By Grant Laschowski & Norm O’Reilly

This research aims to investigate the financial well-being (FWB) of retired male athletes in major professional North American team sports. Framed around Kempson’s (2017) FWB Model, the aim of this research is (1) to identify the key drivers that influence how retired athletes feel about their current financial situations and (2) to assess these findings in the context of how external constituents view the FWB of these athletes. The research addressed two questions: What is the current level of FWB for retired professional athletes? What are the key determinants that drive the FWB of retired professional athletes?

In the industrial age, workers have become increasingly interested in the post-work part of their lives, ensuring that they are financially prepared for retirement (Easterlin, 1974). More recently, in the post-pandemic world, the financial well-being (FWB) of professionals across various industries has become a focal point of much media and industry discussion. FWB is typically defined as the outcome of efforts by people or their advisors to manage their money to provide for their lives, their families and their future retirements. Muir et al. (2017, p. vi) define FWB as “when a person is able to meet expenses and has some money left over, is in control of their finances and feels financially secure, now and in the future”. Moolman (2023) adds that the individual must also have limited stress viz-á-viz their future financial position. Many scholars (e.g., Glidden and Brown, 2017; Huston, 2010) emphasize the importance of financial literacy in achieving FWB. Financial literacy is a complex construct itself that encompasses numerous variables regarding a person’s knowledge, experiences, and skills related to money management (Remund, 2010), including their ability to both control and comprehend their own finances (Louw et al., 2013).

Source Emerald