U.S. Childcare Costs Are Astronomical; More Families Turn to Grandparents

A new report from the Economic Policy Institute shows that average annual childcare expenses for a single child in the United States have risen to $12,000, outpacing wage growth in most states. As costs soar, an increasing number of families are relying on grandparents for daily care, a trend that has risen 18 percent over the past three years. Researchers warn that this shift places financial strain on older adults, many of whom are on fixed incomes, and can limit their own retirement savings. Policy experts are calling for expanded public preschool programs and tax credits to alleviate the burden and reduce the growing reliance on informal family care.