Financial education is as essential as training, and the stakes could be even higher off the field.

Financial literacy is a life skill that too many Americans lack, and the consequences can be very serious. Only 29 states require a personal finance course to graduate from high school, leaving many individuals, including elite athletes, without adequate knowledge about budgeting, taxes or investing.

Financial literacy should be viewed as an athlete’s most crucial “offseason” investment, drawing parallels between mastering in-game strategy and learning fundamental money management. For instance, many young athletes, especially those receiving NIL deals, are shocked to encounter real-world financial obligations like payroll taxes and Medicare, posing a significant knowledge gap.

The statistics are alarming, with 78% of NFL and 60% of NBA players facing financial distress within three years of retirement according to the American Bankruptcy Institute, via Sports Illustrated. That’s a sobering reality, considering the substantial earnings many athletes can enjoy over short careers that often don’t last longer than a decade — while retirement could span 60 years or more.

Financial education deserves the same commitment athletes dedicate to their sport, so that they’re both physically and financially fit.

Athletes need holistic financial guidance from Day 1 — particularly those receiving NIL deals in........

© Sports Business Journal