Financial literacy and personal financial management among athletes in Kenya: moderating effect of digital literacy
Date
2024
Authors
Rotich, M.
Journal Title
Journal ISSN
Volume Title
Publisher
Strathmore University
Abstract
Professional athletes have the opportunity to amass significant money at a relatively young age. From the standpoint of personal finance, athletes may find it difficult to manage such a large sum of money. The brief and unpredictable nature of an athlete's active career makes money management crucial. The study's objective was to determine the impact of financial literacy on Kenyan athletes' individual financial management. It also examined how financial literacy and individual financial management among Kenyan athletes were related to digital literacy. The study evaluated the influence of financial behavior, attitude, and knowledge on Kenyan athletes' individual financial management. It also sought to ascertain the impact of digital literacy on the relationship between financial literacy and personal financial management of Kenyan athletes. The study is based on the Theory of Planned Behavior and Social Learning Theory. In this investigation, the pragmatic philosophy was applied. The study employed a cross-sectional research design since data collection was done once. The population under study comprised all professional athletes in Kenya. Professional athletes formed the target audience at Iten Camps. There were 1,500 professional athletes in the Iten region. Using the Yamane formula, the sample size for this study consisted of 316 athletes. Standardized questionnaires were given to respondents to collect primary data for this research. The researcher used a translator to assist in gathering data from individuals who might not be able to communicate in English or Kiswahili. Quantitative approaches were applied to the processing of the data obtained from Likert-style questions. Data analysis showed that financial literacy significant influenced personal financial management of athletes in Kenya. Moreover, financial knowledge and financial control had positive and statistically significant effect on personal financial management of athletes in Kenya. In contrast, financial behavior had a negative and statistically significant effect on personal financial management in Kenya. Further, digital literacy did not moderate the relationship between financial literacy and personal financial management by athletes. The study recommends to Athletics Kenya to conduct financial training to athletes as part of training over and above the prime aim of training camps. This would improve their financial literacy that ultimately leads to better personal financial management.
Description
Full - text thesis
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Citation
Rotich, M. (2024). Financial literacy and personal financial management among athletes in Kenya: Moderating effect of digital literacy [Strathmore University]. http://hdl.handle.net/11071/15579