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As part of its flagship Robinhood Money Drills initiative, Robinhood Markets, Inc. is partnering with the University of Memphis to launch a program to make financial education coursework available to the university’s student-athletes. On July 20, 2023, Robinhood and the University of Memphis will host an on-campus event with University academic and athletic staff, alumni and student-athletes to celebrate the launch of the four-year long partnership.
Robinhood will provide funding to support additional course sections of personal finance classes and offer guest lecturers to discuss financial education. The partnership aims to support the development of students beyond their years in the classroom by providing a fundamental understanding of personal finance for undergraduates.
Similar programs through the Money Drills initiative are currently also in place at West Virginia University and Kansas State University.
“Providing access to financial education is a cornerstone of Robinhood’s mission and is especially relevant for student-athletes who are often in a unique financial position,” said Mary Elizabeth Taylor, Vice President of International Government and External Affairs at Robinhood Markets, Inc. “The sooner people are able to take advantage of education and resources, the better their ability will be to make sound financial decisions throughout their lives. We’re incredibly excited to partner with the University of Memphis and further expand access for college athletes across the United States.”
The course will operate every summer for the next four years and be available to all student-athletes at the University of Memphis, no matter the student’s sport or gender. Similar to the partnerships we announced in 2022 with Kansas State University and West Virginia University, this is a for-credit course entirely dedicated to financial education for students.
“This financial literacy and financial planning educational program will serve as a game changer for student-athletes as they hear powerful lectures from academicians and successful athletes and participate in their own personal financial analysis case study that instill lifelong lessons, financial security and growth well beyond the traditional college education,” said Dr. Pankaj K. Jain, chair of the Department of Finance, Insurance and Real Estate, Fogelman College of Business and Economics, University of Memphis.
Between scholarships, sponsorships, stipends, and the recent NIL changes that allow student-athletes to now receive compensation for third-party endorsements without school or conference involvement, student-athletes face a complex financial situation while attending college.
Reports have shown that a number of professional athletes declare bankruptcy in just a few years. To break it down, nearly 16% of NFL players file 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 report experiencing financial distress just two years after retirement. With these factors in mind, it is critical that players learn the basics of financial literacy to set themselves up for a secure future.
Through this partnership, Robinhood Markets and the University of Memphis are committed to providing educational content to help people make informed financial decisions.
