You would do anything for your child, right? But are we doing too much?

  • 62% of parents say they are in debt because of their kids' extracurricular activities with 10% owing more than $5,000 and another 27% owing more than $3,000
  • More than half of parents say they are spending more than they could really afford for their kids activities, although 48% don’t regret doing so
  • 81% of parents believe the competitive activity their child is involved in, like say baseball or basketball, will one day lead to an income for their child

Once school is over, plenty of kids are shuttled off to a variety of extracurricular activities, and they certainly don’t come cheap. In fact, a new survey finds that many parents are actually going into debt to keep their kid occupied once school is out.

The poll finds that 62% of parents say they are in debt because of their kid’s activities with 10% owing more than $5,000 and another 27% owing more than $3,000. What’s more, more than half of parents say they are spending more than they could really afford for their kids activities, although 48% don’t regret doing so. But this debt is worrisome for some parents, with 64% saying they are stressed about paying for their kids’ activities.

And it seems many parents believe shelling out all this money will be worth it in the end because it will eventually pay off when it comes to their kid’s future. The poll finds that 81% of parents believe the competitive activity their child is involved in, like say baseball or basketball, will one day lead to an income for their kid. And that number goes up, the more parents pay for an activity, with 90% of those who spend $4,000 a year thinking the activity will pay off in the future, as compared to 75% who spend less than $1,000 a year.

  • So what activities are most parents paying for? Well, the most popular activities are sports related (30%), followed by music (16%), dance (15%), gymnastics (12%) and cheerleading (9%).

Source:Yahoo Finance

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