Parents Overwhelmed By Cost Of Child Care
December 2, 2021 4:30AM CST
Calculator in hands with the word childcare (Getty Images)
(KFOR NEWS December 2, 2021) The final child tax credit check is scheduled to be deposited in American’s bank accounts on December 15th.
In the Penny Hoarder’s fall survey, 84% of parent respondents said the monthly child tax credit has helped them pay for child care this year; however, 20% say that when the monthly credit ends, they will not be able to continue paying for child care and 70% feel stressed about what their family’s child care costs will look like in 2022. 38% of surveyed parents who pay $3,500 or more in child care costs make $50K to $99.9K a year. 55% of surveyed parents who pay $3,500 or more in child care costs make less than $100k a year.
Other results of the survey:
| Have you ever had to choose between paying for any of the following? | Weighted Respondents (%) |
| Paying for child care vs. gas for my vehicle | 33.02% |
| Paying for child care vs. paying my mortgage or rent on time | 27.93% |
| Paying for child care vs. paying a utility bill on time | 34.69% |
| Paying for child care vs. paying a credit card bill on time | 35.21% |
| Paying for child care vs. buying groceries | 29.12% |
| Paying for child care vs. buying clothing/shoes for my family | 32.38% |
| Paying for child care vs. buying holiday gifts for family | 33.47% |
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