The University of Memphis was recently represented at the Money Drills Conference in Washington, D.C., hosted by Robinhood. Drs. Carmen Astorne and P.K. Jain from the Fogelman College of Business and Economics (FCBE) and Ted White from UofM’s Athletic Department joined national discussions on financial education and literacy for student-athletes in the ever-evolving landscape of Name, Image and Likeness (NIL).
“The visit to D.C. strengthened our relationship and reinforced Robinhood’s commitment to educational outreach,” said Jain, professor and chair of FCBE’s Finance, Insurance and Real Estate Department.
The conference was a holistic view of the world of NIL. Attending were members of U.S. Congress to represent the lawmaking side of NIL, as well as former NFL quarterback and special guest Joe Montana to represent the side of the athlete. Jain, Astorne and White represented the academic/administrative side of how institutions are taking care of students in terms of resources and financial literacy.
UofM has been a partner with Robinhood for two years through Money Drills, an experimental financial literacy course designed to help students, particularly student athletes who are receiving NIL opportunities, learn to manage the earnings they receive. Robinhood notes that many athletes “know how to bring in the big bucks but may not be informed on how to manage them.”
“Our partnership with Robinhood has been highly productive,” Jain said.
“We are offering students an invaluable perspective on financial literacy and investment.”
“Our partnership with Robinhood has been highly productive. We are offering students an invaluable perspective on financial literacy and investment.” – Dr. P.K. Jain
In their launch of Money Drills, Robinhood cited data to back their justification for this course. “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.”
To date, more than 500 students — around 50 of those student athletes — have completed FIR 1220: Money Drills, which is offered during the summer. “(The course) is an engaging, practical course that helps students build lasting habits for financial success and prepares them for life beyond campus, whether in professional sports or other careers,” he said.
“This continues to serve as a meaningful bridge between classroom learning and real-world financial decision making.”
UofM is one of 14 institutions across the country, among them Stanford, Penn State and Howard Universities, to participate in the Money Drills partnership. It’s a four-year program with UofM, but Jain said he fully intends to renew for another four-year cycle and that he looks forward to continued collaboration and growth.
