One of the reasons often given for why women choose to leave the workforce is the high cost of childcare. It’s become such a hot topic that both presidential candidates have created platforms to address the issue. Why? Because, according to a new Care.com study, in some states infant care is higher than the cost of college tuition. In most of the country the cost of full-time childcare is 85% of the monthly U.S. median cost of rent.
For many families weighing the choice between paying the high cost of care vs having one parent stay home and take care of the kids is a no brainer… or is it. This same study shows that:
“the average American woman taking a five-year break from her career starting at age 26 will lose out on $467,000 in income, wage growth, and retirement assets and benefits over her lifetime. (The average American man of the same age will lose $596,000.) Considering that the average cost of care is a little under $10,000, the career break ends up being about 10 times more expensive.
With the number of women in the workforce declining to a 27 year low in 2015, it is remarkable to think about the lost earning potential. Obviously, this study doesn’t take into account many factors that face families from the cost of care for an ill child, lack of access to well paying jobs, single parents etc… but in general this is a striking example of why it is so important for women to stay in the workforce.
The Second Shift is a solution for women to be able to continue working when it is may seem like it is not worth it. We are a safety net to bridge the tough times so that you don’t have to choose one path or another. We help you make work work for you!