Participating in competitive sports can teach youth valuable lessons. It can also be costly.

According to a recent TD Ameritrade survey parents whose children participate in competitive youth sports spend $100 – $500 per month per child. The costs often have a negative impact on parents’ retirement goals. Some of the interesting findings:

  • 1/3 of sports parents don’t contribute regularly to a retirement account
  • 57% don’t have a long-term financial plan
  • 60% say costs have them concerned about their ability to save long-term
  • almost 80% say expenses affect household budgeting

Parents go beyond spending – they’re delusional:

  • 2/3 hope their child will earn a scholarship to cover college costs
  • 1/3 expect their child to go to the Olympics or turn pro

The sobering facts:

  • 24% of children of surveyed parents earned a scholarship
  • only 2% of children of surveyed parents went on to the Olympics or turned pro

The full report details the survey’s objectives, methodology and complete findings.