The Hartford and NCAA® present ‘Playbook for Life’ to coach student-athletes for financial success beyond the playing field

HARTFORD, Conn. – Despite higher-than-average debt, Connecticut student-athletes are bullish on their financial future.  However, while more than half have begun planning for life after college, nearly one-third lack the confidence to properly manage their finances. Across the board, their expectations about starting salaries and the amount of savings needed for retirement do not match reality, according to a new survey by The Hartford Financial Services Group, Inc. (NYSE: HIG).

Expectations and Realities:  A Rude Awakening for Graduates

The Hartford survey reveals that the average student-athlete in Connecticut plans to graduate with $15,700 in student loans and credit card debt, and expects to land a job paying at least $68,000.  Nationally, those surveyed expect to graduate with an average debt load of $14,500 and an average starting salary of $65,000.

Unfortunately, these results show that Connecticut collegiate athletes will carry even greater debt than their national counterparts.  But, similar to student-athletes across the country, they mistakenly expect to earn much more than the job market dictates.  In fact, according to a salary survey by the National Association of Colleges and Employers, the actual average starting income for a college graduate with a liberal arts or general studies degree in 2005 is approximately $32,000.  Graduates with a degree in marketing will likely earn about $37,000, those with a degree in business, about $40,000, and those with an accounting degree, about $43,000. Even the highest-paying entry-level jobs in chemical engineering and computer sciences pay $10,000 to $15,000 lower than student-athlete expectations for starting salaries.

In terms of retirement, 70 percent of those surveyed in Connecticut believe they will need less than $1 million to live comfortably when they stop working. Yet financial experts predict that when today’s college student reaches age 65, the amount needed to retire could be much higher due to inflation, escalating health care costs, depleted social security and increased life expectancies. 

Help for Connecticut Students: Developing a Game Plan

Connecticut student-athletes will have the opportunity to develop a game plan for their financial future as The Hartford’s Playbook for Life kicks off its fall season with a visit to the University of Hartford on September 14 at 7:00 p.m.  They will hear personal finance lessons learned by Jennifer Rizzotti, University of Hartford women’s basketball coach, and former University of Connecticut and WNBA basketball player, and Allen Pinkett, former University of Notre Dame All-American running back who played for the NFL’s Houston Oilers and New Orleans Saints. 

Working closely with the National Collegiate Athletic Association (NCAA), The Hartford created Playbook for Life to help student-athletes gain a solid understanding of personal finance.  At the heart of the national educational program is “Team Hartford” – a select group of former student-athletes who have succeeded in both sports and non-athletic careers, and are visiting college campuses to share their personal stories.  A 25-page guidebook and Web site (www.playbook.thehartford.com) are also available to the student-athlete and non-athlete alike.

"It’s never too early to draw up a game plan for your financial future,” said Rizzotti, who only started thinking seriously about money management after beginning her professional basketball career. “I wish I had access to this information when I was in college. Having some financial insight and foresight before graduation would have helped me feel more prepared for the real world.”  

From understanding the risks of bad credit to budgeting for housing and living costs, The Hartford’s Playbook for Life is designed to help student-athletes make smart decisions as they plan for their financial future. The materials provide fundamental and reader-friendly information, along with references to additional resources.  Moreover, each Team Hartford member has a compelling personal story that resonates with student-athletes.

 “The Hartford and the NCAA are committed to educating student-athletes and helping them succeed in life,” said NCAA President Myles Brand. “Playbook for Life is a valuable resource for student-athletes and can be tailored to whatever career path they choose.”

More Student Statistics

The majority of today’s college graduates begin their careers with some level of debt. According to The Hartford survey, 79% of student-athletes nationwide – and in Connecticut – anticipate beginning their post-college days owing money.

• Nationally, the average debt burden is expected to be $14,500, with nearly one-third (32%) of those polled saying they will have more than $20,000 to repay.
• In Connecticut, the average debt burden is expected to be $15,760, with more than one-third of student-athletes (36%) saying they will have more than $20,000 to repay.  

While retirement planning is not top of mind for most college students, some student-athletes are beginning to face reality. Slightly more than half of those surveyed plan to begin saving for retirement in their 20s.  Another 38% say they will begin saving in their 30s. However, only 28% of those questioned nationally and 30% of those in Connecticut think they will need to save more than $1million to retire comfortably at age 65.

"A solid grasp of personal finance will give these student-athletes a huge edge in achieving financial security later on,” said Tom Marra, president and chief operating officer of Hartford Life, Inc., a subsidiary of The Hartford, and a former baseball player at St. Bonaventure University.  “They’ve already got the skills to win – discipline, teamwork and a competitive spirit; now they just have to apply them to a different field of play.”

Playbook for Life

Last spring, the Playbook for Life brought its financial planning message to student-athletes at Columbia, Duke and Rice universities.  Based on the initial success of the program, additional campus events are being scheduled for this fall and spring 2006.

In addition to Rizzotti and Pinkett, other Team Hartford members include: Bill Poutre, professor of entrepreneurship, men’s golf coach and former golfer at the University of Hartford; Brian Davis, president of Brian Davis Enterprises and former basketball stand-out at Duke University; Javier Loya, president and CEO of Choice! Energy, minority owner of the Houston Texans and former Columbia University defensive end; Anucha Browne Sanders, senior vice president, Marketing and Business Operations, New York Knicks, and former basketball player at Northwestern University; Kerry Phelan, vice president, Worldwide Consumer Products, Pixar Animation Studios, and former University of Connecticut tennis player.

The Hartford survey was conducted among 5,600 student-athletes in all NCAA divisions by Impulse Research Corporation in August 2005 with a margin of error of +/- 3 percent.

The NCAA is a membership-led nonprofit association of colleges and universities committed to supporting academic and athletic opportunities for more than 360,000 student-athletes at more than 1,000 member colleges and universities. Each year, more than 49,000 student-athletes compete in NCAA Championships in Division I, II and III sports. For more information, go to www.ncaa.org.

The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property-casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially.  Investors should consider the important risks and uncertainties that may cause actual results to differ.  These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2004 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission.  We assume no obligation to update this release, which speaks as of the date issued.