Posts tagged with "TD Ameritrade survey"

Got game? Mobile app MOJO helps parents coach so kids can play

February 10, 2021

A troubling thing is happening to youth sports during the pandemic: Kids are dropping out—particularly girls, who are two times as likely to quit, according to the Women’s Sports Foundation.

Costs are also skyrocketing. A recent TD Ameritrade survey finds that one-in-three parents say they “don’t contribute regularly to a retirement account” because they’re paying sports-related costs. And even the families who aren’t opting out of sports are feeling the strain, according to a report by Good Morning America.

Now, Ben Sherwood, the former President of Disney-ABC TV Group and co-chair of Disney Media Networks, is hoping to change that. He has spent the last two years developing MOJO — a new app meant to make sports fun again for children and parents.

And GMA says, he’s targeting one of the biggest pain points in youth sports: coaching. According to MOJO, more than 80% of coaches are volunteer parents and 30% have never received any training.

In fact, Sherwood likens MOJO to “a one-stop coach in a box that is aimed at taking the stress and the chaos out of coaching.”

Drawing from his experience coaching his two sons, Sherwood says he hopes this app will save parents hours of planning and steer them away from common coaching pitfalls, so they can instead focus on developing memories for a lifetime.

“There’s no other activity in the world that allows you to be on the field with your kids while they play and grow,” Sherwood recently told ABC News, “You can’t be up on the stage at the piano recital.”

MOJO users get access to hours of curated tutorials, with short-form instructional videos designed by top youth coaches and classified by sport, age and skill level, so you can design a full practice in a matter of minutes.

The app also nables coaches and families to track progress on the field, and to share feedback about what is and isn’t working. The videos are produced by Mandalay Sports Media, the company behind the ESPN docuseries, The Last Dance, and will also feature professional athletes from a variety of sports.

MOJO currently offers a free tier, and a paid tier called MOJO+ for $19.99 a year.

While Sherwood and his MOJO co-founder Reed Shaffner, are joined by an impressive athletic advisory board including quarterback for the Seattle Seahawks and Super Bowl champion Russell Wilson and Olympic and World Cup Champions Brandi Chastain and Julie Foudy, you don’t have to be a star athlete to use the app.

“We welcome the future Olympians,” Sherwood said, “But we assume they’ll find their way either way. We’re here for everybody else for that decade from four to 14-years-old.”

Research contact: @GMA

The high price of parenting a student athlete

May 28, 2019

In hopes that their children will earn college athletic scholarships or even make it to the professional leagues, many parents are spending a significant portion of their income and time on youth sports. But are they neglecting their own finances?

The answer is yes: According to findings of a new survey conducted by The Harris Poll on behalf of TD Ameritrade, 74% of U.S. parents who pay for youth sports expenses are unable to succeed in saving and investing for retirement.

The survey, which was fielded between February and March, was conducted among a cohort of  1,001 adults, ages 30 through 60. Among the respondents, those who were considered “sports parents” had one or more children in elite or club competitive sports and had more than $25,000 in investable assets.

However, those assets were being whittled down by their children’s athletic participation. Fully 27% of the sports parents admitted to spending $500 or more per month to see their kids on the field. That money is going toward everything from equipment to private coaching to tournaments out-of-town, according to Dara Luber, senior manager of retirement at TD Ameritrade.

And it’s no surprise that it’s the Dads who are spending the most. Specifically, 20% of the fathers surveyed said they spent between $500 and $999 each month per child on youth sports. Worse yet, 7% said they spent $1,000 or more.

As a result, 21% of sports parents said they are delaying retirement to pay for the expenses associates with youth sports.

And they are trying to catch up financially: In order to pay for their kids’ sports expenses, parents are taking fewer vacations (36%) or working a second job (19%).

Luber advises parents to think about the cost of sports in terms of how it will affect them—not the family as a whole. “While securing an athletic scholarship could be a long shot, it’s important to keep in mind that retirement is definitely happening,” said Luber. “It’s essential to start saving and investing early when building a retirement nest egg, so parents should consider aligning their family budgets accordingly.”

The survey showed that sports parents spend twice as much time on their children’s activities as they do on financial planning.

Research contact: @TDAmeritrade