WINNIPEG, July 23, 2012 /CNW/ - It's not just about going for the gold. Rather than focusing on creating the next bumper crop of Canada's elite athletes, a majority (75 per cent) of parents with children in sports are investing their time and hard-earned money to foster leadership qualities, discipline and team building skills, according to the latest research by Investors Group.
One third of parents (31 per cent) with children involved in athletic activities feel their kids have a recognized talent or skill that should be developed or have potential for more. Twenty-one per cent have their offspring enrolled in sports because all of their children's friends are actively involved.
"Whether you are raising an elite athlete, or view athletic activity as an important building block in character development, the end goal is the same," says sports parent and Investors Group Regional Director Daniel Collison. "Canadian parents are investing in the future success of their children. Along the way, both parents and children will need advice, support and a game plan to manage the effort involved."
Time and money
Twenty-eight per cent of parents say the time required to support their kids' athletic activities is the greatest contributor to stress while 26 per cent cite the burden of financial demands. Emotional (11 per cent), physical (10 per cent) and relationship demands (7 per cent) were also cited as stress factors.
The survey reveals that Canadian parents invest an average of $1,658 per year on their children's athletic pursuits. Forty-seven per cent spend $1,000 or more on requisite lessons, equipment, camps, tournaments, babysitters and other expenses involved in supporting athletic extracurricular activities. While half of parents (51 per cent) say they have not made sacrifices as a result of these financial commitments, nearly four-in-ten (38 per cent) parents say they forgo personal expenditures on shopping and entertainment and 19 per cent have given up family vacations.
"Fifty-six per cent of parents with children involved in athletic activities have two or more children involved in recreation or competitive sports," notes Collison. "For many, monthly expenditures may be much higher than the average. It's important that parents optimize their budgets and take full advantage of all the resources and benefits available to them, including tax credits."
Investment of real dollars is only part of the price tag of having kids in sports. Attending games, practices, classes, chauffeuring, fundraising and other means of support involves an average parental commitment of 15 hours per month. Three-in-ten (31 per cent) spend even more time per month.
"In addition to hard dollar costs, there are a myriad of hidden costs that families need to consider," says Collison. "Combined, they can result in a bigger investment than expected with longer-term impact on family finances and overall quality of family life. Parents need to be cautious about losing sight of their overall financial well-being by planning ahead."
These activities also have an impact in the workplace. Eighty per cent of parents whose support resulted in losing time at work say they spend anywhere up to ten hours away from work per month to accommodate their children's athletic interests. For 20 per cent of parents who lost time, this translates into up to five per cent loss of income; for another seven per cent of parents, it is as much as 15 per cent loss of income.
Lessons from the pros
Many of the sentiments of parents echo those expressed by Canada's elite athletes. The results of a recently released Investors Group poll of 183 elite Canadian athletes reveals that demands on time (69 per cent) and money (77 per cent) were the most stressful aspects of training for their career.
According to the survey, Canada's athletic champions identified determination (99 per cent) and being disciplined in following a plan (95 per cent) as the most important factors that helped them achieve their goals.
"Developing talent and leadership involves a tangible financial investment, but also commitment, focus and planning," says Collison. "Aspiring Canadian athletes can take their cue from some of Canada's best to achieve their own athletic milestones."
More media information, including detailed regional highlights, infographics and survey highlights, is available on the Investors Group Media Room.
Photo by: USAG Humphreys
WASHINGTON - Federal Reserve Chairman Ben Bernanke says pessimists forecasting that the economy will not reap sizable benefits from the computer revolution are likely to be proven wrong.
Bernanke told a college graduating class Saturday that the long-range practical consequences of innovations such as faster computers and the Internet are hard to predict. But he said inventors have only scratched the surface of the commercial applications that can be obtained in such fields as medicine and clean energy.
WASHINGTON - Despite Democratic fears, predictions of the demise of President Barack Obama's agenda appear exaggerated after a week of cascading controversies, political triage by the administration and party leaders in Congress and lack of evidence to date of wrongdoing close to the Oval Office.
"Absolutely not," Steven Miller, the recently resigned acting head of the Internal Revenue Service, responded Friday when asked if he had any contact with the White House about targeting conservative groups seeking tax-exempt status for special treatment.
ROME - A union of Italian metal workers has led thousands of people in a march through the heart of Rome to press the new government for measures to spur job creation.
FIOM union leader Maurizio Landini said Saturday's protest was held because Italy is "going nowhere" in terms of signs of economic growth amid a stubborn recession. The union is aligned with a left-wing labour confederation.
