Pictured (L-R) are: Boxer, Aoife O’Rourke; Dr. Una May, CEO, Sport Ireland; Joanne Keane, CEO & Executive Director of LIA; Middle-distance runner, Ciara Mageean; and Boxer, Lisa O’Rourke; announcing details of "Smart Money Habits", a partnership between LIA and Sport Ireland Institute.
LIA and Sport Ireland Institute partner to deliver “Smart Money Habits” financial wellbeing programme for Olympic and Paralympic athletes
LIA, the centre of excellence for the education and development of Finance Professionals, has announced details of a partnership with Sport Ireland Institute, that will see them deliver a financial wellbeing programme to Olympic and Paralympic athletes at all stages of their sporting careers. The “Smart Money Habits” programme was originally developed by LIA in collaboration with Rugby Players Ireland, and following its success with elite rugby players, LIA sought to expand the reach of the programme to other sporting bodies, and is delighted to announce this partnership with Sport Ireland Institute.
Sport Ireland Institute was set-up to create an environment which influences, supports and ensures that talented Irish athletes will achieve sustained levels of excellence in elite sport. The Institute coordinates a network of highly experienced, quality assured service providers to help support this high-performance environment ensuring that sports have access to the sports science, medicine and life skills supports that they need. In particular, Sport Ireland Institute’s Performance Life Skills service looks at two key components of an athlete - the performance environment around them, and the personal skills needed to operate effectively as a high-performance athlete.
One of the everyday demands faced by athletes at every level is managing their personal finances in an effective way. While elite athletes are becoming increasingly savvy when it comes to managing their money, recognising the need to balance intense training schedules with the necessity to protect and build on the capital they accumulate is essential. To that end, in consultation with the Performance Life Skills team from Sport Ireland Institute, LIA will deliver “Smart Money Habits” to help current, and up and coming, as well as retired athletes, face the financial challenges they typically encounter throughout their careers.
The programme forms part of the Performance Life Skills coaches’ work with athletes to develop and enhance their personal performance management skills to ensure that their training and recovery are optimised; and that their athletic life is balanced with other activities and demands.
The LIA-delivered programme will cover various aspects of financial planning, from investments to pension planning, contracts and retirement; as well as addressing other financial challenges that individuals working in their sports typically encounter. The syllabus currently comprises five modules including: Money Goals and Budgeting; Understanding your Payslip; Loans, Credit Cards and Mortgages; Savings and Investment Goals; and Pensions.
Speaking at the announcement of the partnership with LIA, Dr. Una May, CEO, Sport Ireland, said “Sport Ireland Institute supports athletes from Olympic and Paralympic sports.; Everyone from our medal winning heroes and elite carded athletes, to those in the junior and pathway groups, will benefit from the “Smart Money Habits” programme.
“Athletes’ derive income from multiple sources, ranging from performance grants from Sport Ireland and the OFI, to full or part-time work. Additional income from sponsorship, brand ambassadorships, in some cases prize money, as well as generating income from social media and other outside interests increases the complexity of their finances. We are very pleased to partner with LIA to offer this training programme to the athletes supported by Sport Ireland Institute Lifeskills Team as we equip them with the supports to succeed both as elite athletes and successful individuals.”
Joanne Keane, CEO & Executive Director of LIA, said “This jointly-developed programme will be available to all Olympic and Paralympic athletes, from younger ones starting out in their career, to those approaching retirement, and we are proud to play a part in educating athletes across Ireland on topics that will stand to them many years from now. In 2021, LIA became the first organisation to offer this type of financial wellbeing training as we launched an ongoing partnership with Rugby Players Ireland to deliver “Smart Money Habits” to professional and elite rugby players. It’s on the back of the success of that partnership, that we have expanded our offering, and we are very pleased to partner with Sport Ireland Institute.”
For more information about LIA visit www.lia.ie, and to find out about the work of Sport Ireland Institute, visit https://www.sportireland.ie/institute.