A third of Americans may go into debt from sports spending
Americans are willing to spend a decent amount of money on their favorite sports teams. Super Bowl LVI . Tickets sold for an average price of about $9,500, according to TicketIQFor example.
And this fall, 33% of Americans anticipate falling into debt after splurging on their favorite football teams.
That’s according to financial services company LendingTree, surveyed 1,578 Americans about how much they are planning and willing to spend on sports this fall.
“Americans love, are passionate, love their sport, and we don’t mind spending money on it,” said Matt Schulz, LendingTree’s lead credit analyst, in the report.
On average, sports fans plan to spend $664. However, it varies by age. Here is the average amount Americans plan to spend on their favorite sports teams, by generation:
- Generation Z (from 18 to 25 years old): $464
- Millennials (age) 26 to 41): $645
- Generation X (from 42 to 56 years old): $827
- Baby Boomers (ages 57 to 76): $641
Millennials are the generation most likely to put money into sports, with about 50% planning to spend it, LendingTree found. About a quarter of them will pay for tickets to watch live.
While fun, too much extravagance can lead to long-term consequences. About 42% of both Gen Z and millennials anticipate falling into debt due to sports-related expenses, while only 11% of boomers expect it.
And those who earn less are more likely to be in debt. Among respondents making less than $35,000 a year, 44% are expecting debt from sports spending, while only 28% of those with 6-figure incomes or more have the same fear.
Only a small number of Americans – 8% – have a plan participate in sports betting, and 7% will spend money on fantasy teams. However, the stakes can be high: 33% of respondents planning to gamble say they will spend more than $1,000.
But this debt is not necessarily all bad. “Doed wisely and in moderation, sports betting can be an exciting and amazing thing,” says Schulz. “Fantasy soccer leagues, March Madness tournaments, Super Bowl pools, and trips to Vegas with family and friends can be fun and engaging – and create memories that last a lifetime.”
Debt is often seen as a negative, but Schulz says it can sometimes be okay if it allows you to have a once-in-a-lifetime experience.
However, it is important not to go too far. If you use a credit card to pay for any sports-related expenses, try to pay off the card every month to avoid debt and interest added.
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