Robinhood announced what it deems the first-of-its-kind financial education program for student athletes at West Virginia University (WVU), in an effort to tackle post-college athlete bankruptcy and financial hardship.

                By                    Yaёl Bizouati-Kennedy

Discover: 7 Financial Habits That Improve Your Daily LifeMore: 50 Ways You’re Throwing Money Away

Robinhood said it believes it is critical that players learn about the basics of financial literacy, as many professional athletes declare bankruptcy in just a few years, with nearly 16% of NFL players filing for bankruptcy within 12 years of retirement; 60% of NBA players “go broke within five years of departing the league”; and 78% of former NFL players experience financial distress two years after retirement, a spokesperson said.

This is the first semester course entirely dedicated to financial education for student athletes, which will be required for all WVU athletes on scholarship and optional for those who are not. In addition, components of this course are being integrated into the WVU freshman seminar so all students on campus will receive financial education in 2022-23.

This will be a 4-year partnership, along with the Center for Financial Literacy and Education in the WVU John Chambers College of Business and Economics.

POLL: Where Have You Cut Back Most Because of Inflation?Find: How To Protect Yourself From Identity Theft

West Virginia Senator Joe Manchin issued a statement sent to GOBankingrates in support of the partnership. “The launch of this inaugural education program marks a milestone in the advancement of student athletics with influential guest lectures that will instill lessons to last a lifetime. I thank Robinhood and WVU for providing this unique opportunity for athletes to gain the skills and knowledge necessary to have successful post-college careers – and I hope to see this exciting program expand to more West Virginia colleges and universities in the future,” Manchin said.

  • 10 Best Cash Advance Apps That Cover You Until PaydayWhat Happens to Social Security When You Die?The 10 Best Balance Transfer Credit Cards for 2023Experts: 4 Safest Places To Keep Your Savings