According to a recent study by Care.com website, the world's largest online care destination for finding and managing family care, fifty percent of the population of US do not count the expenses they meet for the child care in the family. Even though 75% of the population are overwhelmed by the child care monthly expenses, a good half nearly do not budget for it.
The survey which was conducted in May 2014, which surveyed more than 700 parents found that parents are misinformed about the cost of child care.
"Care is the largest single expense for many families with young children, a realization that catches many by surprise," said Sheila Lirio Marcelo, Founder, Chairman and CEO, Care.com. "Whether you're a dual-income household or a single parent, budgeting for and meeting that expense is an on-going challenge. We hope to help families not only find care but also manage the cost associated with it."
"There are several planning steps we encourage families to take when expecting a baby," said Donna Levin, Co-Founder and VP of Operations, Care.com. "They should research the maternity and paternity leave policies of their employers and decide together who will take leave and for how long. Many families are also surprised to learn about the different kinds of care available, such as nannies, baby sitters and day care centers, and it's important to understand the differences as you select the solution that best fits your family. And finally, budget. Care.com's pay and nanny tax calculators are a good place to start in determining budget, how much you can afford to spend on child care, and what options make the most sense for your family."
And the earlier families plan, the more money they can save. Many employers offer flexible spending accounts (FSAs) where families can set aside up to $5,000 pre-tax for child care expenses. Additionally, some businesses offer child care reimbursements for working parents, on-site day care or membership to services like Care.com. However, the study found that only 31% of employees currently take advantage of benefits like FSAs, although 83% of employees who have access to child care benefits say they help reduce stress and improve work-life balance.
For more information and resources to help find and manage care, visit www.care.com/cost-of-care.
The survey which was conducted in May 2014, which surveyed more than 700 parents found that parents are misinformed about the cost of child care.
"Care is the largest single expense for many families with young children, a realization that catches many by surprise," said Sheila Lirio Marcelo, Founder, Chairman and CEO, Care.com. "Whether you're a dual-income household or a single parent, budgeting for and meeting that expense is an on-going challenge. We hope to help families not only find care but also manage the cost associated with it."
"There are several planning steps we encourage families to take when expecting a baby," said Donna Levin, Co-Founder and VP of Operations, Care.com. "They should research the maternity and paternity leave policies of their employers and decide together who will take leave and for how long. Many families are also surprised to learn about the different kinds of care available, such as nannies, baby sitters and day care centers, and it's important to understand the differences as you select the solution that best fits your family. And finally, budget. Care.com's pay and nanny tax calculators are a good place to start in determining budget, how much you can afford to spend on child care, and what options make the most sense for your family."
And the earlier families plan, the more money they can save. Many employers offer flexible spending accounts (FSAs) where families can set aside up to $5,000 pre-tax for child care expenses. Additionally, some businesses offer child care reimbursements for working parents, on-site day care or membership to services like Care.com. However, the study found that only 31% of employees currently take advantage of benefits like FSAs, although 83% of employees who have access to child care benefits say they help reduce stress and improve work-life balance.
For more information and resources to help find and manage care, visit www.care.com/cost-of-care.
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