The MRL Morning Show

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Photo by Juan Salamanca from Pexels

Most parents spend a lot of their time shuttling their kids to various activities, and it seems their kid’s participation isn’t just costing parents their time, it’s costing them a lot of their money as well.

A new LendingTree survey finds:

  • 70% of parents say one or more of their children are involved in at last one extracurricular activity.
  • Among the most popular activities:
    • Sports teams (57%)
    • Music (44%)
    • Dance (42%)
    • Gymnastics (28%)
    • Cheerleading (17%)
  • 24% of parents with a kid in a competitive activity say they spend $4,000 or more each year on these activities.
  • 46% say they have stress over how they’ll pay for them.
  • 79% of parents have actually gone into debt because of their kid’s extracurricular activities.
  • That’s an increase from 62% in 2019.

But apparently, a lot of parents feel shelling out those bucks is worth the money.

  • In fact, 87% are hoping the activity will lead to income for their child, giving them a good return on their investment.
  • And you’d think parents got a break last year, but 65% continued to pay for activities despite the pandemic.
  • And they aren’t just spending the money during the school year.
  • 80% of parents plan to spend money for summer programs for their kid.
  • 73% will go into debt to do so.