Financial fitness: Behavioral drivers of money management among athletes in India

Abstract

Financial vulnerability among athletes, characterized by inconsistent incomes, minimal savings, and inadequate investment planning, remains a persistent and underexplored topic. This study investigates the key factors influencing behavior toward financial planning among athletes in Goa, India. A dataset of 252 responses was collected from active athletes currently representing a professional club, a State Association, or a national-level program in Goa. By employing the Theory of Planned Behavior (TPB) as the guiding framework, this study explores how Attitudes (ATT), Subjective Norms (SN), and Perceived Behavioral Control (PBC) shape financial behavior using Structural Equation Modeling (SEM). The study also examines the moderating role of income on the antecedents of behavior. Findings indicate that a positive attitude toward financial planning and a strong sense of PBC significantly enhance the intention to engage in sound financial practices. However, the influence of social norms, pressures, or expectations from family, peers, and coaches was found to be minimal, suggesting external encouragement may not be as effective unless accompanied by internal motivation and personal confidence. Multigroup analysis revealed income-based differences, indicating differential motivational drivers across income segments. The results underscore the urgent need for targeted financial education initiatives and personalized intervention programs to build awareness, strengthen financial self-efficacy, and provide practical tools to help athletes take proactive control of their financial futures.