Child care is getting more expensive than ever, forcing parents to spend an increasingly large portion of their paychecks on it, according to a recent report from Child Care Aware.
The “Demanding Change” report found that the national average annual cost of child care in 2020, the latest data available, was $10,174. That figure represents more than 10% of the median income for a married couple, and more than 35% percent of the median income for a single parent.
“One of the repercussions for parents that we’re starting to see is the exit of women from the workforce,” Child Care Aware senior data analyst Kristina Haynie tells CNBC Make It. “Sometimes it’s just not worth it to work because the money that you’re making is all going toward child care.”