KAMPALA, Uganda - Even before the first drops flow, Uganda's oil sector is beset by bribery allegations against officials, tax-related cases abroad that cost the government millions in legal fees, and the alleged interference of a president whose firm control of the sector worries transparency campaigners.
Uganda, which has confirmed oil deposits of about 3.5 billion barrels, wants to extract at least 1.2 billion barrels over the next three decades. That figure could rise when more oil blocks are put up for exploration later this year, potentially making Uganda one of Africa's top oil producers.
WASHINGTON - Federal Reserve Chairman Ben Bernanke says pessimists forecasting that the economy will not reap sizable benefits from the computer revolution are likely to be proven wrong.
Bernanke told a college graduating class Saturday that the long-range practical consequences of innovations such as faster computers and the Internet are hard to predict. But he said inventors have only scratched the surface of the commercial applications that can be obtained in such fields as medicine and clean energy.
OTTAWA - A federal agency that ensures banks and other financial institutions follow the rules has itself broken the rules on hospitality spending.
The Financial Consumer Agency of Canada spent well in excess of the maximum allowed for a gala dinner in Toronto last November.
HOUMA, La. - Lt. Gov. Jay Dardenne says recreational opportunities and the cuisine of the Bayou Country are big pluses as they area cultivates its climate for tourism.
Dardenne met with Terrebonne and Lafourche Parish officials this past week for briefings on the importance of visitors to the regional economy.
BERLIN - Engineering a financial bailout for Cyprus in March was such a chaotic process that top European officials say it is time to rethink how the region manages its crisis — and who should be involved.
Officials say the International Monetary Fund, which has contributed financial expertise and billions in emergency loans, may no longer be needed as a key decision-making partner. And they say that the eurozone would be able to make decisions and take action more quickly if it wasn't bound by the need for unanimous agreement among its 17 member countries.
NEW YORK, N.Y. - Yahoo may be on the verge of closing its biggest acquisition during the 10-month reign of CEO Marissa Mayer as she tries to attract more traffic and advertisers to the Internet company's website and mobile applications.
The Sunnyvale, Calif., company's board of directors will meet Sunday evening to consider approving a $1.1 billion acquisition of online content-sharing site Tumblr in a deal Mayer negotiated, according to the technology news site All Things D. The story posted late Friday cited anonymous sources.
BUENOS AIRES, Argentina - Hundreds of passengers remained stranded at Argentina's airports on Friday after LAN Airlines S.A. temporarily suspended all domestic and international flights over a dispute with a state-owned company that is the country's sole handler of passenger luggage.
The local branch of LATAM Airlines Group said all its flights in Argentina are suspended at least until Saturday because Intercargo refuses to transfer passengers on buses to and from airplanes, clean the planes and unload cargo and luggage.
LOS ANGELES, Calif. - Sonic the Hedgehog is rolling with Nintendo.
Sega says it will exclusively release the next three games starring the popular blue critter on Nintendo platforms. The first title will be called "Sonic Lost World" and is set for release on the Wii U and Nintendo 3DS later this year.
NEW YORK, N.Y. - Former Groupon CEO Andrew Mason is diving into several new ventures, including indulging his inner rock star with an album of "motivational business music."
Mason said Thursday on his blog that he recently spent a week in Los Angeles and recorded a collection of seven songs called "Hardly Workin'."
MAYS LANDING, N.J. - After paying an $11 million advance to a struggling Atlantic City casino it intended to buy, the parent company of the world's largest online poker website was left with nothing for its troubles Friday when a judge ruled the casino had the right to scrap the deal.
Superior Court Judge Raymond Batten said The Atlantic Club Casino Hotel could terminate the contract it signed with The Rational Group, the British parent company of PokerStars, when the company failed to get New Jersey's preliminary approval by April 26 to own a casino.
NEW YORK, N.Y. - Viking Cruises, a company known for offering river cruises, on Friday announced that it was launching a new cruise line for ocean-going trips.
Viking's first ocean-going ship, Viking Star, will make its first voyages in 2015 to Scandinavia, the Baltic region and the Mediterranean.
WASHINGTON - The White House says President Barack Obama has met with Daniel Werfel, the new acting commissioner of the Internal Revenue Service.
The Treasury Department says Treasury Secretary Jacob Lew told Werfel to take steps immediately to ensure the IRS is acting in an unbiased way.
OTTAWA - Canada's inflation story is fast becoming one about disinflation.
Statistics Canada reported Friday that the annual rate fell an astonishing six-tenths of a point to 0.4 per cent last month, the lowest it's been since October 2009, as gas prices plunged by six per cent — also the biggest drop since October 2009 — and many other consumer goods registered outright declines.
