With NIL in play, women athletes need financial game plans

A message from: MassMutual

"The Money Game," a new docuseries that explores name, image and likeness (NIL) rights for college athletes, premiered in New York City on Sept. 9.
During the event, Jennifer Halloran, CMO and head of marketing and brand at MassMutual, sat down with Laura Correnti, founder and CEO of Deep Sports + Entertainment, to discuss the importance of supporting female college athletes as NIL opens up new commercial opportunities.
- For Halloran, women's college sports are personal. Yes, she's a huge fan, but she was also a college athlete, and her daughter was a Division I lacrosse player.
Halloran is committed to growing MassMutual's sports marketing program, particularly in the women's sports space, and supporting this new generation of female athletes.
1. First things first: We just saw a clip from "The Money Game." What emotive response did that trigger for you? What was your biggest takeaway?
Halloran: "The Money Game" gets me so excited for what we can do for female college athletes at MassMutual.
The power of the confidence, time management and discipline you gain by being a collegiate athlete is unbelievable. And statistics show these skills transpire into real, professional lives.
- 80% of Fortune 500 executives and 94% of C-suite women were collegiate athletes, according to Cornell University research.
Supporting these athletes is key. At MassMutual, we talk about this a lot. We really believe in the power of mutuality and taking care of others.
- As a brand, we help you protect you and your loved ones' financial futures.
- There's a really strong connection between those two concepts, and it's a gift to have a support system that can really focus on you and lift you up from every angle.
2. Here's the deal: College sports has been an elusive industry, and there's very little in the way of rules. How have you noticed brands reacting to new opportunities with these female collegiate athletes?
Halloran: It's funny because if we just say 'sports' and not specify 'women's sports,' you get a different response.
- If you went to your CEO and said, 'Look, this is a product I think we should be selling, and here's why: There's an audience, there are strong traits, and there's a strong business value that we could create a lot of sales and build a growth audience with this,' they'd say, 'Sure, let's do it.'
So why do people get stuck on the idea it's women's sports? The numbers are there. The opportunity is there.
3. Why it's important: Why is it so crucial to offer support to female collegiate athletes, especially when it comes to financials?
Halloran: In this new world of NIL, college athletes are getting huge financial opportunities.
But as we saw in "The Money Game," women college athletes feel nervous asking for help from professionals — to say, 'This is what I grew up with, where I am now and why I need your help.'
- It can be difficult for women to open up about finances and learn how they can protect their money.
That's why it's so important to have someone to be their partner and help walk them through that and understand how to prepare.
4. Here's what else: At the same time these female college athletes are driving a new generation of influencers and stars, the largest transfer of wealth in a generation is underway.
- $9 trillion is about to be inherited by women, according to the UBS Global Wealth Report. But only 1 in 10 women are discussing generational wealth transfers with an advisor, the World Economic Form cited.
- 54% say if they had an advisor, they'd be in a much better position.
MassMutual is pledging media resources, creative platforms and financial professionals to support the financial preparation and planning through the lens of women's sports. Can you tell us more about these initiatives?
Halloran: "The Money Game" really showcases the connection between the path that women athletes take and the path that women in general can take. We really need to highlight and elevate both.
- MassMutual really wants to be the platform to provide that support — whether it's using any of the 1,400 female financial professionals who affiliate with MassMutual or providing actionable resources to plan for their futures.
We also know we can start educating young earners about the importance of good financial habits and starting financial planning sooner.
- I have the honor of overseeing MassMutual's community responsibility program, which is self-funded through our board. One of the biggest things we focus on is financial literacy in children with a national program called Future Smart.
- Research shows that in sixth grade, children have the ability to really understand the basics of finance and investing and saving.
That's where MassMutual has a massive opportunity to help — not only college athletes but also women and those who are underrepresented.