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Parents Spending Over $800 on Their Minor Hockey Stars This Hockey Season: Scotiabank Poll

Scotiabank Offers Advice so Parents Can Start Savings for Next Hockey Season

TORONTO, ON--(Marketwired - March 18, 2014) - This hockey season has young players out in full force in arenas, rinks and ponds across Canada to play the country's favourite sport. Their number one fans, their parents, expect to spend on average $849 for their kids' hockey season, down from $1,026 in 2010, according to the Scotiabank Community Hockey Poll. While many hockey parents say organized minor hockey is affordable (65%), one-third (35%) feel it isn't. Scotiabank offers parents advice on getting a head start on saving for next season before their kids hang up their skates this winter. 

Quick Facts:

  • One-third (34%) of parents expect to spend over $1,000 on their children's hockey this year.
  • The amount parents expected to pay for their kids' hockey rises depending on their ages: those with kids ages 3-8 expect to pay $696; those with players ages 9-12 expect to pay $915; and those with teenage players ages 13-17 plan to spend $933.
  • One of the biggest expenses for parents is out-of-town tournaments ($486 vs. $201 for in-town tournaments). The biggest expense parents listed for out of town tournaments is accommodations (74%), followed by food (14%) and transportation (12%).
  • Four-in-ten (40%) hockey parents believe their children's hockey expenses are high and have to cut back spending in other areas to make it work.
  • One-quarter (26%) of hockey parents believe the costs of their children's hockey can be overwhelming.
  • When it comes to planning for their children's hockey expenses, three-quarters (75%) of parents do at least some planning.
  • The top ways Canadian hockey parents cut back on the costs of the hockey season are by purchasing or sourcing used hockey equipment (56%) and by carpooling with other parents to and from games and practices (42%).

Scotiabank and Hockey:

  • To help make hockey more affordable for Canadian families, Scotiabank has a number of resources, programs and tools available.
  • The Scotiabank Community Hockey Sponsorship Program sponsors more than 5,000 minor hockey teams across Canada. Since the program started 5 years ago, the Bank has supported over 15,000 teams across the country. The program provides funding directly to the team to help offset some of their expenses.
  • Online at www.scotiabank.com, parents can take advantage of the Scotiabank Hockey Season Calculator, to help them manage their finances and plan properly for hockey related costs.  

Quotes:

"It's incredible how much the cost of hockey equipment has grown since I first started playing," said Cassie Campbell-Pascall, Scotiabank Hockey Ambassador and Canadian Olympic gold medalist. "Minor hockey is such an important part of Canadian communities and it is something that needs support to grow, which is why programs like the Scotiabank Community Hockey Sponsorship Program are so important."

"Hockey means so much to Canadians, especially for kids as they learn about sportsmanship and working together as a team. It is also a sport that can be expensive for parents, especially as their kids get older," says Ahmad Dajani, Vice President, Investments, GICs & Sales Tools at Scotiabank. "As this hockey season winds down, it's the perfect time to start saving for next year. By using tools like the Scotiabank Hockey Season Calculator and visiting a financial advisor to help you plan ahead for hockey expenses, you can build up money throughout the year and be able to focus on helping your kids build memories."

Planned Hockey Spend

----------------------------------------------------------------------------
                                                       Age of Kids Playing  
Expected hockey expenses    Total        Region               Hockey        
                                   -----------------------------------------
                                   East Central  West   3-8   9-12   13-17  
----------------------------------------------------------------------------
Not planning to spend any                                                   
 money                         2  %  2 %    3  %  <1 %   2  %   2  %    1  %
----------------------------------------------------------------------------
Less than $100                 3  %  2 %    4  %   4 %   5  %   2  %    3  %
----------------------------------------------------------------------------
$100 to less than $250         10 %  9 %    13 %   7 %   13 %   9  %    7  %
----------------------------------------------------------------------------
$250 to less than $500         16 %  17%    14 %  16 %   21 %   11 %   15  %
----------------------------------------------------------------------------
$500 to less than $750         19 %  20%    21 %  16 %   21 %   20 %   17  %
----------------------------------------------------------------------------
$750 to less than $1,000       17 %  18%    15 %  17 %   16 %   19 %   15  %
----------------------------------------------------------------------------
$1,000 or more                 34 %  31%    30 %  40 %   22 %   38 %   42  %
----------------------------------------------------------------------------
Mean expected hockey                                                        
 expenses:                  $ 849  $837  $ 795  $ 918 $ 696  $ 915  $  933  
----------------------------------------------------------------------------

About the polling data
The 2013 Scotiabank Community Hockey Poll was conducted online using Harris/Decima's online panel. A total of 1,000 completed surveys were collected from a sample of panel members across Canada who have children under the age of 17 who play hockey. The surveys were conducted from October 1 to October 11, 2013.

About Scotiabank

Scotiabank is the Official Bank of the NHL®, NHL Alumni™, CWHL, Vancouver Canucks®., Winnipeg Jets®, Toronto Maple Leafs®, Ottawa Senators, Edmonton Oilers® and the Calgary Flames® whose home arena is the Scotiabank Saddledome. The Bank also has a partnership with the Montreal Canadiens®. Scotiabank has a long tradition of supporting hockey in Canada from local teams and minor hockey associations to professional players and leagues. Across Canadian communities coast to coast, Scotiabank's Community Hockey Sponsorship Program reaches out to over 5,000 minor hockey teams. To find out more about Scotiabank's hockey programs, please visit www.facebook.com/scotiahockeyclub.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through Bright Future, our global philanthropic program, Scotiabank and its employees support causes at a grassroots level across six pillars: health, education, social services, arts and culture, environment and sports. Recognized as a leader for our charitable donations and philanthropic activities, Scotiabank has contributed on average some $50 million annually over the last five years to community causes around the world. Visit us at www.scotiabank.com.

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