The economic costs of childcare
For many working parents, child care costs are unavoidable. With 50/50 custody of their kindergarten-aged daughter, they both rely on daycare services to accommodate their work schedules.
“Since her father and I both used the services an equal amount (we share 50/50 custody) we split the cost in half,” the user wrote.
Yet, high costs for child care are becoming more than just a household expense — they represent a growing economic burden rippling throughout the workforce. LendingTree chief credit analyst Matt Schulz explained how costly and inaccessible child care options force many parents to reduce their working hours or leave the workforce altogether.
According to the U.S. Bureau of Labor Statistics, finding care for children forced an estimated 100,000 Americans to stay home from work each month. That is the equivalent of $122 billion annually in lost earnings, productivity and revenue.
Addressing these economic impacts through more affordable child care options could help both families and the economy thrive.
Kiss your credit card debt goodbye
Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.
Explore better ratesCost-friendly alternatives
As more companies recognize the importance of supporting working parents, employee retention and satisfaction through child-care benefits are more in demand. A poll by First Five Years Fund revealed that 89% of voters expect candidates to propose policies to help parents afford child care ahead of the November 2024 election.
The conversation extends beyond finding immediate solutions; it’s about planning for long-term sustainability. That was a consistent theme in replies to the mother’s Reddit post.
“You need to be thinking longer term here,” a user named VTMaid wrote. “What's the plan after your baby is born? Do you expect to return to work after maternity leave? What is the plan then for both of the kids?”
Those questions reflected the ongoing battle parents face when they lack access to affordable child care. UPS recently tested the waters with a pilot program in which nearly 80% of eligible frontline workers utilized the new daycare services, resulting in more than 120 fewer unplanned absences and a drop in turnover rate from 31% to just 4%.
However, not all companies can offer on-site child care. However, many are providing flexible spending accounts (FSAs), which let employees set aside up to $5,000 in pre-tax dollars for child care expenses in 2024.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.