Basketball Hall-of-Famer Nancy Lieberman visits campus Tuesday to share ‘real world’ personal finance lessons to help students score beyond the college arena
Students at Boston College will receive practical tips in money management and help in developing a game plan for their financial future as members of “Team Hartford” bring the award-winning national educational program, Playbook for Life, to campus tomorrow. The presentation will begin at 7:30 p.m. in the Merkert Chemistry Center, room 127. Developed by The Hartford Financial Services Group, Inc. (NYSE: HIG), working closely with the National Collegiate Athletic Association (NCAA®), Playbook for Life gives student-athletes and all college students the basic financial knowledge required for personal success.
Basketball Hall-of-Famer Nancy Lieberman, a former U.S. Olympian, Old Dominion and WNBA player, and former head coach of the Detroit Shock, will draw on her own personal experiences and make comparisons between sports and life in the real world to underscore the importance of financial planning. A current ESPN and NBA TV basketball analyst, Lieberman will be joined by Bill Poutre, a former golfer, adjunct professor of entrepreneurship and current head coach of the NCAA Division I men’s golf team at the University of Hartford, who will offer students practical information to help get their financial houses in order.
“By sharing my own financial mishaps, I can help students steer clear of the mistakes I could have easily avoided if I had something like the Playbook for Life when I was in school,” explained Lieberman. “Knowledge of personal finance basics is an essential life skill; our goal is to empower students to make smart decisions to build a solid financial future.”
Few students head off to college with formal training in personal finance. Currently, only seven states require a personal finance course for high school graduation, and only nine states require the testing of student knowledge on personal finance, according to the 2007 “Survey of the States” by the National Council on Economic Education.
Concrete instruction in personal finance at the college level is also inconsistent, leaving many students in need of guidance on critical topics such as budgeting for housing and living costs and managing credit card and student loan debt.
In Massachusetts, the average college student carries more than $18,000 in debt, according to a 2006 analysis by The Project for Student Debt. Moreover, a recent survey by The Hartford found that nearly half (47 percent) of college students nationwide say their parents have had to bail them out of debt at some time. This survey also revealed that 71 percent of college students are concerned about their ability to meet financial obligations and 76 percent of college students wish they had more help preparing for their financial future.
The Playbook for Life gives students tangible skills in money management as they transition from college to the professional world. Students not only at Boston College, but across the country are invited to take advantage of the free resources found in the guidebook and Web site, www.playbook.thehartford.com.
“The Playbook for Life has enriched the lives of student-athletes and college students by encouraging them to start planning for tomorrow, today,” said NCAA President Myles Brand. “These important life lessons in the basics of job benefits, credit, debt, saving and investing are a necessity for helping them create a game plan for financial security after graduation, regardless of the career path they choose.”
Lieberman and fellow members of Team Hartford – a group of former student-athletes and professional athletes who have found success both in and out of sports – have brought the Playbook’s teachings to students at 19 colleges and universities, in addition to Boston College, since the program’s inception in March 2005.
Playbook for Life was created by The Hartford, as part of the company’s philanthropic focus on education and its corporate partnership with the NCAA, to help student-athletes gain a solid understanding of personal finance. More than 100,000 guidebooks have been distributed to date, and the program has been widely praised by students, coaches, teachers and parents as a valuable resource for helping all students and young adults make smart decisions as they plan for their future financial success.
The Hartford survey was conducted among 1,108 college students and 1,086 parents of college students nationwide by Impulse Research Corporation in February 2007 (with a margin of error of +/- 3 percent).
The NCAA is a membership-led nonprofit association of colleges and universities committed to supporting academic and athletic opportunities for more than 380,000 student-athletes at more than 1,000 member colleges and universities. Each year, more than 54,000 student-athletes compete in NCAA championships in Divisions I, II and III sports. Visit www.ncaa.org and www.ncaasports.com for more details about the Association, its goals and members and corporate partnerships that help support programs for student-athletes.
The Hartford, a Fortune 100 company, is one of the nation's largest diversified financial services companies, with 2006 revenues of $26.5 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.
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