Robinhood Markets, Inc. (NASDAQ:HOOD) is partnering with Duke University’s Department of Economics to launch a financial education program for students and student athletes beginning with the 2023 academic year.

This 4-year partnership is part of Robinhood’s Money Drills initiative that makes financial education coursework available for college students and student athletes across the nation. Through the Money Drills program, Robinhood will provide funding to support additional course sections of the Duke Department of Economics’ personal finance class and offer guest lecturers to discuss financial education. Graduating students who have a fundamental understanding of personal finance is also a priority for Duke.

University of Memphis and Kansas State University are also signing on to be part of Robinhood’s Money Drills Initiative.

“In this class, students will engage in practical learning activities to internalize the essentials of personal financial management,” said Professor Emma Rasiel, Teaching Director of the Duke Financial Economics Center. “In today’s uncertain financial climate, it has never been more important for our students to learn these skills. I’m thrilled to be able to bring these essential tools and concepts to Duke students in a course that is accessible to students who are remaining on campus during the summer months.”

The course will operate every summer and be available to students who stay on campus at Duke; it is not restricted just to student athletes. For student athletes who decide to enroll, anyone can take the class no matter the student’s sport or gender.

Professional athletes fresh out of high school and college are becoming overnight millionaires. Reports have shown that a number of professional athletes declare bankruptcy in just a few years. Nearly 16% of NFL players file for bankruptcy within 12 years of retirement. And sixty percent of NBA players go broke within five years of departing the league. Female athletes are especially impacted, as their financial fallout can be harder than their male counterparts. Robinhood believes it is critical that all students and student-athletes learn about the basics of financial literacy.