Care.com Releases State of Care Index, Reports Families Spend $12,445
Annually on Child Care
According the State of Care Index™--a quarterly report presented by Care.com (www.care.com
)--released today, child care now consumes 14% of the average family's annual income each year.
Waltham, MA (PRWEB) July 14, 2009 -- According the State of Care Index™--a quarterly report presented by
Care.com (www.care.com)--released today, child care now consumes 14% of the average family's annual income
each year. As Americans begin a seventh consecutive quarter of recession, over half of parents and two-thirds of
adults providing care for elderly family members are worried the falling economy will force them to make
decisions that negatively impact the quality of their care arrangements.
The survey reports child care costs an average of $12,445 per year of a family with two children. That figure
nearly doubles the average annual cost of tuition at a public university--$6,585 a year, according to the College
Board. Despite the high cost of child care, the survey found amidst overall economic worries, families are
primarily concerned with safety, training and experience of providers when they make care arrangements for their
children.
The State of Care Index also reports on the of elder care expenses on families contributing to the care
arrangements for senor relatives. Over half surveyed (58 percent) say their elderly loved ones do not have enough
savings or income to support their own needs and have to rely on assistance from other resources.
And it is even more difficult for the 18 percent of families who are caught in between caring for children and the
elderly--the so-called "Sandwich Generation". Households that have the financial burden of supporting their
children and providing elder care for loved ones pay $16,457 annually (19 percent of their yearly income) to
cover the costs of care providers.
"On top of all the often-reported economic pressures, the State of Care Index shows that families are also fa