A high dollar contract isn’t a slam dunk to a rich life. More than 60% of professional athletes end up broke within five years of their retirement. Financial and credit education, and equitable access to financial tools are the drivers behind the new B.A.L.L. for Life program, a partnership with the National Urban League and Experian, the leading global information services company.
B.A.L.L. for Life (Be A Legacy Leader) was announced at the recent Iverson Roundball Classic, for which Experian returns as the exclusive financial literacy partner. The program serves as a catalyst for engaging with Black communities
and low-income youth through live events and digital financial education. Subject matter experts, former sports professionals, celebrities and influencers share their experiences and expertise covering topics such as banking, credit, financial management and investing.“It’s past time to retire the narrative of the pro athlete who wins the contract and loses the fortune, and it starts with empowering our young people and the broader community with financial tools to build and maintain wealth. The committed involvement of many of today’s most successful and influential athletes makes the B.A.L.L. for Life initiative a potential game changer. The National Urban League is grateful to Experian for its innovative partnership in creating equitable access to financial education,” Marc H. Morial, president and CEO of the National Urban League.
“These young guys are the future. They say it’s an honor being selected to the Iverson Classic. But it’s still an honor to me that they choose to be part of my game. We are part of each other’s legacies now. Thank you, Experian and the National Urban League for helping us do something so incredible for them,” said Allen Iverson, NBA Hall of Famer.
In addition to a B.A.L.L. for Life portal, a gamified app enables users to learn about credit and financial tools by shooting hoops using gesture controls and have a chance to earn a virtual jersey. Experian research shows 28% of Black consumers and 26% of Hispanic consumers are invisible to the credit market, compared to 16% of Asian and White consumers.
“We’re excited to join forces with the National Urban League in creating this new program. In the game of life, we can set-up young adults for long term financial success by exposing them early to financial literacy. Modernizing and normalizing conversations about banking, credit and
investing through the B.A.L.L. for Life initiative will empower them and their families to build generational wealth and a secure future,” said Wil Lewis, Experian’s global chief diversity, equity, inclusion and talent acquisition officer.B.A.L.L. for Life is an expansion of Experian’s partnership with the National Urban League and a continuation of its popular Building Wealth in the Black Community Initiative. Previously, Experian’s United for Financial Health Home Preservation Grant helped consumers at risk of losing their homes because of a COVID-19-related hardship through local National Urban League chapters.
This news first appeared on businesswire.com.