Howard University inks partnership with Robinhood to empower student-athlete
11/12/2024 04:01 PM
Robinhood Markets, Inc. has launched a groundbreaking partnership with Howard University, marking its first collaboration with an HBCU. This initiative brings Robinhood's signature Money Drills program to Howard, the ninth Division 1 university to implement this program, specifically designed to tackle financial challenges that often impact student-athletes. With this collaboration, student-athletes will gain essential financial skills to build stability and security throughout their athletic careers and beyond.
"Technology serves as a powerful democratizing force in the financial system," said Mary Elizabeth Taylor, VP of Global Government and External Affairs at Robinhood Markets, Inc. "Money Drills is yet another way Robinhood is driving financial education in innovative ways, and we are thrilled to collaborate with our first HBCU, Howard University, in this exciting partnership."
This partnership goes beyond teaching financial basics, it's about empowering young athletes to break cycles of financial hardship and creating lasting success. In light of recent NCAA changes that allow student-athletes to profit from their name, image, and likeness (NIL), financial literacy has become especially critical.
Statistics show that a significant number of professional athletes struggle financially after their careers end 16% of NFL players declare bankruptcy within 12 years of retirement, and 60% of NBA players experience financial hardship. Through Money Drills, student-athletes learn about budgeting, saving, investing, and credit, preparing them for financial success beyond the world of sports.
Howard joins a prestigious list of institutions participating in Robinhood's Money Drills program, including Florida State, Coastal Carolina, UC Berkeley, and Texas Christian University. Over the past two years, 95% of students in the program have reported improved financial management skills a promising sign of the impact Robinhood's initiative is already having.
Dr. Mariko Carson, Director of the Office of Graduate Affairs at Howard, shared her enthusiasm, "We are grateful to Robinhood for bringing Money Drills to Howard University and that we are the first HBCU to partner on this initiative. By equipping our students with the necessary knowledge and resources to effectively manage their finances, the Money Drills collaboration empowers us to jointly promote an inclusive and sustainable approach to economic growth in our respective communities and beyond."
Howard Women's Basketball player and Master's of Finance student Kaiya Creek also expressed her excitement about the program's benefits. "As a student-athlete, I've come to realize that my name, image, and likeness are powerful assets that extend far beyond the field. The opportunity that I have with the partnership between Howard and Robinhood provides me the chance to showcase what I have learned from Money Drills and the classroom and connect with my community to inspire others about the importance of financial literacy."
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