Gary Charles, CEO, ABIS
Executive Dir. of the
Financial Coaching Program
Tricia Messeroux, ABIS
Program Director of the Financial Coaching Program
Glen Wright, ABIS
Investment Director of the Financial Coaching Program
The ABIS Financial Coaching Program is our first signature program backed by our partner, JP Morgan Chase and is designed for Black College Athletes.
This is an on-going program to:
– Teach Black collegiate athletes’ best practices to money management, sustainability and wealth but to COACH them throughout their college life, so they are putting their learnings into practice.
– Empower the youth with a great understanding of responsible financial management, investment and generate long-term wealth.
Why Financial Health Coaching is Critical for Black Student Athletes
According to a study by the University of Southern California’s Center on Race and Equity, 55% of Black male athletes at the Power 5 colleges (which include the NCAA’s wealthiest leagues: the Atlantic Coast, Big Ten, Big 12, Pac-12 and Southeastern Conferences) graduated within six years. That is compared to 76% of all undergraduates – meaning more than 20% fewer Black student athletes graduate. Meanwhile, we know that less than 2% of athletes in the NCAA go on to play professional sports. And the unemployment rate for Black people with some college experience, but no degree, is 5.6% – nearly twice as high as it is for all people who have somecollege but did not earn a degree (2.9%). And those figures are from before the pandemic, which has hit communities of color particularly hard.
We believe that as students enter and participate in college sports, it is a critical moment to provide them with the information and skills they need to ensure their financial health during college and beyond. Student athletes are often given a significant sum of money to use for expenses throughout the year, like housing, meals, course materials and other essentials. However, for many of them, this is the first time they have been asked to manage their own finances. As with any college student, they may not understand what is essential and what is just something that they would like to have. Additionally, many Black student athletes may feel pressure to send some of that money home to support their family. Regardless of if these athletes remain in sports or go on to pursue another career, this is a crucial time for them to create wise financial habits that will help them in the future.
According to a report by the Brookings Institute, in 2016 the net worth of a typical white family was $171,000, which is nearly ten times greater than that of a Black family at $17,150. Gaps in wealth between Black and white households reveal the effects of accumulated inequality and discrimination, as well as differences in power and opportunity that can be traced back to this nation’s inception. ABIS wants to help change that.