Youth sports cause parents financial strain

New York Life's latest Wealth Watch survey finds that youth sports have significant financial implications for American families. On average, parents spend $3,000 annually on their children's sports, with 64% reporting rising costs in recent years. As a result, many families are making financial trade-offs to support their kids' athletic aspirations.

Parents dedicate significant time and effort to their children's sports involvement, with most children (91%) participating in organized leagues or teams across one to three sports. While a third play just one sport, the majority (67%) engage in two or more, with basketball, football, and soccer being the most common. School teams are the most popular programs, followed by community and travel clubs. Nearly all parents (99%) are actively involved, attending games, practices, or managing transportation. With children spending up to 15 hours per week on sports activities, parental commitment is a crucial part of the experience.

Despite financial trade-offs, many parents are optimistic about their children's athletic futures. Over four-fifths (83%) believe their child has the potential to compete at the collegiate level and 75% believe they have the skills to play professionally. To increase these odds, parents are investing in skill training, travel, and recruitment efforts yet -- only 22% work with a financial professional to budget for these substantial costs.

Despite significant and increasing costs, parents see the benefits of youth sports.

* On average, parents spend $3,000 on youth sports annually.

* More than three-fifths of parents (64%) say the costs of their children's youth sports have increased over the past few years.

- In fact, a fifth (20%) of parents report that they had to reduce or stop their children's participation due to financial constraints.

* Four-fifths (79%) of parents feel that the cost of youth sports is expensive.

* Regardless of financial constraints, parents see the benefits of youth sports and allow their child to continue participating due to their child's interest (46%), as well as social (33%) and health benefits (29%).

* When selecting leagues, parents prioritize coaching quality, competition level, and cost.

"Sports are more than competition -- they're a training ground for life," said Jessica Ruggles, corporate vice president of Financial Wellness at New York Life. "Young athletes learn discipline, perseverance, and the value of investing in themselves. These are the same character strengths that prepare them for challenges far beyond the field or court. But the pursuit of athletic goals can also place a real financial and emotional strain on families. As parents make meaningful sacrifices to nurture their children's passions, it's essential to prioritize both performance and well-being. Building a trusted team -- including athletic mentors and financial coaches -- can give families clarity and confidence to champion their child's growth without compromising their own stability, maintaining confidence in their broader financial future. When we align our goals with smart planning and support, young athletes are empowered to go as far -- and as fast -- as they can."

To offset rising costs, parents are making considerable sacrifices to keep their children in sports, often adjusting household budgets and dipping into savings.

* To help manage the costs of their child(ren)'s sports, more than three-quarters of parents (76%) have taken some kind of action, usually by reducing spending in other areas (38%), actively participating in fundraising (29%), or volunteering to offset costs (21%).

* Parents are also making financial trade-offs to pay for the costs of their child(ren)'s sports: a quarter (25%) report having to pull from their savings or emergency fund.

* Lower-income parents are particularly feeling the financial strain, making additional sacrifices to keep their children engaged in the activities they love -- like taking on additional work (e.g., part-time jobs).

* Regardless of income, all parents to some degree are looking to understand the financial impact of their child(ren)'s participation and 66% of parents wish they had the financial tools to learn how they can budget for their child(ren)'s sport(s).

* Only a fifth (22%) of parents currently work with a financial professional to help budget for their child(ren)'s youth sports costs.

Parents are optimistic about their child's athletic future -- particularly in higher education. The majority are actively taking steps to increase their child's chance to play, get recruited, and receive an athletic scholarship at the collegiate or professional level. In fact, many parents are planning on relying on scholarships to pay for higher education.

* More than four-fifths (83%) of parents believe their child has the skills to play at the college level, and 49% are confident that their child will receive an athletic scholarship.

* 75% of parents believe their child has the skills to play at the professional level.

* 77% of parents are doing something to increase their child's chances to play at the collegiate and/or professional level, including investing in additional skill-training (e.g., camps, competitions) (49%), exploring alternatives (e.g., coaching, athletic training, sports medicine) (38%), or weight training (32%).

* Almost four-fifths (78%) of parents are doing something to increase their child's chances to get recruited and/or receive an athletic scholarship at the collegiate and/or professional level, including getting advice/guidance from guidance counselors and coaches (50%), networking with other athletes/coaches (37%), and traveling to visit college campuses (30%).

* Among parents that are thinking about how to save money and pay for their children's future athletic and academic careers:

- Parents currently have an average of $30,787 saved for their children's higher education.

- More than a third (36%) of parents are planning to create a college savings account.

* Among those using a savings account to save for college, having a basic savings account is the most popular strategy (66%) followed by a 529 (43%) or a Roth IRA (23%).

"Our research suggests that parents are deeply committed to supporting their children's athletic potential -- not just for the joy of sport, but as a pathway to higher education and future success," said Ruggles. "This kind of long-term investment reflects a belief in hard work and opportunity. But while hope and effort are essential, so is planning. Many families are counting on athletic scholarships to ease the cost of college, yet those opportunities are limited and uncertain, especially in the face of injury or shifting priorities. To avoid future financial strain, it's critical for parents to take a proactive, multifaceted approach. Working with a financial professional can help families make deliberate, informed decisions -- building a strategy that honors both their child's ambition and their family's long-term financial well-being."

ABOUT WEALTH WATCH

Wealth Watch is a recurring survey from New York Life that tracks Americans' financial goals, progress toward those goals, and feelings about their ability to secure their financial futures, identifying key themes and trends that are emerging about topics like retirement planning, the role of protection-oriented solutions, and the importance of financial guidance.

SURVEY METHODOLOGY

This poll was conducted March 1-6, 2025 among a sample of 1,036 parents with children aged 7-18 who participate in youth sports. The interviews were conducted online. Results from the full survey have a margin of error of plus or minus 3 percentage points.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States/1 and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, disability income insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies./2

1/ Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/4/2024. For methodology, see https://fortune.com/franchise-list-page/fortune-500-methodology-2024/