US Bank program helps student-athletes navigate new NCAA rule

Diving Brief:

  • US Bank is launching a financial education program for student-athletes looking to capitalize on last year’s NCAA policy change that allows them to benefit from their name, image and likeness (NIL).
  • Created in partnership with social media marketing platform Opendorse, the Minneapolis-based bank said the new offering, called Financial Fitness, is specifically designed to help student-athletes navigate marketing, endorsements, revenue and finances in light of the new policy change.
  • Student-athletes can access the financial education program for free by creating an Opendorse account, the bank said.

Overview of the dive:

The The NCAA decision last year Removing restrictions that prevented student-athletes from taking advantage of NIL means college athletes have a new opportunity to take advantage of sponsorship and endorsement deals.

“We’re hearing from student-athletes saying they’re excited about NIL, but want help understanding how to manage their money and set themselves up for success,” said Kaori Yamada, senior vice president of strategy. financial education at US Bank. statement. “Through our collaboration with Opendorse, we’re helping student-athletes reflect on where they’re at with their money and build their knowledge and confidence to achieve their goals, all through a digital experience they can access any time.”

Opendorse has more than 80,000 athletes on its platform, US Bank said.

“In NIL’s first year, some of the most revealing conversations [we had] were with student-athletes from unbanked communities and families…who didn’t have a bank account to withdraw money from the Opendorse app,” said Opendorse co-founder and CEO Blake Lawrence. , at Yahoo News. “It was an eye-opening experience. Financial literacy is a very real need in the marketplace.

US Bank said the program’s programming – which consists of a series of modules covering budgeting, taxes and financial planning – was developed in short form specifically to align with how young people engage digitally. .

“Initial content rolling out this month focuses on the topics of understanding your money, how to view your money as it relates to payroll and income tax deductions, and general budgeting,” the bank said in a statement.

US Bank said it plans to advertise the offer through traditional marketing channels and social media, as well as through direct relationships with universities and colleges.

The bank, through its scholarship program, claims to reach more than 50,000 students entering or attending university each year.

The program, which US Bank launched in 2011, is aimed primarily at students of color, according to the bank’s latest report. environmental, social and governance report.

According to the report, about 51,000 students last year completed 275,000 financial education modules on topics ranging from credit scores to savings. The bank said it also offers students the opportunity to participate in virtual mentorship with volunteer employees.

US Bank’s effort to target college athletes follows a similar move by Morgan Stanley last year.

The investment bankthe $100 billion ports division has teamed up with Altius Sports Partners last year to offer "ffinancial literacy essentials” to student-athletes, according to CNBC.