DENVER (KDVR) — Families across Colorado are struggling this holiday season due to the rising cost of child care.
According to a survey from The Penny Hoarder, roughly one in three parents have had to choose between holiday gifts or child care this year.
Data shows Colorado has some of the highest child care costs in the nation. Experts say the costs hover around $15,325 a year in our state.
Child care costs in the United States have sky rocketed by 210% over a 20-year span between 1999 and 2019.
There are plenty of factors at play, including the pandemic and ripple effects from the ‘Great Resignation’.
“Some of the surge in prices we’re seeing might be due to the added expenses that these providers are having to pay in order to attract workers, especially in a very tight labor market where there’s lots of competition from other places that generally pay a lot better than child care workers receive,” said Rachel Christian, a financial expert at The Penny Hoarder.
The same survey from The Penny Hoarder also shows about 40% of parents have gone into some form of debt over rising child care costs.
For child care assistance in Colorado, click here.