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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ External Benchmarking
▪ 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.
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ Impact assessment
▪ 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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ Impact assessment
▪ 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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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.
Several frameworks and authors were analysed with the purpose of defining and evaluating appropriate courses of action
14
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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).
Several frameworks and authors were analysed with the purpose of defining and evaluating appropriate courses of action
15
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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.
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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.
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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)
Should SJPF redesign its financial literacy programme considering the new challenges imposed by the COVID-19?
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
▪ External benchmarking
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.
▪ In-depth interviews
▪ External benchmarking
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.
▪ In-depth interviews
▪ External benchmarking
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.
▪ In-depth interviews
▪ External benchmarking
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
RESEARCH ANALYSIS | HYPOTHESES TABLE (II/II)
Should SJPF redesign its financial literacy programme considering the new challenges imposed by the COVID-19?
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.
▪ In-depth interviews
▪ External benchmarking
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.
▪ In-depth interviews
▪ External benchmarking
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.
▪ In-depth interviews
▪ External benchmarking
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
In the European football market, several financial literacy programmes have been implemented by diverse organizations
Source: Associazione Italiana Calciatori, MoneyVox, Extra Sport Conseil 31
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
More information on ANNEX D | EXTERNAL BENCHMARKING
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.
In the European football market, several financial literacy programmes have been implemented by diverse organizations
Source: Financial Times Adviser, UEFA, UEFA Academy, VISA 32
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
More information on ANNEX D | EXTERNAL BENCHMARKING
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ Duration: Between 1 and 2 hours
Nutrition*
Target: Sub-7, Sub-9, Sub-11, Sub-13, Sub-15, Sub-16, Sub-17, Sub-18, Sub-19
▪ 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
▪ Duration: Between 1 and 2 hours
Sports Ethics*
Target: Sub-7, Sub-9, Sub-11, Sub-13, Sub-15, Sub-16, Sub-17, Sub-18, Sub-19
▪ 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
▪ Duration: Between 1 and 2 hours
* 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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Todos Contam e no Futebol Também
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Todos Contam e no Futebol Também
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
participating in training sessions (4/7) or
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
RESEARCH ANALYSIS | SURVEY ANALYSIS
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
Want to participate in training sessions promoted
under this programme
Want to know more about the programme
Todos Contam e no Futebol Também
Yes
No
From those who were interested in
participating in training sessions (7/8) or
knowing more about the programme (30/51),
the majority (73%) would continue to be so
even though the sessions were online.
From those who were not interested in
participating in training sessions (1/8) or
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
Would change their answer if the training
sessions were held online
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
RESEARCH ANALYSIS | SURVEY ANALYSIS
24-30 years old
Would change their answer if the training
sessions were held online
Want to participate in training sessions promoted
under this programme
Want to know more about the programme
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
From those who were interested in
participating in training sessions (4/7) or
knowing more about the programme (17/25),
the majority (67%) would continue to be so
even though the sessions were online.
From those who were not interested in
participating in training sessions (3/7) or
knowing more about the programme (8/25),
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
RESEARCH ANALYSIS | SURVEY ANALYSIS
> 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
the sessions are held online;
− >30 years old: 53% continue to be interested even though
the sessions are held online;
▪ 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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
RESEARCH ANALYSIS | SURVEY ANALYSIS
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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?
Hypothesis Sub-hypotheses Decision Justification
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
More information on ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION
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?
Hypothesis Sub-hypotheses Decision Justification
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
More information on ANNEX D | HYPOTHESIS ANALYSIS AND VALIDATION
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations References AnnexesLimitations & Risks
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
Overview Methodology Situation Analysis Research Analysis Recommendations References AnnexesLimitations & Risks
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
Overview Methodology Situation Analysis Research Analysis Recommendations References AnnexesLimitations & Risks
01
02
03
04
05
06
07
PROJECT OVERVIEW
PROJECT METHODOLOGY
SITUATION ANALYSIS
RESEARCH ANALYSIS
RECOMMENDATIONS
LIMITATIONS & RISKS
REFERENCES
08 ANNEXES
References (I/VIII)
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ External Benchmarking
▪ Survey Analysis
▪ In-depth Interviews
▪ Hypotheses Analysis and Validation
▪ Establish a mandatory requirement for
clubs
▪ Impact assessment
D
E
Research Analysis
Recommendations
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
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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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
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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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
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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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
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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
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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
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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
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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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
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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?
