"The Council, chaired by Wade, aims to provide young players with financial advice to help them navigate their short careers. The initiative stems from the unpredictable nature of a professional sports career, with the majority of professional athletes announcing their retirement before they turn 35 and less than 2% of NCAA athletes turning professional."
"Nearly 65% of professional athletes have never received any form of financial education in school, according to the Journal of Athlete Development and Experience. JPMorgan also noted that one in six NFL players declare bankruptcy within 12 years of retiring."
"The newly-formed Council has pledged to help 500,000 working and retired athletes avoid the same financial pitfalls that they experienced, JPMorgan said. The stars will also meet regularly with JPMorgan executives to develop programs that support athletes from the beginning of their careers through retirement."
JPMorgan Chase established the Athlete Council, chaired by Dwyane Wade and featuring prominent athletes including Tom Brady, Megan Rapinoe, A'ja Wilson, Sue Bird, and others. The council aims to address critical financial challenges facing professional athletes, as nearly 65% have never received financial education and one in six NFL players declare bankruptcy within 12 years of retirement. Given that most professional athletes retire before age 35 and less than 2% of NCAA athletes turn professional, the council will provide financial advice and develop support programs. The initiative pledges to assist 500,000 working and retired athletes, with council members meeting regularly with JPMorgan executives to create comprehensive financial guidance spanning athletes' entire careers from beginning through retirement.
#athlete-financial-education #professional-sports-retirement-planning #jpmorgan-chase-initiative #financial-literacy-for-athletes #career-management
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