New research from WalletHub finds that single parents are facing significantly higher childcare costs than couples.

Tampa

Recent research from WalletHub shows that single parents are disproportionately affected by rising childcare costs, with some spending over half of their median income on early learning centers. In comparison, married couples typically spend just over 13% of their income on childcare, while single parents can spend upwards of 50%, depending on the state.

In Florida, the gap is somewhat smaller, with couples spending nearly 10% of their income and single parents about 28.6%. Some companies are beginning to offer childcare benefits, and states like Florida are incentivizing businesses to support childcare through tax credits. WalletHub analysts advise parents to budget for increasing childcare expenses and encourage policymakers to consider reforms based on successful models from other states.

Single parents can spend significantly more on childcare: Wallethub

If you're a single parent this news might sting a little bit. New research from WalletHub finds single parents are getting hit a lot harder with child care costs than couples are. In some states single parents are spending half of their median income or more to put their kids in an early learning center. Across the board child care is really pricey. ABC Action News anchor Heather Lee has followed this crisis for more than a year now. She's live in studio to tell us more. Heather that does sting. Yeah it does. Good morning to you Dea and Andrew. You know whenever I talk to folks about child care I get a lot of mixed emotions but everyone seems to agree it is very expensive and in some states it is significantly worse. If you're raising your kid or kids alone here's how Florida ranks. It's a necessity for working parents who want to stay working and for single parents it's a non-negotiable to put food on the table. These high costs they do put families in a you know quite a predicament particularly the cost of everything else. Child care is no different than any other goods or services. Everything's going up. Chip Lupo is a writer and analyst with WalletHub. He went over new research that shows single parents are typically shelling out far more of their income than couples are on child care. Overall married couples will probably could spend you know a little over 13% of their income on child care and single parents could spend upwards of 50 plus percent. It depends on which state you're in. Here in Florida the difference is a little less brutal. Couples will spend nearly 10% of their annual income combined at a child care facility and a single parent will spend about 28.6%. A lot more companies are adjusting as part of their compensation or benefits package including child care as part of benefits pack make it a little bit more attractive to hire and maintain employees. The state of Florida is trying to incentivize businesses to do that now offering tax credits whether the business opens up its own on site child care facility or helps their employees offset the cost at a child care center in the community. But in the meantime Lupo says parents single or married need to anticipate worst case scenario for child care costs when creating their budget. A lot of people out there are still basing their budget on pre covid spending levels which is crazy. You have to adjust your, you know, stay on top of things, look, evaluate the cost and expect worst case scenarios every time. Expect that the cost of child care is going to go up exponentially every year and if it doesn't, that's a good thing. And Lupo told me the goal of posting this research is of course to keep families informed on the reality of child care costs. But it's also to help state leaders reconsider policy. They can look at how other states are doing and decide if those policies could be implemented in their state to bring the cost down.

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