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The Money with Katie Show
The Real Cost of Being a Working Parent
Feb 12, 2025
Eryn Schultz, a Certified Financial Planner known as Her Personal Finance, discusses the staggering financial realities of being a working parent. She reveals how traditional data on childcare costs understates the struggles faced by families. The conversation dives into the emotional toll of balancing work and parenting, the complexities of childcare choices, and the societal undervaluation of care work. Eryn also highlights the urgent need for better support systems and policies to alleviate the financial strain on parents.
01:07:57
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Quick takeaways
- Rising childcare costs exert significant financial strain on working parents, often necessitating dual incomes to afford basic care needs.
- The emotional and social challenges faced by working mothers contribute to the gender wage and wealth gap, impacting their professional identities.
Deep dives
Childcare Costs and Complexity
Rising childcare costs in the United States present a major challenge for working parents, often necessitating two incomes to afford them. The average yearly expenses can range broadly, with median figures reflecting only a fraction of what families actually experience, particularly in high-cost areas. This discrepancy causes substantial financial strain, especially when considering the additional care options parents feel pressured to secure for socialization and development. The financial burden doesn’t just impact immediate finances, but can also inhibit parents’ career ambitions and overall quality of life.
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