Description of Program
The National Football Players Association recently launched a ground-breaking financial education initiative that is the very first of its kind from any sports union. Recognizing that professional football players have very unique and often challenging financial situations, they are taking steps now to ensure that all players have access to unbiased financial education and guidance to achieve a lifetime of financial security, and to prepare them for any unexpected events that may occur in their careers, from injuries to lockouts to fraudulent investment opportunities proposed by con artists who target players.
With the average player starting his career at just 22 years old, and the average career lasting 3-5 years, players have the unique challenge of earning most of their lifetime income at a very young age, with very little financial guidance or real world experience on how to manage their large salaries. As a result, they are vulnerable to over-spending and under-saving, incurring high levels of debt to finance lifestyles they’ve grown accustomed to, giving too much money to friends and family, becoming victims of fraud, and not planning effectively to make their earnings last a lifetime.
The NFLPA’s new financial education program is designed to address all these issues and provide players with ongoing financial information and guidance to help them make smart financial decisions over the course of their lives. The program includes a comprehensive online platform customized specifically to player’s unique financial needs as well as workshops for player’s wives who are typically responsible for managing the day to day household finances.
It is a new program so results are not available at this early date, but as the first sports union to launch a major financial education initiative and to tailor it to the specific needs of its members, we felt the NFLPA serves as a role model for other sports unions to follow.
