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The Wall Street Journal article titled, "One Thing Parents Won’t Cut From Budgets: Extracurricular Activities; Nonacademic credentials are becoming more important in college admissions," by Oyin Adedoyin.
Quoting Lauren Fairey, Certified Financial Educator with WealthWave, The WSJ article discusses the growing financial burden associated with after-school activities for children. It highlights an increasing trend observed among affluent families, who invest extensively in their children's extracurricular activities from a young age.
This trend, however, exacerbates the disparities between wealthy students and those from lower-income households in terms of college admissions. Data from a LendingTree survey shows that families spend on average $731 per child yearly on after-school activities, with costs substantially higher for activities like travel sports teams, music lessons, or coaching.
The article also emphasizes that merely enrolling in various extracurricular activities does not guarantee increased chances of college admission. The rise in costs associated with youth sports, private coaching, and lessons is also discussed.
The article concludes by advising parents to plan and budget for these expenses to avoid financial strain.