Focus On Kids: The Rising Cost Of Childcare And Resources To Make It More Affordable

A new report shows the inflation rate is getting a little better, but the cost of childcare is still very expensive.

In an Oklahoma's Own In Focus on Kids, we're looking at the cost of childcare, how families might be able to make it more affordable and some available resources.

Families have seen prices shoot up more than 32 percent since 2019, faster than the inflation rate. The average American spends nearly $1,000 a month, that's more than $11,500 a year and that's just the average.

In many parts of the country, prices can balloon to two or three times that amount.

A growing number of parents have seen childcare outpace their salaries, forcing them to quit, and putting the brakes on career advancement and long-term retirement savings.

There is help for lower-income families.

At childcare.gov, parents can find various programs that provide financial assistance. Eligibility requirements vary by state.

Also, don't forget to take advantage of employer-based Dependent Care Flexible Spending Accounts, and be sure to claim the Child and Dependent Care tax credit when you file your taxes every year.

The U.S. Department of Labor shows the yearly average cost of child care here in Oklahoma has gone up between $800 and $1,500 since 2018, depending on age.

The biggest jump in price was for infants and toddlers and the lowest was for school-aged kids.

The Oklahoma Department of Human Services has resources to help parents find childcare.

It also offers assistance and subsidies for families who meet certain qualifications.