Care.com Survey Finds Rising Cost of Child Care Is Causing Families to Save Less, Work Less, Spend Less, And Have Fewer Children
CARE.COM (CRCM)
Last care.com earnings: 11/6 06:00 am
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Source: Business Wire
70% of families are paying rates the government defines as unaffordable. And nearly half of families spend 15% or more of household income on care.Cost of care increased last year for two-thirds of families, and rising costs are having a significant impact on families, employers, and the economy. WALTHAM, Mass.--(BUSINESS WIRE)--According to the Care.com 2019 Cost of Care survey, American families are cutting back substantially on other expenses in order to be able to afford child care costs, which are taking an increasing share of household budgets.The sixth annual Cost of Care survey from Care.com (NYSE: CRCM), the world’s largest online destination for finding and managing family care, found nearly half of families spend 15% or more of their annual household income on child care. For the second consecutive year, the survey found more than 70% of families reported paying 10% or more of their income on care. (The U.S. Department of Health and Human Services’ (DHHS) definition of a
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