May 01, 2019 at 09:57AM
From soccer practice to piano lessons, a new study says parents are going into debt over their kids' extracurricular activities.Parents are spending thousands of dollars on youth sports leagues, dance lessons and other activities in an effort to invest in their children's futures, data compiled by CompareCards.com shows.The company studied 700 parents with young children.More than half of parents surveyed said they spend more than they can afford on their child's activities. But 48 percent of the parents say they don't regret spending the money. More than 60 percent of parents said their kids' extracurricular activities — everything from music lessons to sports — led them into debt.The study shows that more than 30 percent of parents surveyed said they're still paying off the debt.About 1 in 3 parents who still owe money from activities owes $3,000.Why are parents putting up so much money for the activities?CompareCards.com says it's because parents think the extracurricular activities will lead to paying jobs.The study found that the most popular activities are sports, music and dance."It's not just sports parents who have these big dreams and big hopes for their sons and daughters; it's music parents, it's cheerleading parents, it's debate team parents," Matt Schulz, chief industry analyst at CompareCards, told MarketWatch.The data supported a recent study from the University of Michigan that showed 55 percent of parents think the activities will help boost their kids' futures.But the study also showed that costs to extracurricular activities prevent many kids from being able to participate.The University of Michigan study found that 18 percent of middle and high school students are not involved in extracurricular activities.That number doubles for lower-income families."Extracurricular school activities have been shown to boost educational achievement, personal development and social opportunities," poll co-director Sarah Clark said in an interview. "But barriers to participation prevent some children from enjoying the benefits that these experiences offer."
From soccer practice to piano lessons, a new study says parents are going into debt over their kids' extracurricular activities.
Parents are spending thousands of dollars on youth sports leagues, dance lessons and other activities in an effort to invest in their children's futures, data compiled by CompareCards.com shows.
The company studied 700 parents with young children.
More than half of parents surveyed said they spend more than they can afford on their child's activities. But 48 percent of the parents say they don't regret spending the money.
More than 60 percent of parents said their kids' extracurricular activities — everything from music lessons to sports — led them into debt.
The study shows that more than 30 percent of parents surveyed said they're still paying off the debt.
About 1 in 3 parents who still owe money from activities owes $3,000.
Why are parents putting up so much money for the activities?
CompareCards.com says it's because parents think the extracurricular activities will lead to paying jobs.
The study found that the most popular activities are sports, music and dance.
"It's not just sports parents who have these big dreams and big hopes for their sons and daughters; it's music parents, it's cheerleading parents, it's debate team parents," Matt Schulz, chief industry analyst at CompareCards, told MarketWatch.
The data supported a recent study from the University of Michigan that showed 55 percent of parents think the activities will help boost their kids' futures.
But the study also showed that costs to extracurricular activities prevent many kids from being able to participate.
The University of Michigan study found that 18 percent of middle and high school students are not involved in extracurricular activities.
That number doubles for lower-income families.
"Extracurricular school activities have been shown to boost educational achievement, personal development and social opportunities," poll co-director Sarah Clark said in an interview. "But barriers to participation prevent some children from enjoying the benefits that these experiences offer."
From soccer practice to piano lessons, a new study says parents are going into debt over their kids' extracurricular activities.Parents are spending thousands of dollars on youth sports leagues, dance lessons and other activities in an effort to invest in their children's futures, data compiled by CompareCards.com shows.The company studied 700 parents with young children.More than half of parents surveyed said they spend more than they can afford on their child's activities. But 48 percent of the parents say they don't regret spending the money. More than 60 percent of parents said their kids' extracurricular activities — everything from music lessons to sports — led them into debt.The study shows that more than 30 percent of parents surveyed said they're still paying off the debt.About 1 in 3 parents who still owe money from activities owes $3,000.Why are parents putting up so much money for the activities?CompareCards.com says it's because parents think the extracurricular activities will lead to paying jobs.The study found that the most popular activities are sports, music and dance."It's not just sports parents who have these big dreams and big hopes for their sons and daughters; it's music parents, it's cheerleading parents, it's debate team parents," Matt Schulz, chief industry analyst at CompareCards, told MarketWatch.The data supported a recent study from the University of Michigan that showed 55 percent of parents think the activities will help boost their kids' futures.But the study also showed that costs to extracurricular activities prevent many kids from being able to participate.The University of Michigan study found that 18 percent of middle and high school students are not involved in extracurricular activities.That number doubles for lower-income families."Extracurricular school activities have been shown to boost educational achievement, personal development and social opportunities," poll co-director Sarah Clark said in an interview. "But barriers to participation prevent some children from enjoying the benefits that these experiences offer."
From soccer practice to piano lessons, a new study says parents are going into debt over their kids' extracurricular activities.
Parents are spending thousands of dollars on youth sports leagues, dance lessons and other activities in an effort to invest in their children's futures, data compiled by CompareCards.com shows.
The company studied 700 parents with young children.
More than half of parents surveyed said they spend more than they can afford on their child's activities. But 48 percent of the parents say they don't regret spending the money.
More than 60 percent of parents said their kids' extracurricular activities — everything from music lessons to sports — led them into debt.
The study shows that more than 30 percent of parents surveyed said they're still paying off the debt.
About 1 in 3 parents who still owe money from activities owes $3,000.
Why are parents putting up so much money for the activities?
CompareCards.com says it's because parents think the extracurricular activities will lead to paying jobs.
The study found that the most popular activities are sports, music and dance.
"It's not just sports parents who have these big dreams and big hopes for their sons and daughters; it's music parents, it's cheerleading parents, it's debate team parents," Matt Schulz, chief industry analyst at CompareCards, told MarketWatch.
The data supported a recent study from the University of Michigan that showed 55 percent of parents think the activities will help boost their kids' futures.
But the study also showed that costs to extracurricular activities prevent many kids from being able to participate.
The University of Michigan study found that 18 percent of middle and high school students are not involved in extracurricular activities.
That number doubles for lower-income families.
"Extracurricular school activities have been shown to boost educational achievement, personal development and social opportunities," poll co-director Sarah Clark said in an interview. "But barriers to participation prevent some children from enjoying the benefits that these experiences offer."
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