Professional athlete unveils hidden troubles within the National Football League: 'Many shy away from acknowledgment'
In the world of professional football, the NFL Players Association (NFLPA) offers benefits for active players. However, a troubling trend has emerged: financial struggles among retired NFL players.
According to an analysis by the American Bankruptcy Institute (ABI), nearly one in six NFL players files for bankruptcy within 12 years of retiring. This sobering statistic is based on roughly 900 players who were drafted between 1996 and 2003 and whose careers began and ended between 2000 and 2013.
The ABI's findings underscore the financial challenges faced by many former players. Some of these challenges include short career spans, sudden income cessation, poor financial literacy, pressure to maintain a lavish lifestyle, and sometimes poor investment choices or legal issues. Notable cases like that of Lawrence Taylor serve as examples of these difficulties.
Financial mismanagement is a common issue among NFL players, with estimates suggesting that as many as 75% of players face financial problems such as tax debt, lack of savings, or bankruptcy after retiring. Around 78% of NFL players reportedly experience financial stress or bankruptcy within just two years of retirement, and about 15% file for bankruptcy within 12 years post-retirement.
To combat these problems, the NFL has established financial education programs aimed at helping players better manage their money and plan for life after football. However, the effectiveness of these initiatives has been mixed due to the volatile nature of football careers and ongoing external pressures on players. Additionally, internal financial mismanagement within NFLPA leadership has recently come under federal investigation, which might complicate available support systems.
Breiden Fehoko, a defensive tackle for the Pittsburgh Steelers, has shared insights about the financial risks faced by many NFL players. Fehoko, who has earned $2,056,130 in the NFL so far but has not played a game since the 2022 season, has witnessed teammates spending their entire salary before the start of the season.
During a social media Q&A, Fehoko promised to be 'transparent' with fans, highlighting the financial risks and potential mismanagement of funds among NFL players. His revelations serve as a stark reminder of the challenges faced by many in the league.
Active NFL players who have spent at least three seasons on an active, inactive, injured reserve or PUP roster for at least three games are entitled to benefits that include a pension and health insurance for five years after retirement. Additionally, players can earn a 'Credited Season' if they are released injured and receive an injury settlement or grievance for the equivalent of three or more regular season games, according to the NFL Players Association.
Despite these benefits, the financial struggles of retired NFL players remain a significant concern. The league and its players continue to grapple with finding effective solutions to support the financial well-being of former players.
- The financial struggles experienced by many retired NFL players is a concerning trend, with nearly one in six players filing for bankruptcy within 12 years of retiring, according to an analysis by the American Bankbankruptcy Institute (ABI).
- The financial challenges faced by former NFL players are complex, stemming from factors such as short career spans, sudden income cessation, poor financial literacy, pressure to maintain a lavish lifestyle, and sometimes poor investment choices or legal issues.
- The NFL has implemented financial education programs to help players manage their money and plan for life after football, but the effectiveness of these initiatives has been mixed due to the volatile nature of football careers and ongoing external pressures on players.
- Though active NFL players are entitled to benefits such as a pension and health insurance for five years after retirement, and can earn a 'Credited Season' under certain circumstances, the financial struggles of retired NFL players still remain a significant concern.
