NFL players have an average annual salary of over $1 million USD but a high failure rate, with 78% going bankrupt within two years of retirement. Factors include high divorce rates and investing in fraudulent or risky ventures. NBA players also have a high failure rate, with 60% failing within five years of retirement.
The average annual salary for National Football League (NFL) players is more than $1 million US Dollars (USD), but NFL players have one of the highest failure rates of any profession. Approximately 78% of NFL players go bankrupt within two years of retirement. One factor is thought to be a high divorce rate, estimated to be in 60% to 80% of professional athletes and typically occurs after retirement, when there is no longer the same income stream. Another factor is thought to be players investing their funds in fraudulent or risky ventures. Even professional football players have an average career of just 3.5 years and can be sidelined from teams after injuries — often losing any salary they should have earned in future seasons — while athletes in some other sports, such as Major League Baseball, typically they have fully guaranteed contracts.
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Approximately 60% of National Basketball Association (NBA) players fail within five years of finishing their careers.
The average annual bankruptcy rate for US households is just over 1%.
From 1999 to 2002, 78 NFL players lost a total of approximately $42 million dollars due to having their money handled by unqualified financial advisors or with a fraudulent record.
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