• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

U.S. families face ‘exponential increase’ in child care costs: Care.com CEO

June 27, 2022
in Finance
Reading Time: 3 mins read
A A
0
U.S. families face ‘exponential increase’ in child care costs: Care.com CEO
0
SHARES
6
VIEWS
ShareShareShareShareShare

Child care is getting more expensive, putting even more financial pressure on American families at a time when they’re already paying more for groceries and gas.

According to a recent survey from Care.com, nearly two-thirds of parents say child care costs have gone up in the past year. As a result, 59% are more concerned about how much they will spend on child care this year compared to previous years.

“It’s eating up wallet share and doesn’t leave money for other goods,” Care.com CEO Tim Allen told Yahoo Finance (video above). “We have seen an exponential increase in nanny rates as well as daycares and child-care centers.”

FILE – Amy McCoy signs to a baby about food as a toddler finishes lunch behind at her Forever Young Daycare facility, Monday, Oct. 25, 2021, in Mountlake Terrace, Wash. (AP Photo/Elaine Thompson, File)

As costs rise, more than half of American families are spending 20% or more of their annual income on childcare and 72% spend 10% or more. To put this in perspective, child care is considered ‘affordable’ when it costs families 7% or less of their household income, according to U.S. Department of Health and Human Services (HHS).

The average cost of a nanny for one child rose to $694 per week in 2021 and $226 per week for daycare centers. That’s up 22% and 24% respectively compared to 2019.

The survey also found more than half of families plan to spend more than $10,000 on child care this year, more than the average yearly cost of in-state college tuition.

As the cost of childcare increases, parents are left with a tough choice, with many making lifestyle changes as a result. Some are choosing to forego vacations or non-essential purchases just to afford childcare, while others are considering a part-time job or leaving the workforce altogether.

Nearly a third of parents reported they are considering taking on a second job while 26% are reducing hours at work, 25% are looking to change jobs and 21% are leaving the workforce entirely.

“People are reconsidering luxury goods or non-essential goods such as travel and vacations,” Allen added. “People are going to reduce their spending just to afford childcare so it has this knock-on effect economically as the economy tries to rebound from the pandemic.”

Seana Smith is a reporter and anchor at Yahoo Finance. Follow her on Twitter at @SeanaNSmith

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube


Credit: Source link

ShareTweetSendPinShare
Previous Post

Top Protocols For DeFi And Cryptocurrency Adoption: Mushe (XMU), PancakeSwap (CAKE), And Aave (AAVE)

Next Post

Stocks pace towards worst start since 1970

Related Posts

Broadridge Financial Solutions Q4 Preview: Another EPS Beat Inbound?
Finance

Broadridge Financial Solutions Q4 Preview: Another EPS Beat Inbound?

August 12, 2022
5
3 restaurant stocks to buy with gas prices tanking
Finance

3 restaurant stocks to buy with gas prices tanking

August 12, 2022
4
BOK Financial names new Arkansas market president
Finance

BOK Financial names new Arkansas market president

August 12, 2022
5
Itafos Announces Chief Financial Officer
Finance

Itafos Announces Chief Financial Officer

August 11, 2022
6
Belite Bio Reports First Half 2022 Operational Highlights and Financial Results
Finance

Belite Bio Reports First Half 2022 Operational Highlights and Financial Results

August 11, 2022
7
Next Post
Stocks pace towards worst start since 1970

Stocks pace towards worst start since 1970

Recommended

England Law Commission recommends reforming property laws for digital assets

England Law Commission recommends reforming property laws for digital assets

July 29, 2022
5
GEODIS Completes Its Acquisition of Keppel Logistics

GEODIS Completes Its Acquisition of Keppel Logistics

July 13, 2022
6
An engineer who was fired from Google believes its AI chatbot may have a soul but says he’s not interested in convincing the public about it

An engineer who was fired from Google believes its AI chatbot may have a soul but says he’s not interested in convincing the public about it

July 23, 2022
6
Crypto is likely to integrate with the future financial system

Crypto is likely to integrate with the future financial system

July 20, 2022
6
NutsPay x au Web Portal Collaboration

NutsPay x au Web Portal Collaboration

July 19, 2022
8
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • India Investigates Ten Crypto Exchanges For Laundering Over $125 Million
  • Broadridge Financial Solutions Q4 Preview: Another EPS Beat Inbound?
  • 3 restaurant stocks to buy with gas prices tanking

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?