The National Football League (NFL) has implemented a comprehensive financial education program to ensure its players are well-prepared for life after their football careers. This initiative is crucial given the short average playing career of an NFL player, which is less than four years.
Financial Education Program
The NFL Financial Education Program provides players with valuable knowledge to manage their personal finances and improve financial decision-making. The program includes non-credit seminars that cover topics such as cash management, insurance, tax planning, estate planning, investments, and retirement planning. This education is designed to offer players a realistic perspective on the current economic environment and ensure their long-term financial stability.
In partnership with Money Management International (MMI), the NFL offers financial coaching and education to players, family members, coaches, and staff. Since 2012, MMI has delivered numerous tailored education programs, including financial workshops, individual coaching sessions, and credit report reviews. These programs have benefited over 11,783 participants and included 561 financial workshops and 789 individual coaching sessions.
Partnerships and Resources
The NFL has also partnered with the Financial Industry Regulatory Authority (FINRA) to help players spot and avoid investment fraud and make informed financial decisions. Through this partnership, players have access to resources such as the Investment Education Challenge, which uses a simulation game to teach basic investing principles over a 10-year period. Additionally, the NFL collaborates with Arizona State University (ASU) to provide in-depth financial education through programs like the NFL Personal Finance Camp.
The NFL Personal Finance Camp, held annually, brings together current and former players for a three-day financial education program. The curriculum includes sessions on generational wealth and investing, healthy financial habits, NFL benefits, and small business development. Participants receive instruction from ASU Business Administration faculty, financial industry professionals, and NFL legends.
Qualifications for Financial Advisors
To ensure players receive high-quality financial advice, the NFL Players Association (NFLPA) has strict eligibility criteria for registered player financial advisors. These advisors must hold a bachelor's degree from an accredited university, be a CERTIFIED FINANCIAL PLANNER (CFP) and/or a Chartered Financial Analyst (CFA), and have at least eight years of licensed experience. They must also pass a background investigation and maintain fidelity bonding and professional liability insurance coverage.
The NFLPA's rigorous selection process is designed to protect players from potential financial mismanagement and ensure they receive unbiased and expert financial guidance throughout their careers and into retirement.
Impact and Success
The financial education initiatives have shown significant success. Over 1,200 players have used the Online Financial Learning Center developed in partnership with the NFLPA, with 48% reporting that they save over 20% of their income. These programs have helped players develop healthy financial habits and make informed financial decisions, setting them up for long-term financial stability.
Despite the challenges faced by professional athletes in managing sudden wealth, the NFL's financial education programs have provided a strong foundation for players to build upon, helping them transition smoothly from their playing careers to successful financial futures.
