U.S. Bank, Opendorse Create Financial Fitness Program
Of all the topics that most students learn in college, unfortunately, financial matters are typically not among them. In the absence of a formal curriculum in schools, independent companies have taken to providing guidance to specific groups. On that note, a major financial institution and a technology provider in the athlete endorsement industry are creating a personal finance program geared towards those playing sports for their schools.
This week, U.S. Bank and Opendorse announced that they’d be working together to bring financial literacy education to student-athletes. The result is the U.S. Bank Financial Fitness program. This curated course is now available to the more than 80,000 athletes on the Opendorse platform.
As the two companies note, the launch of this program comes as a change to long-held NCAA policy now allows student-athletes to monetize their names, images, and likenesses (NIL, for short). In turn, the need for financial literacy is greater than ever before. Among the topics covered during the initial content rollout are income taxes, paycheck deduction, budgeting, and more. Going forward, athletes will also learn to create short-term and long-term wealth.
Commenting on the new program and the need for it, Opendorse co-founder and CEO Blake Lawrence explained, “For student-athletes making their first dollars through NIL or pros who have been doing it for years, financial literacy and money management is essential. We’re proud to work alongside U.S. Bank in this groundbreaking collaboration to provide athletes with valuable resources so they can safely navigate NIL and maximize their financial opportunities.”
Additionally, U.S. Bank SVP of financial education strategy Kaori Yamada stated, “We hear from student-athletes that they are excited about NIL, but want help in understanding how to manage their money, and set themselves up for success. Through our collaboration with Opendorse, we are helping student-athletes think about where they are with their money and build their knowledge and confidence to achieve their goals, all through a digital experience that they can access anytime.”
While there’s no doubt that financial education is needed across several fields, U.S. Bank and Opendorse have found a smart niche with their Financial Fitness program. Considering the massive change that came with the NCAA ruling, the life of college athletes has definitely changed. In turn, just as some professional sporting teams have provided personal financial education to their players, student-athletes are now in need of those same resources. Hopefully this particular program proves successful — and other such niches receive their own customized financial courses in the future.