WASHINGTON - The Energy Department on Friday conditionally approved a Texas company's proposal to export liquefied natural gas, only the second such project allowed to move forward amid a production boom that has led to glut of domestic natural gas.
The action would allow Freeport LNG Expansion L.P. to export up to 1.4 billion cubic feet of liquefied natural gas per day from its terminal near Freeport, Texas, south of Houston. The DOE said granting such a permit for shipments to countries that do not have free trade agreements with the U.S. was in the public interest.
WASHINGTON - President Barack Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress' nonpartisan budget analyst said Friday.
After four straight years of annual shortfalls exceeding $1 trillion, the Congressional Budget Office report said Obama's budget would push this year's deficit down to $669 billion. Annual shortfalls would shrink slowly to $399 billion in 2017 before rising again, the report said.
NEW YORK, N.Y. - NewsRight, an organization created to turn unauthorized publishers of newspaper content on the Internet into licensed customers, said it is disbanding and transferring its operations to Moreover Technologies, which monitors how Moreover's clients are portrayed in the media.
NewsRight said that Moreover will get the NewsRight brand and will offer new contracts to the organization's current customers.
HALIFAX - A small New Brunswick community was mourning the loss of a young fisherman Saturday as search efforts continued for two other crew members who were aboard a vessel that went aground off the province's northeast coast.
Military efforts to find the two missing crew members were called off around 3:45 p.m., about 10 hours after the boat issued a distress call after heading out to sea offshore of Tabusintac.
TORONTO - Toronto Mayor Rob Ford decided against hosting his weekly radio show this weekend after explosive allegations that he was recorded on a video appearing to smoke crack cocaine.
CFRB program director Mike Bendixen has tweeted that Ford and his brother Doug, a city councillor, won't be behind the microphones this Sunday for their two-hour talk show "The City" on the Toronto station.
Note to readers: This is a corrected story. A previous version wrongly said there was a report that the mayor was to respond to the allegations on Tuesday. In fact it's the mayor's brother
WINNIPEG - The Manitoba government says Elijah Harper's body will lie in state in the province's legislature.
Harper, who as a member of the legislature blocked the Meech Lake constitutional accord in 1990, died Friday at age 64.
EDMONTON - A spectator has been killed after a Jeep demonstration at an Edmonton fundraising event went disastrously wrong.
The event was called "Jeeps Go Topless" and was being held in the parking lot of a shopping centre to raise funds for the Edmonton Food Bank.
STE-THERESE, Que. - A father and his two boys, ages 10 and seven, were fighting for their lives Saturday after an early morning fire at a home north of Montreal.
The family's mother and their three-year-old girl were also taken to hospital with serious injuries.
OTTAWA - A federal agency that ensures banks and other financial institutions follow the rules has itself broken the rules on hospitality spending.
The Financial Consumer Agency of Canada spent well in excess of the maximum allowed for a gala dinner in Toronto last November.
OTTAWA - British Columbia's stunning election upset has turned on its head one of the strongest arguments pollsters have always used against banning or restricting public opinion surveys during campaigns.
Since George Gallup pioneered political polling some 75 years ago, pollsters have maintained their surveys are vital to the health of democracy.
OTTAWA - Sen. Pamela Wallin is leaving the Conservative caucus, the second senator in as many days to do so amid a storm of allegations of dubious expense claims.
Wallin's travel expenses, which total more than $321,000 since September 2010, have been the subject of an external audit by Deloitte since December.
CALGARY - Calgary police have charged a man in the stabbing deaths of a woman and her young son.
Thirty-five-year-old Chona Manzano and five-year-old Gabriel Manzano were found dead Thursday in a home on the northwest edge of the city.
Zombies will be stumbling around a Saskatchewan lake this weekend, but not to worry.
The world is not ending, but people are training for it.
VANCOUVER - A former British Columbia lieutenant governor appointed five months ago to help implement recommendations from the Robert Pickton inquiry resigned Friday, saying he's been "served with documents" related to a series of lawsuits filed by the children of four murdered women.
But Steven Point's departure raised immediate questions about the explanation both he and the provincial government provided, with the mother of one of Pickton's victims saying Point told her he was considering stepping down more than a month ago and the lawyer involved in the lawsuits denying Point has been formally served with anything.
Canadian astronaut Chris Hadfield says he's interested in politics but has no immediate plans to make it his next career.
In an interview with The Canadian Press, he was asked whether he might use his newfound fame as a springboard into the political arena.
OTTAWA - The Senate was scrambling to salvage its reputation Friday as it declared it would take a sober second look at Sen. Mike Duffy's expense paperwork — and as another embattled senator stepped down from the Conservative caucus.
