Americans are willing to spend big bucks on their favorite sports teams. Tickets for Super Bowl LVI, for example, sold for an average of around $9,500, according to TicketIQ.
And this fall, 33% of Americans expect to get into debt after impersonating their favorite teams.
So says financial services firm LendingTree, which surveyed 1,578 Americans how much they plan and are willing to spend on exercise this fall.
“Americans love, love, love their sport, and we’re not afraid to spend money on it,” says Matt Schulz, LendingTree’s chief credit analyst, in the report.
On average, sports fans plan to spend $664. However, it differs depending on age. Here’s the average amount Americans want to spend on their favorite sports teams by generation:
- Generation Z (18 to 25 years): $464
- Millennials (age 26 to 41): $645
- Generation X (42 to 56 years): $827
- Baby boomers (57 to 76 years): $641
Millennials are the generation most likely to spend on exercise, with around 50% planning to spend, LendingTree finds. About a quarter of them will spend their money on live tickets.
While it’s fun, too much waste can lead to long-term consequences. About 42% of both Gen Z and Millennials expect to get into debt due to sports-related spending, compared to just 11% of Boomers.
And those who earn less are more likely to get into debt. Of those earning less than $35,000 a year, 44% expect sports spending debt, while just 28% of six-figure earners share the same fear.
Only a small number of Americans – 8% – plan to get involved in sports betting, and 7% spend money on fantasy teams. The stakes can be high, however: 33% of those planning to gamble say they will spend over $1,000.
But this debt is not necessarily bad. “Sports betting, done wisely and in moderation, can be an amazing and fun thing,” says Schulz. “Fantasy football leagues, March Madness tournaments, Super Bowl pools, and trips to Vegas with family and friends can be fun and lucrative — and create memories that last a lifetime.”
Debt is usually viewed as something negative, but Schulz says sometimes it can be okay if it allows you to have a once-in-a-lifetime experience.
However, it’s important not to push it too far. If you use a credit card for athletic expenses, try to pay off the card in full each month to avoid debt and accruing interest.
Join Now: Keep in touch with your money and your career with our weekly newsletter
Do not miss: 37-Year-Old Self-Made Millionaire: Don’t Retire Early Before You Consider These 2 Things
