Large number of US parents are draining their savings to pay for child care, poll finds

To shoulder the costs of child care in 2023, many American parents resorted to draining their savings, according to a new poll.

More than one-third of U.S. parents, 35%, dipped into their savings to pay for child care last year, according to a Jan. 17 poll from Care.com.

The poll, conducted in November, sampled 2,000 U.S. adults, all of whom responded were parents of children aged 14 or younger.

The poll also found that parents spent an average of 24% of their household income on child care, more than three times the 7% rate that the government considers affordable.

Additionally, most parents expected the affordability crisis to get worse, the poll found.

The vast majority of parents, 79%, anticipated they would be affected by the “child care cliff,” a term used to describe the sudden termination of pandemic-era investments in child care.

Many of these funds were provided on a one-time basis to bolster the child care market throughout the COVID-19 pandemic.

As a result of the child care cliff, a majority of parents, 54%, have noticed child care waitlists have gotten longer.

The poll also found that child care is a major issue for parents heading into the 2024 election. The majority, 59%, said it ranks among their top three issues that could affect their choice in the election.

The U.S. has among the highest child care costs in the world, according to a 2023 report from the World Economic Forum.

It spends between 0.1 and 0.3% of its GDP on child care — less than half of the average 0.7% spent by developed countries, according to the Baker Institute for Public Policy.

This story was originally published January 18, 2024 at 1:46 PM.