Sen. Pamela Wallin, like Duffy a former CTV broadcaster, said she would recuse herself from Conservative ranks pending the outcome of a comprehensive audit of her travel expenses — more than $321,000 since September 2010.
WINNIPEG - A man found not criminally responsible for beheading a fellow passenger on a Greyhound bus in Manitoba has been granted more privileges.
The Criminal Code Review Board has ruled that Vince Li can go on more escorted day trips from the Selkirk Mental Health Centre where he is in custody.
SAINT JOHN, N.B. - The suspect in the slaying of New Brunswick businessman Richard Oland is his son Dennis, say search warrant documents that were executed in the investigation.
A Saint John, N.B., judge quashed on Friday a publication ban on the identities of those subject to the search warrants.
OTTAWA - Canada's inflation story is fast becoming one about disinflation.
Statistics Canada reported Friday that the annual rate fell an astonishing six-tenths of a point to 0.4 per cent last month, the lowest it's been since October 2009, as gas prices plunged by six per cent — also the biggest drop since October 2009 — and many other consumer goods registered outright declines.
OTTAWA - Windows rattled, walls swayed and knick-knacks toppled from store shelves near the national capital Friday as Canadians across a wide swath of Ontario and Quebec felt the disconcerting tremors of a 5.2-magnitude earthquake.
In the tiny town of Shawville, Que., about 18 kilometres from where Earthquakes Canada located the temblor's epicentre, residents described thinking at first there had been an accident or an explosion.
Toronto's Rob Ford is a sensation south of the border thanks to reports of a videotape that appears to show him sucking on a crack pipe, a story with apparent parallels to the spectacular travails of Marion Barry, the crack-smoking former mayor of Washington, D.C.
Fox News, USA Today, The Associated Press and New York magazine were among the American media outlets carrying stories on the latest scandal to plague Ford after the U.S. website Gawker reported that someone associated with Toronto's drug trade tried to sell the video to one of its reporters.
WINNIPEG - Elijah Harper, the Cree politician who inspired Canadian aboriginals by blocking the Meech Lake constitutional accord while clutching an eagle feather in the Manitoba legislature, has died.
Harper's family said he died Friday morning in an Ottawa hospital of cardiac failure due to diabetes complications.
Toronto Mayor Rob Ford may be dominating headlines with allegations of crack cocaine use that he has labelled ridiculous, but he's hardly the first to earn attention for questionable behaviour. Here are a few other mayors who have found themselves in an uncomfortable spotlight, in courtroom or occasionally even behind bars.
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SAN DIEGO - Hall of Famer Tony Gwynn was ejected from San Diego State's game Saturday for arguing with the umpires following the ejection of one of his players that was then overturned.
It was Gwynn's third ejection in 11 seasons as coach at his alma mater. The Aztecs lost 11-7 to New Mexico.
CHICAGO - In case they weren't aware already, the Chicago Blackhawks now know they're going to have to earn it if they want to get past Detroit.
The Red Wings hammered home that message on Saturday.
SAN JOSE, Calif. - Logan Couture scored a power-play goal 1:29 into overtime to help the San Jose Sharks bounce back from two losses in Los Angeles to beat the Kings 2-1 in Game 3 of their second-round series on Saturday night.
Dan Boyle scored a power-play goal early in the first period and Antti Niemi made 26 saves for the Sharks, who got the penalty calls to go in their favour down the stretch.
JARAGUA DO SUL, Brazil - Vitor Belfort delivered one of the most spectacular knockouts of his career on Saturday, beating Luke Rockhold in the first round of the main event of "UFC on FX 8: Belfort vs. Rockhold."
Known as an aggressive striker, Belfort (23-10) instead paced himself as the engaged in the early going and showed restraint by not overcommitting against the larger Rockhold (10-2).
INDIANAPOLIS - Indiana spent the entire season perfecting its defence.
On Saturday, it produced the biggest payoff for the Pacers in nearly a decade.
SASKATOON - Nathan MacKinnon doesn't think his performance at the MasterCard Memorial Cup on Saturday night will change the minds of many NHL scouts, but the flashy centre is sure of one thing.
The Halifax Mooseheads served notice they deserve their ranking as the No. 1 team in the Canadian Hockey League.
SAN JOSE, Calif. - Logan Couture scored a power-play goal 1:29 into overtime to help the San Jose Sharks bounce back from two losses in Los Angeles to beat the Kings 2-1 in Game 3 of their second-round series on Saturday night.
