Saint Louis University Student-Athletes to Get Jump Start on Financial Future with Playbook for Life

HARTFORD, Conn., Nov. 16 /PRNewswire-FirstCall/ -- St. Louis area student- athletes, despite facing student loan and other debt incurred during their college years, are bullish on their financial future. However, while more than half have begun to plan for life after college, more than 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. .

Expectations and Realities: A Rude Awakening for Graduates

The Hartford's survey, which was conducted among a nationally representative sample of 5,600 student-athletes, reveals that the average student-athlete in St. Louis plans to graduate with $12,900 in student loans and credit card debt, and expects to land a job paying $65,500. Nationally, those surveyed expect to graduate with an average debt load of $14,500 and an average starting salary of $65,000.

While St. Louis collegiate athletes will carry less debt than their national counterparts, like 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, on average, than student-athlete expectations for starting salaries.

In terms of retirement, 71 percent of those surveyed in St. Louis 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 St. Louis Students: Developing a Game Plan

St. Louis area student-athletes will have the opportunity to develop a game plan for their financial future as The Hartford's Playbook for Life visits Saint Louis University on Wednesday, November 16 at 7:00 p.m. At the event, students will learn why it's important to start planning for life after college from Brad Soderberg, head coach of the Saint Louis University men's basketball team. They will also hear the personal finance lessons learned by Allen Pinkett, former University of Notre Dame All-American running back who played for the NFL's Houston Oilers and New Orleans Saints, and Andre Mirkine, Certified Financial Planner(TM) practitioner, co-founder of the Sports Financial Advisors Association, former professional freestyle skier, and Clark University and semi-professional soccer player.

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 (http://www.playbook.thehartford.com/) are also available to the student- athlete and non-athlete alike.

"This is a terrific opportunity for local college students to get a leg up on future financial concerns," said Soderberg. "Most college students don't think much beyond their daily needs, but knowing even a few personal finance basics now will go a long way come graduation day."

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 begin to 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.

"Playbook for Life is proving to be a terrific resource for student- athletes," said NCAA President Myles Brand. "Most recognize they stand to gain a great deal by learning to manage their money wisely. We are excited to be working with The Hartford to educate student-athletes nationwide about this essential life skill."

More Student Statistics

Student-athletes in St. Louis are more optimistic than their peers elsewhere in the country about their long-term financial prospects. A total of 41 percent of those surveyed in St. Louis say they expect to become millionaires at some point in their lives, compared to 35 percent nationally. The majority of today's college graduates begin their careers with some level of debt. According to The Hartford survey, 79 percent of student-athletes nationwide -- and 76 percent in St. Louis -- anticipate beginning their post- college days owing money.

-- Nationally, the average debt burden is expected to be $14,500, with nearly one-third (32 percent) of those polled saying they will have more than $20,000 to repay. -- In St. Louis, the average debt burden is expected to be $12,900, with more than one-fourth of student-athletes (27 percent) 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. Half of those surveyed in St. Louis plan to begin saving for retirement in their 20s. Another 38 percent say they will begin saving in their 30s. However, only 29 percent of St. Louis student-athletes questioned think they will need to save more than $1 million 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

The Playbook for Life has brought its financial planning message to student-athletes at Columbia, Duke, and Rice Universities, the University of Hartford and Saint Joseph's University. Based on the initial success of the program, additional campus events are being scheduled for this fall and spring 2006.

In addition to Pinkett and Mirkine, other Team Hartford members include Brian Davis, president of Brian Davis Enterprises and former basketball stand- out at Duke University; Jennifer Rizzotti, University of Hartford women's basketball coach and former University of Connecticut and WNBA basketball player; 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 http://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 http://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.

Contact(s): Pamela Rekow Ilene Lefland 860-547-8990 203-378-1152 x109 pamela.rekow@thehartford.com ilene@cjpcom.com Joshua King Gail Dent 860-547-2293 317-917-6119 joshua.king@thehartford.com gdent@ncaa.org