X
Liberty Bank Website Button
Menu
X

Rock-a-Bye-Bye Paycheck.

Rock-a-Bye-Bye Paycheck.

Need daycare in Connecticut? If so, get ready to kiss a sizable chunk of your income goodbye.

The Hartford Courant reported this morning that, “Connecticut is among the most expensive states when it comes to the affordability of child care.” The Economic Policy Institute places us in the top five.

Does your infant need to go to daycare? Get ready to pay, on average, $15,000 per year. Have more than one child? That might jack up the cost by an additional $13,000 for the year.

The United Ways of Connecticut now estimate that a household of four (two parents, one infant, and a toddler) needs to earn $78,000 a year just to cover basic living expenses. Our example family will need to fork over about one-third of income for child care.

What about rent, food, utilities, transportation, taxes and healthcare? All equally necessary in the household budget but all overshadowed by this one expense.

Did you know that 45 percent of Connecticut jobs pay less than $20 per hour; and two thirds of those pay less than $15 an hour? So if both parents in our family work (for instance mom at $15/hour and dad at $18/hour) their annual wages are around $68,000, and they could pay as much as 40 percent of their income just to have their children cared for.

read it at the Courant

 

 

Share