Rising child care costs may end up pushing more women out of the workforce, according to recent data from Bank of America. In September, an increase in the number of prime-age men in the workforce was offset by a drop in the number of prime-age women working — which comes after years of gains — according to Bureau of Labor Statistics data. At the same time, child-care spending per household in September was 32% higher than the 2019 average. Often bearing the brunt of child care responsibilities, this cause for concern could lead to more women exiting the workforce.
Bottom line: The pandemic dealt a blow to an already rickety, ad-hoc system of day cares, in-home care, friends, family and schooling. Long-term solutions to solve the child care shortfall must be found so that parents can return to their careers.
