Financial Hardship Set to Hit Generation of Kids’ Sports Dreams
As the world eagerly anticipates the start of Euros 2024, Wimbledon, and the Olympics, financial worries threaten to dampen the dreams of a generation of young athletes in the UK. Today, Money Wellness, a financial wellbeing organization, released new findings that reveal the struggles families are facing in trying to afford extracurricular sports activities for their children. The survey, conducted among parents with a total household income of less than £35,000 a year, shows that 1 in 2 are struggling to pay for their kids’ sports lessons.
The study found that 40% of parents are spending between £20 and £50 a week on their children’s sporting endeavors. With many families already struggling to make ends meet, this additional cost can be a significant burden on household budgets. Over half of the parents surveyed admitted to having to make cutbacks in other areas of their lives to ensure their children can participate in sports. One in five said they had to work overtime to pay for lessons, and one in ten had to limit their children’s attendance at classes or training.
Sebrina McCullough, Director of External Relations at Money Wellness, expressed concern over the financial barrier preventing children from low-income families from reaching their full potential. “The benefits of children participating in sports are well-documented – from improved physical and mental health to developing teamworking skills,” she said. “It’s a crying shame that cost is proving a barrier to children from low-income families.”
To help struggling families, Money Wellness is urging parents to check their eligibility for welfare benefits. They can also search for grants that may help relieve financial worries. For those struggling with debt, Money Wellness can provide guidance on the available support options. “It’s our mission to help people live more and stress less,” said McCullough.
Parents of children with sporting talent may also receive financial support through SportsAid’s Backing the Best scheme. This program provides assistance to athletes who need financial help to progress. The awards, worth up to £5,000 a year, can be used for expenses such as travel, medical bills, and accommodation.
Phil Smith, Director of Sport at Sport England, highlighted the importance of providing support to those who need it. “Backing the Best has been designed to give a helping hand to those who need it – so that ability and attitude are the only criteria for success, not money,” he said. “Ultimately, we want our national teams to represent our country rather than just those who can afford to reach the top.”
For parents whose children may not be on the path to stardom just yet, there are other ways to reduce the cost of sporting activities. In 2023, Sport England provided over £10 million in awards to more than a thousand projects nationwide. Additionally, many community projects received support through crowdfunding from individuals, businesses, and groups who wanted to help.
Sport England also encourages parents to check if their local council offers affordable sports activities. These are often more affordable than those offered at private facilities. Community sport hubs, which bring together different clubs and local partners, provide a low-cost way for children to participate in a range of sports.
Money Wellness also reminds families to check their eligibility for benefits, especially if their financial circumstances have recently changed. To do a welfare benefit check, visit Money Wellness Benefits Checker at https://benefits.inbest.ai/moneywellness.
For more information, please contact Caroline Chell at Money Wellness at caroline.chell@moneywellness.com or 07814448564.
Notes to Editors:
– Money Wellness is commissioned by the Money and Pensions Service (MaPS) to provide free debt and money advice to around 1,000 people every day. It is also one of two dedicated debt relief order (DRO) hubs in the country.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.