March 2 2024- A Bank of America analysis reveals that the United States has the second most expensive childcare system among developed countries. The report highlights that an average U.S. couple with two children spends over 30% of their income on childcare. The steep costs associated with childcare have led to some women leaving the workforce, as indicated in the findings of the report. The analysis utilized data from the OECD, comparing average childcare costs for a couple with two children to their combined wages, with 30 OECD countries included in the study.
Only one developed country has a more expensive childcare system than the US
Updated on March 2, 2024