More women are opting out of the workforce, and it's not for the reason you'd think. From a lack of opportunity to gender stereotypes, there are already enough obstacles holding us back at work, but now a new research paper from the Economic Policy Institute (EPI), a worker advocacy group, has found that childcare is one of the biggest costs to U.S. families, with people spending more on caretaking than rent (this includes babysitting, nannies, and out-of-home daycare centers). Forbes reports that in some places, having a babysitter can cost more than college tuition. To give you an idea of just how expensive it can get, the monthly childcare costs for a household with a 4-year-old in Washington, D.C. is $1472, which is even higher if you need infant care. No wonder we're seeing a spike in mompreneurs working from home.
According to the TBureau of Labor Statistics, childcare and nursery school costs have risen 168% over the past quarter of a century. The U.S. Department of Health and Human Services says childcare should only account for 10% of a family's budget in order for it to be affordable, but in reality, it's about 30%. This isn't sustainable for most families and could be a major reason new moms are choosing to delay their careers.
To read more of this article and see how much annual childcare costs vary state to state, visit Forbes.
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Are child care costs holding you back from returning to work? How can we make care more affordable for families? Share your thoughts below.