Being A Working Parent Is Becoming Unattainable

Childcare Costs Are On The Rise, And Affecting The Workforce

For parents, or anyone who knows people with young children, it's unsurprising to learn: It's becoming increasingly expensive to pay for childrens' care and maintenance, and some people can't afford it . There's no evidence or reason to think costs will ever go down.  The increasing expenses of child care have a negative influence on the economy and the workforce; it would benefit us all to consider the issue with greater urgency.

Although you may not be directly affected by the increasing cost of child care, it is a highly personal issue for many people. This has had a detrimental effect on how much money parents put into their 401(k) accounts, and it has helped to exacerbate an alarming trend: Women are leaving the workforce because child care is either too expensive or simply unavailable.

For parents of young children, the male-female disparities are stark. Among mothers of children 13 or younger, the proportion who were employed in September was nearly 4% below pre-pandemic levels, according to Nick Bunker, director of economic research at the Indeed job listings website. For fathers with young children, the decline was just 1%.

The male-female disparities are particularly striking among parents of young children. In September 2021, the proportion of working mothers with children 13 or younger, was nearly 4% lower than before the pandemic, according to Nick Bunker, director of economic research at the Indeed job listings website. The reduction for fathers with young children was just 1%.

The McKinsey & Company study, “Women in the Workplace,” illustrates how the pandemic has had a particularly severe impact on working women. It discovered that one in three women recently considered leaving their jobs or downshifting their careers, which is higher than previously reported. By comparison, the study's authors stated that just one in four women had considered leaving early in the pandemic.

This means that because of a broken system, that has ultimately failed them, woman are being forced to give up careers and opportunities.

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