College athletes need personal finance education

More college athletes — not just those who go pro — are starting to make money. The Supreme Court in June ruled narrowly in favor of college athletes, saying that, as of July 1, they can benefit educationally from their wealth on the field. This is a blow to the NCAA, which claims its commitment to amateur sports is threatened.

Moreover, it might not be long before the Supreme Court joins the majority of states that are passing laws allowing college student athletes to be compensated for the use of their name, image or likeness.

Tucked into many of the state bills are requirements that college student-athletes take a personal finance course, an eminently sensible idea, given the likelihood that athletes are going to suddenly have more money to manage than ever before. With the stroke of a pen, the NCAA can and should begin encouraging personal finance courses, and ensure that all athletes in every state take it in high school.

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