There was never an iota of doubt that child-rearing in America was freaking expensive, however, according to a newly conducted study, the numbers cut way deeper into a family budget than previously imagined.
According to the report compiled by Child Care Aware, a group that provides resources to parents and caregivers, the average cost of raising a child is at least a quarter of the median income of single parents. In other words, 25 percent of what an average American household makes has to be poured into bringing up a single child. The statistic is especially related to single parents, who are struggling to earn income and ensure the child is accorded adequate facilities and his or her necessities are met in the best way possible.
Breaking down the study according to states indicates that parents in Massachusetts are the most burdened by child-care costs. Parents in Massachusetts are spending way more on childcare than in any other state. Speaking in numbers, on average, Bay State families are paying $16,549 per year to send an infant to a center for care. That’s about 15 percent of the median income for a two-parent family.
Interestingly, while parents in Massachusetts are shelling out more money, it is the families in New York who will part with a larger portion of their income. Families in the Big Apple pay about 16 percent of their income to raise their children.
If you are overly concerned about the expenditure, it is advised you move to the state of Louisiana. Child care in the Pelican State is surprisingly affordable when compared to other states in America, as parents are known to spend only about 7 percent of the median income on childcare.
While every parent has been made acutely aware of the hole — child-rearing burns in your pocket sooner than later — the study shows that poorer families pay a much higher premium towards child development. Families nearer to the poverty lines are known to spend as high as 85 percent of their income on childcare.
What’s more troublesome is the fact these high costs do not necessarily translate into a better future for the children. About 30 percent of the parents have to endure disciplinary action at work because of being late, as they were taking care of child-related problems.
Childcare is apparently a big drainer of resources for American parents and business, who annually lose about $3 billion on tackling childcare issues. The only pittance of a solace is that your kid’s college education fees aren’t as steep, revealed the study. In 30 states, the annual cost of child care is higher than tuition and fees at the state’s four-year state colleges.
[Image Credit | Healthy Child Care]