Survey: Rising child care costs hard on families

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The cost of child care is soaring, and parents are making tough choices to pay for it.

According to a newly-released survey, "The Cost of Care," families are paying $18,000 a year on average for child care, which is more than many colleges charge for tuition.

The survey said that to come up with the money, many parents are saving less, not saving at all, or putting less money aside for their retirement . 

The survey indicates that one out of four families are going into debt to pay their child care bills and one out of five are waiting to have children. Furthermore, the survey says almost half of parents have to work harder to keep up with the cost of child care.

More working parents are asking their employers if they can work a flexible schedule, or work part time. Others are staying home to care for their kids themselves.

There is a growing sense that the U.S. should follow in the footsteps of other countries and subsidize
child care.

The issue is so pervasive, it has become a political issue. Presidential candidates Hillary Clinton and Donald Trump have plans to help parents out with their child care costs.

 

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