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TD Ameritrade Survey: Parents Prioritize Kids’ Sports Spending Over Retirement Planning
A new TD Ameritrade survey reveals sports parents are invested in helping kids achieve athletic aspirations, yet often sideline their own financial goals. Sports parents are often the unsung heroes behind top athletes and their dedication to their children is admirable. The survey results highlight that natural desire to put their children’s needs before their own. In addition to sacrificing family vacations and other extras, parents of elite athletes admit to saving less, delaying retirement and tapping college funds to pay for sports.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160801005136/en/
While many parents have achieved a good balance between spending on sports and saving for retirement, some could benefit from putting the same enthusiasm to work for their finances, especially when it comes to mapping out their long-term financial plan.
Of the 1,001 sports parents surveyed:
Sports parents bank on scholarships
When it comes to building a retirement nest egg, the cost of college is a sports parent’s biggest financial hurdle. Forty-three percent of parents surveyed say competitive youth sports and club teams are too expensive, but they are still willing to pay so their kids can play. On average, parents spend between $100–$500 a month per child on competitive sports, and nearly 20 percent spend at least $1,000 or more. Many hope the investment will translate into scholarships or professional careers. However, parents of athletes who are now adults serve up a reality check.
Scholarship Hopes vs. Reality
Olympic Hopes vs. Reality
"The survey highlights a real need for sports parents to get on track with a financial plan, especially considering that only a small percentage of young athletes secure a scholarship or turn pro, but 100% of parents will need a nest egg,” said Carrie Braxdale, managing director of investor services, TD Ameritrade. “Each of us has a shot at a comfortable retirement, with the right financial planning and support. Just like an elite athlete, it’s a matter of committing to an approach and taking the steps to reach a goal.”
Sports parents need to get their financial game on
A majority of the sports parents surveyed agree that investing wisely and saving are the best ways to pursue retirement goals (79 percent). Yet these parents show less commitment to their retirement goals than their children do to sports.
“As an Olympic athlete and mom, I know firsthand about getting kids involved in sports as a way to teach them about setting goals and achieving dreams. I also know how important it is to prepare for life beyond competition," said Chaunte Lowe, three-time U.S. Olympic high jumper. “Today’s parents are ‘all in’ when it comes to their kids’ athletic activities, but they also need to strike a balance between supporting their kids’ goals and saving for their own financial future. With limited time and resources due to sports commitments, parents could benefit from a little financial coaching to keep them on the right track.”
Despite the costs, parents say the benefits of youth sports are priceless
The trend toward specialization is strong, with an overwhelming majority of young elite athletes (83 percent) concentrating on just one sport. The survey showed that specialization tends to occur between the ages of 9-10. A year-round commitment is typical, and most play their sport at least nine months out of the year (83 percent).
Parents say such dedication can have its drawbacks.
But the benefits of youth sports can outweigh downsides.
Parent or athlete, setting goals is a first step to achieving dreams
All across the world, parents and their aspiring athletes will be tuned into the 2016 Rio Olympic Games to cheer on elite athletes competing on sport’s ultimate stage. More than 60 percent of parents of elite athletes say their child has Olympic aspirations too, leaving parents facing the tough task of maintaining realistic expectations without discouraging their child from dreaming big.
"The decision to let your child play sports competitively is a personal one," says Lowe. "We invest time and money in order to fulfill our dreams and aspirations, and in some cases, our biggest risk and regret comes from not chasing the dream at all. Setting goals and putting a plan into action are the first steps."
TD Ameritrade has several goal planning tools and calculators to help parents and other investors lay the groundwork for reaching financial goals whether it’s sending children to college, buying a dream house or retiring on a beach.
To get started, visit http://www.tdameritrade.com/goalplanning or call 866-551-6915.
TD Ameritrade has teamed up with U.S. Olympians to support and mentor the “next generation” of athletes. Follow along with Olympic hopefuls and the TD Ameritrade-sponsored U.S. Olympic athletes on social media using the hashtag #likeyou. Or visit www.tdameritrade.com/likeyou.
For the latest news and information about TD Ameritrade, follow the Company on Twitter, @TDAmeritradePR or @TDAmeritrade
Survey methodologyA 15-minute online survey was conducted by True North on behalf of TD Ameritrade, Inc. of 1,001 parents of children of all ages between May 12 and May 17, 2016. Respondents were 30-60 years of age and parents of children who currently or previously participated in competitive youth sports, defined as playing for highly competitive or elite club teams run by a non-school organization. The margin of error is +/-3%.
About TD Ameritrade Holding CorporationMillions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade’s (Nasdaq: AMTD) technology, people and education to help make investing and trading easier to understand and do. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how — bringing Wall Street to Main Street for more than 40 years. An official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit TD Ameritrade’s newsroom or www.amtd.com for more information.
Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org)/SIPC (www.SIPC.org)
1The TD Ameritrade Retirement Calculator™: IMPORTANT: The projections or other information generated by the Retirement Calculator regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.
Source: TD Ameritrade Holding Corporation
View source version on businesswire.com: http://www.businesswire.com/news/home/20160801005136/en/
TD Ameritrade Holding CorporationKristin Petrick, 402-574-6569Communications & Public AffairsKristin.Petrick@tdameritrade.comorMelissa Matson, 201-369-5933Communications & Public AffairsMelissa.Matson@tdameritrade.com
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