Baby-sitters, day-care, nannies. Parents are spending bucket loads of money on child care, and it's not getting any cheaper.
Nearly one in three families spend 20 percent or more of their annual household income on child care, according to the latest survey by Care.com. The report interviewed 1,000 parents nationwide.
Here are some of the highlights:
- Nearly 1 in 3 parents would put themselves in debt to pay for child care, up from 25% in 2016.
- 72% of parents budget for child care. However, 30% are not able to stay within their monthly budget.
- 40% of parents say child care costs have caused tension in their relationship.
- 20% of families say they had fewer children than they would have liked because of the high cost of child care.
- 63% say child care costs influenced their career decisions.
- 73% of working parents say their job has been affected because of child care plans falling through at the last minute
- 68% of families say the current tax deduction they receive from the Dependent Care FSA isn't enough to have a meaningful impact on their child care expenses.