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> Posted by Jeffrey Riecke, Communications Assistant, CFI

Andre Rison is one of the athletes that speaks about money management in ESPN’s “Broke.”

We talk a lot on this blog about financial inclusion as it relates to specific population segments. But one group we never expected to cover is professional athletes. That is, until now…

ESPN recently aired a documentary aptly titled Broke. The film investigates why professional athletes in the United States – namely football and basketball players – have such a hard time managing their money. “By the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress; within five years of retirement, an estimated 60 percent of former NBA players are broke,” the film begins.

Now, if you’ve been exposed to professional sports in the United States, you’ve probably noticed that the celebrity culture surrounding top athletes includes extreme purchasing. Lots of clothes, jewelry, cars, houses. But there’s more to athletes’ financial mismanagement than big buying.

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