10 points

CRITERIA 6 Educational, Personal and Social support 12 points

CRITERIA 7 Human Resources 16 points

CRITERIA 8 Logistics and Facilities 10 points

CRITERIA 9 Productivity 8 points

SUM UP CRITERIAS The training sessions are inserted in the criteria 6 – educational,

personal and social support which value 12 points. In fact, all

training sessions value in total a maximum of 3.25 points

divided in mandatory and optional

MANDATORY

Integrity and Human Rights

Laws of the game

Ethics

Nutrition

OPTIONAL

2 POINTS 1,25 POINTS

,,,

Dynamic: It is a dynamic process, that depends on the

problems identified in each football season according to the

young football players necessities.

Trainers: According to the session, the trainers are

professionals in the area or FPF or ADR´s elements

Duration: Between 1 and 2 hours

In fact, to introduce a new programme as an optional or mandatory to clubs that want to receive

this certificate, it needs to be previously analysed and discussed under the Certification Working

Group. Moreover, in order to validate the sessions realization, clubs need to upload in the

certification platform some type of evidence: photos, the training programme or for example the

signature list of the athletes presented in the session

ANNEX E | ESTABLISH MANDATORY REQUIREMENTS FOR CLUBS (II/II)

Source: FPF - Regulamento: Certificação de Entidades Formadoras de Futebol e Futsal Masculino 2021/2022


143

Quality

education

SDG 4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

Target 4.4

By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and

vocational skills, for employment, decent jobs and entrepreneurship.

Good health

and well-being

SDG 3. Ensure healthy lives and promote well-being for all at all ages

Target 3.5

Strengthen the prevention and treatment of substance abuse, including narcotic drug abuse and harmful use of alcohol.

Reduced

inequalities

SDG 10. Reduce inequality within and among countries

Target 10.3

Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and

practices and promoting appropriate legislation, policies and action in this regard.

No

poverty

SDG 1. End poverty in all its forms everywhere

Target 1.5

By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability

to climate-related extreme events and other economic, social and environmental shocks and disasters.

Decent work

and economic

growth

SDG 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and

decent work for all

Target 8.3

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship,

creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises,

including through access to financial services.

SH

OR

T-T

ER

ML

ON

G-T

ER

M

ANNEX E | IMPACT ASSESSMENT

Source: United Nations


144

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