1 in 6 Retired NFL Players Go Bankrupt, Research Shows

Despite the millions that most players amass during their tenure in the NFL, close to 16 percent end up becoming bankrupt after retirement.

CNN reported that a new study revealed that 1 out of six retired NFL players file for bankruptcy within 12 years after hanging up their football cleats. The study further showed that career earnings, as well as the duration of a player's career, had little effect on their chances of ending up broke. Star players and bench warmers are just as likely to lose all their money once they leave the field for good.

The causes for becoming bankrupt among NFL players vary, although Sports Illustrated noted that divorce and joblessness are among the main reasons why many are struggling financially.

The study's authors from the University of Washington, Cal Tech and George Washington University stated (via CNN), "Having played a long time and been well paid does not provide much protection against the risk of going bankrupt."

Fortune wrote that although the 15.7 percent end up being bankrupt, it also does not mean that the remaining 84 percent are doing well after the end of their NFL careers. Many more financially struggle after exiting the NFL, with several getting close to bankruptcy.

There are a number of notable NFL stars who filed for bankruptcy in the past years. CNN listed Hall of Famer Warren Sap, Andre Rison and Mark Brunell. Sapp reportedly earned over $50 million during his time in the NFL then filed for bankruptcy within five years after his last professional game.

Meanwhile, Washington Post also noted that based on the research, "about two percent of NFL players file for bankruptcy within two years" after retiring.

One of the researchers, Colin F. Camerer, said, "We've known that it can be very difficult for the average family to save. But this is one group that you might think ought to be able to avoid bankruptcy. They're in a position to buy some good advice if they need it. But even for them, with all these millions, it's a challenge."

NBC reported that the National Football League Players Association (NFLPA) started a financial wellness program in 2009 to aid players during a league lockout. According to the NFLPA, there are various unique challenges that NFL players face when planning their financial future. The biggest issue may involve athletes determining how long their earned cash will last and being uncertain of when their careers may end.

Watch a related feature by The Street on how and why NFL players go broke.