Club sports cost parents retirement savings, study says

ATLANTA - When big sporting events happen like the World Series, Super Bowl, and now the World Cup on Fox, it inspires kids. They want to play like US star Christian Pulisic. But too many parents are sinking money into club or pay-for-play sports and not putting this money toward their own retirement savings. They’re not putting this money into college savings. And this is a terrible idea.

Do you know what percentage of high school seniors go on to play in Major League Baseball? Less than one percent. Same for men and women’s professional basketball - less than one percent. Football? The same.

But some families think that maybe sport can help their student athlete earn a college scholarship. Think again. Of the top soccer players who play at a Division 1 school, only 1.1-percent earn a sports scholarship. Even if your child goes on to play in college, still a very small number will go pro.

Let’s run some numbers: A recent LendingTree study shows that 59-percent of parents say their child’s pay-to-play sport causes financial strains. Eleven-percent of parents go into debt for it. In another study, parents of teens who play at the highest level spend $1,000 a month on club sports.

If you are club sports-bound, get credit cards that offer hotel rewards. Have your child be a referee to make a little extra money to help pay for this. There are lots of used sports gear options. And don’t say ‘yes’ to every sport.

Your best bet is to remind your student-athlete that an academic scholarship is still their best bet.

However, there are also advantages to club sports for the student. A decade of playing rigorous sport has its benefits. Your child is more likely to stay away from drinking and drugs and to delay sex. And colleges will view the commitment as a boost to their college application.