37% of US Parents Expect Grandparent Aid as Childcare Costs Eat 20% of Income
Updated
Updated · Fortune · Sep 27
37% of US Parents Expect Grandparent Aid as Childcare Costs Eat 20% of Income
3 articles · Updated · Fortune · Sep 27
Summary
37% of parents with young children expect financial help from parents or grandparents in the next year, with 43% of those relying on grandparents for childcare and 26% for savings support.
82% of parents say child-raising costs have gotten out of control, and 86% say expenses such as daycare, camps and school supplies are making it harder to save for their children’s futures.
Care.com found childcare now consumes about 20% of annual income on average, while one in five parents spend more than $30,000 a year—far above the 7% affordability benchmark used by federal health officials.
45% of Americans with young children live close enough to family to get help, saving an average $1,915 a year on childcare and $1,443 on groceries.
70% of parents receiving family support also help shoulder aging relatives’ financial or emotional needs, underscoring how the affordability squeeze is turning more families into part of the sandwich generation.