The Bad Economics of Childcare

The Pay Check

Bloomberg

Society & Culture, Business, Investing

4.4 • 630 Ratings

🗓️ 24 April 2019

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

We know working moms make less than men partly because they work fewer hours, and one of the main reasons for that is: childcare. Because, well: someone has to take care of the kids. In this episode, we dig into the economics of childcare, which are bad. Women either get pushed out of the workforce altogether, or have to take lower paying jobs to meet childcare needs. There are places, like Singapore, where childcare is cheap and plentiful, allowing women to stay in the workforce. It’s great for working women, but what about the women taking care of the kids? Tomoko Yamazaki reports from our Singapore bureau on the life of Romina Novato, a domestic worker in Singapore.

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0:35.2	Julia Raskin always knew that she wanted kids.
0:38.6	But by the time she got married, she was climbing up the corporate ladder in the UK banking
0:42.8	world. And she wasn't sure that the two were compatible. I sort of realized that there really
0:48.5	weren't a lot of women with children around me on the trading floors in London. I mean,
0:54.0	I have a lot of peers who stayed on and didn't have children until later on.
0:58.1	But for women who had children my own age, very few of them stayed in finance.
1:04.9	She felt that if she stayed in London, she'd have to cut back on her career to raise her kids.
1:10.4	And she was probably right.
1:16.4	Once kids arrive, the question becomes who's going to take care of them. Sometimes it's
1:21.8	cheaper for one parent, usually a mom, to stop working and stay home, at least for a little while. But even if parents
1:29.3	pay for child care, there are new constraints on their days. Someone has to pick the kid up from daycare,
	...

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