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According to the New America study child care for a child age 4 or younger now costs on average $9,589 a year. This is greater than the average annual cost of college tuition which is $9,410. The cost for an in-home caregiver averaged $28,353 annually. One-fifth of families use a “patchwork” approach to providing care for their children such as relying on family or friends to provide care, looking for unlicensed care, or cutting back on the number of hours worked. Some parents have delayed purchasing a home or saving for college for their children. According to the report, quality as measured by accreditation and user reviews, and availability as measured by the ratio of childcare providers to young children, is also inconsistent across the country; no State scores well across the board for cost, quality and availability.
The figures show that child care is expensive even though caregivers make poverty wages; that care can be difficult to find; and only a handful of centers and family homes are nationally accredited for quality. What are parents of young children to do when they can’t afford or find suitable care for their children? The answer can be leaving the workforce completely which doesn’t bode well for labor force participation. The authors of the study list four policy recommendations: universal family leave, better cash assistance programs, high-quality pre-kindergarten, and more programs aimed at dual-language learners.
Source: Financial Advisor
LEANNE MANNING, EXTENSION EDUCATION | THE LEARNING CHILD
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