Senate Action Advances the College Sports Debate — and Financial Planning Should Be Part of the Game Plan

Student-athletes are navigating a financial landscape that looks very different than it did even a few years ago. Name, image, and likeness (NIL) opportunities and new revenue-sharing models are opening doors for young athletes, while also bringing major financial decisions that can have lifelong consequences.

This week, the Senate passed the Protect College Sports Act (PCSA), advancing a national framework for college athletics. As Congress continues its work on the issue, financial planning needs to be part of the larger game plan.

Student-athletes earning significant income can suddenly face decisions about taxes, saving, investing and how to make money earned today work for them well beyond their playing careers. They shouldn't have to navigate those decisions alone. Student-athletes should have a competent, ethical financial professional, like a CFP® professional, in their corner.

CFP Board has long supported efforts to equip student-athletes with the financial knowledge, skills and guidance they need to make informed decisions. We encourage policymakers to include qualified financial planning advice and financial education as part of the framework.

We look forward to working with Congress, colleges and universities, athletic conferences, and other stakeholders to help ensure student-athletes have the support they need to build a strong financial future.