#USA #Palo Alto #financial literacy #Stanford #Goalsetter

Goalsetter and Lifetime Cardinal: Enhancing Financial Literacy for Stanford Athletes

In an initiative aimed at boosting financial literacy among student-athletes, Goalsetter, an acclaimed financial education platform, has announced its partnership with the Lifetime Cardinal Community Fund. This collaboration intends to empower Stanford student-athletes to navigate the complexities of Name, Image, and Likeness (NIL) opportunities while preparing them for long-term financial success.

The Partnership Overview

Starting from October 2025, this innovative program will provide a mobile-first financial education platform tailored specifically for Stanford's student-athletes. It aims to deliver accessible and engaging education on crucial topics such as money management, saving, credit usage, taxes, contracts, investing, and building generational wealth. Given the rise in NIL deals, it is more essential than ever for these student-athletes to be well-equipped with financial knowledge.

Addressing the Knowledge Gap

Recent surveys reveal alarming statistics regarding financial preparedness among student-athletes:
74% of college athletes have not received formal training on managing their NIL income, taxes, or budgeting.
58% are unaware of the necessity to pay self-employment taxes on their earnings.
Only 12% of student-athletes feel confident in managing the money from their NIL deals.
42% of Gen Z student-athletes reported regrettable purchases made with their NIL income.
* Less than 10% of colleges require financial literacy education as part of their NIL programming.

These figures highlight a significant gap in financial literacy education. As reported by various studies and surveys conducted in the field, it becomes evident that student-athletes require proper support to thrive not just in their sports careers but also in managing their finances.

Commitment to Financial Literacy

Since 2021, the Lifetime Cardinal organization has emphasized the importance of financial education for Stanford student-athletes. Initiatives prior to this partnership included organized tax seminars, financial advisor access, and mentoring via their Stanford alumni network. This new partnership with Goalsetter introduces a dynamic and structured digital curriculum that aims to enrich Lifetime Cardinal’s commitment.

“From its inception, Lifetime Cardinal's mission has encompassed financial literacy as a core value crucial for the success of all college students and especially those entering NIL contracts,” said Chip Hall, Executive Director of Lifetime Cardinal. He further added, “By collaborating with Goalsetter, we aim to educate today’s student-athletes for competent money management and investment strategies, positioning them for future success.”

A Comprehensive Learning Experience

Joyce Smith, Senior Vice President of Content and Curriculum at Goalsetter, noted that this program extends beyond mere financial knowledge; it aims to instill a mindset that fosters a lifetime of confident financial decision-making. Designed by experts in education and finance, the Goalsetter curriculum offers an engaging learning journey focused on practical applications relevant to the real world.

The topics covered include earning, saving, investing, credit management, and understanding financial risks. The curriculum aligns with national and state financial literacy standards, utilizing interactive content, gamified quizzes, and relatable videos to resonate more effectively with students.

The results? Those using the Goalsetter platform exhibit an impressive 85% mastery level in financial concepts and a 43% growth in financial knowledge.

Broader Vision for Athletes

This partnership is part of a larger vision held by Lifetime Cardinal to support student-athletes beyond their college years. With backing from Stanford alumni, faculty, and student leaders, this initiative will significantly impact all teams across various disciplines, ensuring every athlete receives the essential financial knowledge needed to excel, both on and off the field.

About the Organizations Involved

Lifetime Cardinal

Lifetime Cardinal is a nonprofit entity dedicated to providing NIL-related opportunities, professional development, and enduring mentorship for Stanford student-athletes. Initiated in 2021, it has served to connect athletes with the extensive Stanford alumni network while focusing on NIL support, career readiness, and financial literacy.

Goalsetter

Founded in 2016, Goalsetter is a financial technology company offering educational, investing, and savings platforms designed to foster financial literacy among families. Distinguished by engaging content and gamified features, Goalsetter is committed to revolutionizing financial well-being across demographics, including K12 schools and colleges. Through innovative strategies, it aims to enlighten users about financial wellness in a relatable and fun manner.

In conclusion, the partnership between Goalsetter and Lifetime Cardinal signifies a crucial development in preparing student-athletes at Stanford for smarter financial futures. As they step into opportunities created by NIL, equipping them with financial savvy becomes indispensable, setting a precedent for similar initiatives nationwide.