NFL players would be wise to make sure they graduate, excel at their position or do a better job of saving their money. FiveThirtyEight is reporting that the bankruptcy rate among NFL players is increasing at an alarming rate.
Nearly 16 percent of retired NFL players have filed for bankruptcy within 12 years of leaving professional football. Making more money or playing longer didn’t reduce the likelihood of bankruptcy.
The median career length for the players examined in the ‘538’ study is six years; the median total career earnings, from football, is $3.2 million. So even thought they made many times an average worker’s lifetime earnings, retired NFL players were still prone to bankruptcy, because they didn’t approach buying a house or a car like an average person normally would.
“If they are forward-looking and patient, they should save a large fraction of their income to provide for when they retire from the NFL. … Having played for a long time and having been a successful and well-paid player does not provide much protection against the risk of going bankrupt.”