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The Money with Katie Show

The Real Cost of Being a Working Parent

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.81.3K Ratings

🗓️ 12 February 2025

⏱️ 67 minutes

🧾️ Download transcript

Summary

In the past, we covered the national average costs for different types of child care and how it may be directly related to the gender wage and wealth gap. But Eryn Schultz, a CFP known as Her Personal Finance online, reached out to say the data was vastly undershooting the realities of working parents she works with. She joins us today to share the real costs of childcare and what working parents in the US contend with. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/working-parents. Money with Katie’s mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:32.5

Child care is so expensive that it is very difficult to not have two working parents in order to afford

0:39.1

having children, like even at the public school level.

0:42.8

We talked about this idea that like a nanny is an easy button, but it's not really because

0:48.5

you have to register as a household employer on the days that, you know, the nanny gets paid

0:53.9

time off.

0:54.6

Like, what are you doing for child care?

0:56.1

If you want socialization, you don't want to pull your kid out of a social daycare setting.

1:03.1

We talked about Mother's Day Out existed before there were two working parents because it's

1:07.8

important for your two-year-old to learn how to talk to other people.

1:11.3

And so then you're at a point where you're paying for a nanny and a socialization program.

1:16.4

And like, that's very difficult to do without two incomes.

1:30.9

Welcome back to The Money with Katie Show. I'm Katie Gattie Tossan.

1:32.3

And today, we're talking about the biggest myths about being a working parent.

1:38.7

Because the child care situation in the United States is, in my mind, the lynchpin that

1:44.0

explains the vast majority of the gender wage and wealth gap data.

1:54.6

In the past, we've covered the national average costs for different types of child care, the almost exclusively female

2:02.2

child care workforce, and the general untenability of being a working parent. So we will link

...

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