The NFL Players Association is expanding its financial education program for players and former players, adding an unbiased Financial Helpline designed by Financial Finesse, a provider of workplace financial education programs.
The program is designed to help players make more informed financial decisions and make a smoother transition into post-football careers – an often big challenge to athletes who make the majority of their lifetime income in their early 20s and tend to live extravagant lifestyles.
"It certainly is different from working with traditional employee groups where income and savings balances tend to increase as the employee ages," said Liz Davidson, CEO of Financial Finesse. "We have to think like a player — what's important to a player, what kind of messaging would resonate with them, colors, visuals, wording, timing, and delivery mechanism are all vitally important."
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In 2009, the NFLPA partnered with Financial Finesse to design and deliver a customized online financial education platform for players and their families, along with workshops and webcasts designed to build awareness around the importance of financial responsibility. The program leveraged social media and multimedia through videos, podcasts, personalized assessments, and contests.
The results? More than 1,000 players participated in a program aimed at increasing savings rates to 20 percent of pay, and 48 percent did just that, according to an online lookout preparedness assessment that players completed.
"Millennials are far more comfortable with technology than any other generation," said Davidson. "Based on our experience, a multi-channel approach to education like this one is often the most productive in terms of motivating behavioral change, so we'll continue to monitor the program to ensure we have the right mix of messaging, media and education."
If this approach works with the Millennial millionaires, will it work with the rest of us who aren't?
"The underlying message is the same for everyone, millionaire or not," said Davidson. "Make saving a priority in your life, set goals, and check on your progress. Set yourself up for success so savings becomes a habit — either automated or routinized so you don't have to constantly rely on willpower to avoid over-spending."
Creating personal goals, like saving at least 10 percent of salary for retirement, is key, according to Davidson. So is constantly monitoring your progress.
Financial Finesse research has found that 60 percent of employees don't use a calculator to check on their progress toward retirement, making them less likely to be able to retire as planned.
"This check on progress is vitally important," Davidson said.
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