New Jersey-based financial services company signs on as
presenting sponsor for men’s and women’s basketball teams; will
also provide access to financial education and funded investment
accounts for Rutgers student-athletes.
Rutgers basketball has a new partner on the bench this season:
Prudential Financial, Inc. (NYSE: PRU). The global financial
services company has signed on as the men’s and women’s basketball
program’s presenting sponsor and will also provide access to
financial education and funded investment accounts for domestic
Rutgers student-athletes in a variety of sports.
“Thanks to the power of compound interest, investing money in
your 20s can provide millions by retirement age, particularly for
young athletes who may be on track to play as professionals,” said
Richard Parkinson, chief brand officer, Prudential Financial. “By
planning now, these young athletes can face their financial future
with the same confidence they bring to the court or the field, no
matter what happens in college and beyond.”
As part of the deal, Prudential financial advisors Lisa Lovell
and John Benton will be on hand for consultations with Rutgers
student-athletes throughout the season. Prudential Financial
advisors also will facilitate financial education seminars for
student-athletes and their families. The family session will be
remotely accessible for those who are unable to travel to campus.
Lastly, Prudential will provide investment accounts for select U.S.
men and women student-athletes (international student-athletes are
not eligible due to visa restrictions).
“We are thrilled to enter into this transformative partnership
with Prudential,” said Rutgers Athletic Director Pat Hobbs. “This
is a one-of-a-kind opportunity to not only impact the lives of our
student-athletes, but their families and hopefully generations to
come. I look forward to collaborating with Prudential to help our
Scarlet Knights build strengths in the principles of financial
literacy.”
Access to financial education is more important than ever,
according to the Organization for Economic Cooperation and
Development, with children growing up in an increasingly complex
world where they will likely be required to take charge of their
own financial future at a younger age than their parents or
grandparents. Student-athletes, in particular, face some of the
highest risk of money problems, says the Council for Economic
Education. Yet in 2022, only 23 states required a personal finance
course for high school graduation, and very few colleges required
it for student-athletes.
“College athletes can be valued at more than $1 million, but
they (and their families) frequently live below the poverty line,”
said Delvin Joyce, Prudential Certified Financial Planner and
Certified Financial Advisor and a former professional athlete.
“That’s why it’s more important than ever for them to invest their
income early. By setting aside a small portion of their earnings
each year, they can ensure better financial security when their
sports careers come to an end.”
Becoming a collegiate athlete (and having the opportunity to
turn pro) is what Prudential refers to as a ‘Now What?’ moment.
When you seize ‘Now What?’ moments — the moments you realize your
life has changed for the better — you can take your financial
future to the next level. ‘Now What?’ moments are the ideal time to
start investing, particularly for those college athletes who want
to play professionally.
“Only 2% of collegiate athletes make it to the pros,” said
Lovell. “Those who do make it are typically well compensated but
are not taught how to manage their wealth. Black athletes are
particularly susceptible to financial troubles — a startling 15.7%
of NFL players (the majority of whom are Black) have filed for
bankruptcy within 12 years of retiring.”
Prudential is committed to curbing this trend. The company has a
long-standing commitment to create opportunities for those who have
been historically excluded from the financial system — including
student and professional athletes — and helping them create a
blueprint for building personal and generational wealth.
This is the third in a series of athletic sponsorship deals for
Prudential that highlight the importance of planning for retirement
at an early age. Last year, Prudential featured New Jersey Devils
players Jack and Luke Hughes (22 and 19, respectively) in a social
media brand campaign highlighting the importance of financial
planning early in a professional sports career. Prudential also
partnered with 19-year-old Ethan Quinn as he made his professional
tennis debut. Quinn utilized Prudential Stages for Retirement and
Prudential’s team of advisors to invest a portion of his earnings
and let his money work for him as he builds his tennis career.
“It’s more important than ever for young people to invest their
income early — particularly those who are considering a pro sports
career,” said Benton. “Traditional defined benefit plans, which
provide retirees income for life, are disappearing fast — 70% of
people had one in 1975 versus only 12% of people today — and Social
Security benefits are projected to face a 20% cut across the board
by 2033.”
“If you don’t see it, you won’t spend it — and you can still
have a great lifestyle with just a fraction of what you earn in a
season,” Joyce added.
Ethan Quinn is a customer and paid promoter of Prudential. Jack
Hughes and Luke Hughes are non-customer paid promoters of
Prudential. For more information about their partnerships, go to
prudential.com/nowwhat.
Lisa Lovell, John Benton, and Delvin Joyce offer financial
planning and investment advisory services and programs through
Pruco Securities, LLC (Pruco), under the marketing name Prudential
Financial Planning Services (PFPS), pursuant to a separate client
agreement.
Prudential Stages is an umbrella marketing name for Pruco.
Insurance and securities products and services are offered through
a registered representative of Pruco, and an agent of issuing
insurance companies.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
approximately $1.4 trillion in assets under management as of Sept.
30, 2023, has operations in the United States, Asia, Europe, and
Latin America. Prudential’s diverse and talented employees help
make lives better and create financial opportunity for more people
by expanding access to investing, insurance, and retirement
security. Prudential’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for nearly 150 years. For more
information, please visit news.prudential.com.
ABOUT RUTGERS ATHLETICS
The Rutgers Department of Intercollegiate Athletics (Rutgers
Athletics), comprised of 24 men's and women's varsity sports
serving more than 730 student-athletes, is a member of the Big Ten
Conference and governed by the National Collegiate Athletic
Association (NCAA). Rutgers is the Birthplace of College Football,
hosting the first-ever collegiate matchup on Nov. 6, 1869, a 6-4
victory over Princeton. Rutgers Athletics is uniquely positioned in
the nation's largest media market with over seven million
television households, along with access to Big Ten Network and its
nearly 60 million homes across the U.S. and Canada. Established in
1766, Rutgers University is the State University of New Jersey and
eighth-oldest higher education institution in the country. As a
premier academic institution, Rutgers is a member of the
prestigious Association of American Universities. Follow Rutgers
Athletics on Facebook, Twitter (X) and Instagram for all of the
latest news and updates. Also visit ScarletKnights.com for
additional information on Rutgers Athletics.
1076965-00001-00
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240118410231/en/
MEDIA CONTACTS Stacey DiNuzzo Prudential
Financial stacey.dinuzzo@prudential.com
425-590-7622
Hasim Phillips Rutgers Athletics
hphillips@scarletknights.com 732-470-9457
CONNECT WITH US: Visit prudential.com Follow on
LinkedIn
Prudential Financial (NYSE:PRU)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Prudential Financial (NYSE:PRU)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024