For many parents across the United States, childcare services are a necessity. Moms and dads need to know their young kids will be taken care of as they go to work and handle other obligations. This is critical not just during school days, but also on weekends and sometimes odd hours.
Babysitters and daycare facilities are some of the resources most frequently relied upon for childcare. Unfortunately, new information reveals that the cost of getting extra care for kids is rapidly spiraling. In fact, it’s going up at a rate that outpaces inflation.
What to know about growing childcare expenses in America
According to a recent report from KMPG, from 1990 to April 2024, the cost of childcare has soared by a staggering 263%. For context, this is almost two times the amount of growing inflation in the United States.
Generally, people should only be spending about 7% of their income on childcare. However, given the present state of the economy, folks are seeing much more than 7% of their earnings go to care for their kids.