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
106
ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (II/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
YOUNG 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)
▪ 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?
▪ 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?
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
107
ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (III/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
PLAYER WITH FINANCIAL DIFFICULTIES 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)
▪ We know that a few years ago you experienced some financial difficulties.
Can you tell us a little about your story and what happened?
▪ 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.
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108
ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (IV/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
FORMER 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?
▪ 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?
▪ 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 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?
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
109
ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (V/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
COACH INTERVIEW
Introduction
PART 2 – During the career as a coach
PART 1 - Demographics
▪ Age
▪ Level of Education (completed)
▪ During your academic path, did you have any kind of financial literacy
training?
▪ Do you consider financial literacy to be a relevant topic in the development
of an individual? Why?
▪ 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?
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110
ANNEX D | IN-DEPTH INTERVIEWS: QUESTIONS (VI/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
SJPF PERSPECTIVE
Introduction
PART 2 – Career background
PART 1 - Demographics
▪ Age
▪ Level of Education (completed)
▪ 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?
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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?
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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)?
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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.
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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
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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
Financial literacy background
Importance of the topic
“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.”
Managing familiar budget
“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.”
Training sessions content
“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.”
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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.”
12th grade35 years old
Financial literacy background
Importance of the topic
“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.”
Managing familiar budget
“I am the one managing my familiar budget. On a scale of 1 to 10, I would say a
10 describes how confident I am on doing it because I really trust myself. I prefer
to trust myself than other people.”
Training sessions content
“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
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“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
Financial literacy background
Importance of the topic
“Yes, I think it is important even if just for us to learn how to manage our own
resources.”
Managing familiar budget
Training sessions content
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
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“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
Financial literacy background
Importance of the topic
“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.”
Managing familiar budget
Training sessions content
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
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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.”
12th grade32 years old
Financial literacy background
Importance of the topic
“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.”
Managing familiar budget
“I am the one managing my familiar budget. On a scale of 1 to 10, I would say a
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.”
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ANNEX D | IN-DEPTH INTERVIEWS: TRANSCRIPTS (VIII/XVI)
Player with financial difficulties12th grade32 years old
Training sessions content
“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
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“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
Financial literacy background
Importance of the topic
Managing familiar budget
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
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“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
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“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
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Financial literacy background
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
Importance of the topic
“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.”
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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.”
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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.”
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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.”
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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.”
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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.
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▪ Should SJPF readjust the training structure?
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.
External Benchmarking
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.
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▪ Should SJPF readjust the training structure?
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.
External Benchmarking
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.
▪ Fill the gap of the existent programme.
▪ 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.
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▪ 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.
External Benchmarking
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.
▪ Fill the gap of the existent 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.
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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.
External Benchmarking
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.
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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.
External Benchmarking
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
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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.
External Benchmarking
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.
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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.
External Benchmarking
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?
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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.
External Benchmarking
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.
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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.
External Benchmarking
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?
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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.
External Benchmarking
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?
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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.
External Benchmarking
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?
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
▪ Comply with the minimum access requirements
▪ Comply with the respective mandatory requirements
▪ Global criteria score of 80 to 89,99 points
▪ Comply with the minimum access requirements
▪ Comply with the respective mandatory requirements
▪ Global criteria score of 50 to 79,99 points
▪ Comply with the minimum access requirements
▪ Comply with the respective mandatory requirements
▪ Global criteria score of 50 or more points
▪ Comply with the minimum access requirements
▪ Comply with the respective mandatory requirements
▪ 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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
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
Overview Methodology Situation Analysis Research Analysis Recommendations Limitations and Risks References Annexes
144
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