SAN FRANCISCO (KRON) — Child care costs are high, but what happens when parents have to miss work to care for children? According to a study conducted by MagnifyMoney, parents often lose wages in these scenarios.
Analysts with MagnifyMoney calculated how many paid work hours that Americans lose weekly and how much that impacts their wages. The states that have the highest populations topped the list, but California took the top spot by a wide margin with workers losing $57 million in wages per week.
Coming in at number two in lost wages was New York with $33 million lost, followed by Texas with $31 million lost. The state of Wyoming fares the best when it comes to lost wages due to child care needs—the Equality state lost only $202,083 per week. This came as no surprise because Wyoming has the smallest population of all states in the U.S.
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Many working parents can attest to the fact that child care is often a costly hurdle for families. Nearly 70% of parents surveyed said that child care costs strain their monthly budget. Around 44% of working parents shared worries that a lack of child care could hurt their career.
Ismat Mangla, executive editor of MagnifyMoney, says that parents are too often forced to choose between their children and their work which impacts wages earned. “The cost of child care has skyrocketed, putting many middle-class families in a tough situation…Often both parents have to work to make ends meet—but child care costs eat into those earnings,” Mangla said.