Children’s sports impact parents’ savings

Children’s sports impact parents’ savings

(WWBT/WXIX) - Organized sports for children are not cheap and a new study shows that the cost is causing financial trouble for some parents.

A TD Ameritrade polls show that 60 percent of 1,000 families surveyed have no long-term financial plan. Forty percent had no emergency fund.

A third of those parents admitted to not regularly contributing to retirement savings.

The survey says 34 percent of parents were confident their child would make it to the Olympics or turn pro in a sport, but statistics show only about 2 percent of elite athletes win college scholarships.

The odds that a high school senior basketball player will ever make the NBA are roughly three in 10,000.

As you consider your savings, some programs - such as intramural sports programs - are much cheaper than club sports.

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