For student-athletes, success is often measured in wins, grades and championships. But when years of focus are poured into sport and school, practical skills like financial literacy can get left behind.
That reality is at the heart of a new national partnership between U SPORTS and Fig Financial.
Last week, the online loan provider announced a partnership with U SPORTS, the national governing body for university sports in Canada.
“Student athletes are a great example of folks that are excellent in one area, and perhaps have not, because of their focus, focused so much on other areas,” said Monisha Sharma, Fig Financial’s chief revenue officer.
“You have people that have PhDs and sometimes have no idea how a credit card works, as an example.“
A national survey conducted by Fig found that more than half of Generation Z Canadians struggle to manage the constant flow of financial decisions, and while 45 per cent admit they have hidden money problems to avoid judgment.
“One of the reasons we’ve partnered with U SPORTS is I think that financial knowledge has to come earlier,” Sharma said. “I think a lot of times people enter the working world, and now we just expect them to magically have knowledge.”
As part of the partnership, Fig and U SPORTS will roll out a series of financial education tools aimed at helping student athletes and their families better understand everyday money management.
“I think financial worries are the number one reason people stay awake at night,” Sharma said, “Especially students know this, because cash can be tight, and when you are worried about your finances, you cannot focus on anything else.”
“This is an area of emphasis that, for all of our student athletes, will have easy and immediate value and impact on their everyday lives,” said Pierre Arsenault, the CEO of U SPORTS. “We look forward to the contributions of financial information and financial literacy that will help all student athletes.”
The partnership will include a new financial literacy section on the U SPORTS website, with guidance on topics such as budgeting, credit, saving and long-term financial planning.
The initiative will also include virtual seminars led by Fig, giving student athletes the chance to ask questions, receive practical advice and engage directly with financial professionals on issues around sport and university life.
The same Fig survey also found that more than one in four parents (26 per cent) would take on debt or stretch their budget to ensure their children can participate in athletic extracurriculars.
Those financial pressures often leave students to navigate major money decisions on their own, highlighting the need for practical financial guidance, according to the loan provider.
Sharma said the goal of the two-year partnership is to normalize conversations around debt, give students the tools to make informed financial choices and encourage long-term financial confidence for student athletes.
“Hopefully, we create a ripple effect where we are empowering a lot more people in the next generation to take control of their finances early on in their lives.”
Featured image from file
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