2023 Federal Reserve survey shows decline in financial security for US parents with young children due to inflation and rising childcare costs.
The Federal Reserve's annual Survey of Household Economics and Decisionmaking reveals a significant decline in financial well-being for American parents with young children. In 2023, the percentage of parents with children under 18 who felt financially secure dropped from 69% in 2022 to 64%, the lowest since 2015. Inflation and increasing childcare costs, with median monthly amounts reaching almost the cost of rent, have led to reduced disposable income and financial strain for many families.
May 26, 2024
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