U.S. Bank is joining forces with Opendorse, the leading technology provider in the athlete endorsement industry, to empower more student-athletes with free financial education programming.
The collaboration follows last year’s shift in NCAA policy that allows student-athletes to monetize the use of their Name, Image and Likeness (NIL) for commercial or promotional purposes, giving college athletes an income stream they’ve never had before. And with less than 2% of student-athletes on the path to go pro, that leaves 98% to navigate the world of marketing, endorsements, revenue and finances on their own.
With a newfound opportunity to maximize their NIL earning potential, student-athletes have asked for assistance. That’s why U.S. Bank financial education and college banking experts worked with Opendorse curriculum specialists to create U.S. Bank Financial FitnessTM, the customized financial literacy program curated specifically for student-athletes. The more than 80,000 athletes on Opendorse will have the opportunity to learn how to gameplan for creating short-term and long-term wealth for themselves and their families, via U.S. Bank programming on the Opendorse app and website.
“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,” said Kaori Yamada, senior vice president of financial education strategy at U.S. Bank. “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.”
Partnering with Opendorse is the latest step from U.S. Bank in its commitment to support communities and empower individuals. Last year alone, U.S. Bank reached 1.5 million individuals with financial education through philanthropy and employee volunteerism, with a focus on diverse and underserved communities. Through free financial education like its Financial IQ website, regular webinars and newsletters, U.S. Bank provides resources to help build smart financial habits through understanding savings vs. investing, credit, debt, elder fraud, homeownership, college prep, job planning, and more.
U.S. Bank Financial FitnessTM aligns with Opendorse’s longstanding vision to help every athlete and their supporters understand, build, protect, and monetize their brand value. Programming was developed in short-form format specifically to align with how young people engage digitally and will consist of a series of modules covering budgeting, taxes, financial planning, and more. Initial content rolling out this month focuses on the themes of understanding your money, how to view your money when it comes to paycheck deductions and income tax, and general budgeting. Student athletes can access the content on the Opendorse app and the newly redesigned athlete homepage of the Opendorse website.
“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,” said Opendorse co-founder/CEO Blake Lawrence. “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.”
Student-athletes can also access additional information and resources for financial wellness via the U.S. Bank Financial FitnessTM section of the U.S. Bank website.
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