Ona Carbonell on Financial Education: “Many Athletes Have Ended Up in Bad Situations Because They Haven’t Managed Their Finances”

Although she tries not to think about it, every athlete is or should be aware that their career is not eternal, and therefore, neither are their sports earnings. It is always crucial to have a plan B and, of course, to learn how to manage what is gained with plan A. In order to highlight the importance of financial education for athletes, the Edufinet Project, promoted by Unicaja Banco and the Fundación Unicaja and CECA, filled Los Guindos this Tuesday with a luxury ambassador, one of the active legends of Spanish sports, a well-qualified voice to help convey the relevance of this learning. And not only at the limit of retirement but also during their careers. The captain of the Spanish artistic swimming team, a two-time Olympian, world champion with the greatest achievements in the history of Spain in this sport – and also a mother – Ona Carbonell spoke to SUR to explain this project.

It is and will always be one of the great unknowns in an athlete’s life: what happens after retirement? In her case, she temporarily hung up her towel to become a mother and then returned for the Olympic Games, but I imagine that, like everyone else, she also thought: ‘And now, what?’

Total. In the initial discussions with CECA, of which I have been an ambassador for the project for a year now, we saw that there is a gap in financial education in the sports world. In the end, we live in our bubble, we train for many hours, and no one provides us with knowledge on how to manage our finances, which I believe is essential. We have many examples of national and international athletes, from both popular and emerging sports, who have ended up in very bad situations because they have not known how to manage their finances. It is super important to try to learn a little, at least the minimum, while still active to be able to manage well during retirement.

Do you know anyone close to you who has found themselves between a rock and a hard place as you mentioned?

Yes, countless, my acquaintances and even NBA stars, who have ended up losing everything, who did not manage their finances well and have ended up in very bad circumstances… Sports end at a very young age, you retire early, and after having given your life to sports, I believe it is essential to have some time to be at ease. Together with CECA, we are about to launch a financial education project for athletes starting from the very basic level.

You would have appreciated it if someone had taught you these management skills at the beginning of your career…

I would have loved it. I am proud that with CECA we have initiated this much-needed project here in Spain. Surveys indicate that the level of financial education among people is low, and among athletes, who live in a bubble… We are a more vulnerable group.

Especially those in minor or emerging sports, as you say, will find it more challenging to manage their savings as they are considerably lower compared to those of elite footballers…

Yes, but also. Even footballers or NBA players. They are very young and suddenly find themselves with a lot of money and people around them wanting to manage it, but it is crucial to know a few things and to learn to manage this while still active.

Did you experience financial difficulties during your retirement? Did you feel that anxiety thinking you might find yourself in the red in a few years?

There are several phases. There is one with scholarships and medals, but I also have sponsorship and image rights, which I have developed substantially, earning much more money than from medals. Unfortunately, that is the case. I have had to seek out people to inform me about this.

There are different sports. Some generate more money, others do not, but increasingly, it tends to be that athletes generate more from their values, image, sponsorships, and medals. What we are trying to achieve with CECA is to provide athletes with courses and online training from the most basic level so they have options.

In your case, you also studied while training and competing…

Yes, I studied Fashion Design. Additionally, I have published five books and am currently working on a documentary. I have always tried to keep doing things, step out of the bubble, and educate myself. For an athlete to be the best in the world, they must also step out of that training environment and strive to be a better person outside of sports.

What would you say to those athletes who right now are at their peak, with good earnings, and because of this think they should renounce education to focus only on sports?

That knowledge is power, and you can be well off now, but sports end, and at a very young age. No matter how well you are doing, it is always good to have something else.

The moment of retirement for a woman becomes more complicated if she wishes to do so at a young age to become a mother. You, who have been a mother recently, did you feel that fear of thinking you might not be the same or that people might not be interested in you again?

It is complicated. There is still a significant difference between women’s and men’s sports regarding medals, scholarships, salaries… And we are fighting for this to change. Reconciliation in this case is not easy. Perhaps it could have been easier before, but yes, you do think: ‘What if I don’t achieve the same results or if my career ends?’ For me, my best medal has been being a mother… But then I was able to return. With difficulties? Yes, but it is possible. I hope in the future everything is a little easier.

Without motherhood in the equation, regarding sports retirement, is there also inequality between men and women?

In this regard, I don’t think so. We are realizing that while being active, we need to study, have financial education… Because in the end, that day will come, and we need to have everything a little prepared. Retirement is not easy for anyone, especially not for athletes, because sports are all-consuming, and suddenly your world is over.