Would You Take Childcare Over a Raise in Wages? ⋆

Would You Take Childcare Over a Raise in Wages?

When it comes to caring for our families, one thing we know is that we need money to put food on the table. If you need to work beyond school hours, though, your kids need to have someone to look after them.

Unless you are lucky and have friends/family who can do this for you until you finish work, you could be paying a fair amount to deal with childcare costs. So, with that in mind, it might not be much of a surprise to see that many parents would take childcare over a higher salary.

And it makes sense: most of the time, childcare would dwarf any salary increase that you got. Childcare is very expensive, so it can be hard to afford – even with an increase in your wages.

A new survey found that around 67% of those asked were happy to keep the wage they are on if their employer could cover, or even offset, their childcare costs.

It would make it easier to either afford to work in the job or to make sure their kids are cared for until they finish. Childcare is a massive expense, and you might find that it has a big impact on the kind of money that you have to play with to actually live on.

If you are paying for childcare, it is not likely that a wage increase would do much to offset the financial loss. What, then, could you do?

Many parents choose to either work fewer hours – thus harming earnings – or take on more hours after their kids are back home. As this survey shows, though, most parents would rather have their kids cared for than get more pennies put into their pocket.

An Interesting Discovery

For years, it was presumed that most people would take a salary increase over just about anything else.

As the survey by KinderCare Education in the Parent Confidence Report showed, many parents care more about giving their kids the attention they need than having a few more bucks to blow on extras.

The survey found that the majority of people would be more than happy to make the shift and get paid the same if it meant childcare was paid for or at least subsidized to some capacity.

Given working parents need to find a compromise to help make their lives affordable and to give as much time as they can to their children, this report might be an interesting one for employers to consider.

If you wish to give your children more in life, you would do well to take a look at what flexibility options your employer can provide with regards to benefits, bonuses and the like. It might just help to make the cost of childcare a touch more affordable.