Child Care Costs Are Skyrocketing Around the World

Around the world, rising inflation is pushing child care costs up to unprecedented levels. Average day care fees went up 6% in 2023 from the previous year, according to mobility company ECA International, while in the US, costs jumped by 9%. Reversing this trend is key to pulling economies out of recession, promoting growth and creating more equitable societies, but so far, many governments have done little to relieve the financial burdens facing parents of young children.

The stress falls disproportionately on women, who are usually the ones to take on the bulk of child care responsibilities. Given the choice of working just to afford daycare, women are opting to reduce their hours, forego promotions, or drop out entirely. Others are deciding to have fewer children, or none at all. Pressure to return to office hasn’t helped, as many mothers are only able to join or stay in the workforce under flexible arrangements.