Dan Boyle scored a power-play goal early in the first period and Antti Niemi made 26 saves for the Sharks, who got the penalty calls to go in their favour down the stretch in this game.
MIAMI - Brandon McCarthy pitched a three-hitter for his first win since being struck in the head by a line drive last season, helping the Arizona Diamondbacks beat the Miami Marlins 1-0 on Saturday night.
Gerardo Parra led off the game with a home run for Arizona, which has won four in a row. Miami has dropped a season-worst seven straight games.
VANCOUVER - Will Johnson got mad — and then he helped his team get even.
Johnson scored on a penalty kick and assisted on the winner as the short-handed Portland Timbers came back to earn a 2-2 draw with the Vancouver Whitecaps on Saturday in Major League Soccer action.
BALTIMORE - Right from the start, a horse trained by one not so over-the-hill Hall of Famer and ridden by another took control of the Preakness. The result: a huge upset and the end of any hopes for a Triple Crown attempt at the Belmont Stakes.
Thanks to Oxbow's wire-to-wire win Saturday over Kentucky Derby winner Orb, trainer D. Wayne Lukas and jockey Gary Stevens have themselves another classic to add to their stellar resumes.
BALTIMORE - Right from the start, a horse trained by one not so over-the-hill Hall of Famer and ridden by another took control of the Preakness. The result: a huge upset and the end of any hopes for a Triple Crown attempt at the Belmont Stakes.
Thanks to Oxbow's wire-to-wire win Saturday over Kentucky Derby winner Orb, trainer D. Wayne Lukas and jockey Gary Stevens have themselves another classic to add to their stellar resumes.
TORONTO - Toronto FC players said all the right things but their body language told a different story.
Missed opportunities in front of goal and a defensive lapse extended Toronto's league losing streak to four and winless stretch to nine after a 1-0 MLS defeat at the hands of the Columbus Crew on Saturday afternoon.
PARIS - David Beckham hugged his teammates with tears in his eyes, then walked off the pitch to a standing ovation — for the last time in front of a home crowd at a football game.
A clearly emotional Beckham was mobbed by his teammates on the field when coach Carlo Ancelotti decided to substitute him in the 81st minute of a 3-1 win over Brest on Saturday, giving him a customary sendoff in his last home game before retiring. Even goalkeeper Salvatore Sirigu ran out to congratulate the former England captain on his career, while Brazil winger Lucas bowed in reverence.
SAN JOSE, Calif. - The NHL fined the San Jose Sharks $100,000 on Saturday for general manager Doug Wilson's comments criticizing the league for forward Raffi Torres' suspension for the rest of the second round of the playoffs.
The NHL said the fine was issued for violating a rule put in place earlier this year prohibiting formal team statements to the media during the 48-hour period following a disciplinary decision. The rule calls for an automatic $25,000 fine, and the Sharks were docked an additional $75,000 under an article in the league's constitution because of the "inappropriate nature of the comments."
PARIS - Never a stranger to the big stage, David Beckham was finally overwhelmed and reduced to tears as he went out in a burst of fireworks and cheers Saturday in his final home game for Paris Saint-Germain before retirement.
Fans chanted his name before the game, and they chanted some more when he was finished. There was an outpouring of hugs, cheers, song and congratulations — from teammates, opponents and even former president Nicolas Sarkozy.
NEW YORK, N.Y. - Brandon Morrow thought his day at the ballpark went pretty well — other than those two homers by Robinson Cano.
Pitching with three extra days' rest, Morrow gave up five runs over five innings and the Toronto Blue Jays fell 7-2 to the New York Yankees in their ninth straight loss at Yankee Stadium.
INDIANAPOLIS - Will Power was the most relieved man in Roger Penske's garage Saturday.
After spending most of the week frustrated as he tried to find speed, Roger Penske's team finally came up with the answers the Australian needed to move into position for his first Indianapolis 500 pole.
NEW YORK, N.Y. - Yankees manager Joe Girardi has proved to be quite adept at lineup juggling and position shuffling during an injury plagued first two months. Still, there's one player he thinks he would be unable to do without: Robinson Cano.
The All-Star second baseman hit a pair of two-run homers to back a solid effort by David Phelps, and New York beat the Toronto Blue Jays for the ninth straight time at Yankee Stadium, 7-2 Saturday.
BOSTON - In the corner of the Boston Bruins' locker room, hanging from the hooks in Andrew Ference's stall, is a yellow running singlet with the team's "Spoked B" logo on the front.
It's the same one Lucas Carr had on when he finished this year's Boston Marathon about 2 minutes before the bombs went off at the finish line, the one Carr was still wearing when he headed back down Boylston Street to help those injured in the explosions.