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Though there are endless benefits to childcare, here are five of the most important economic advantages to this necessary infrastructure. 

 

Why Affordable Childcare is Essential for the Economy

 

1. Necessary for Work-Life Balance

 

Affordable childcare for two-parent families means that both parents may contribute an income to the household. In addition, adequate access to a daycare center allows parents to successfully balance the requirements of their jobs and the amount of time they spend taking care of their children. 

 

However, according to the 2018 Childcare Market Rate Survey, there is currently no region in Massachusetts where the current subsidies would allow parents to pay for at least 75% of the center-based daycare centers available. In other words, no family in the state that needs financial assistance would be able to access at least 75% of the childcare options available to them, meaning that most of these families will opt to have one parent stay home to take care of the children. 

 

2. Fundamental for Single Parents 

 

While two-parent households may have the option to have one member stay home, single parents do not have this capability. This is especially true for single mothers, who are disproportionately affected by the lack of access to childcare services. For this reason, access to affordable childcare is fundamental to making sure that single-parent households are not cast aside. 

 

3. Improved Academic Performance 

 

Significant research shows that early childhood development centers like Little Star of Ours positively impact children’s academic performance. According to the Impact Evaluation Report of the Massachusetts Preschool Expansion Grant, Early Literacy, Early Math, and Vocabulary all benefit from daycare centers. This higher academic performance will translate to increased career opportunities and success later in life. 

 

4. Achievement Gap Still Persists 

 

Unfortunately, the achievement gap between social classes still negatively affects society. In part, this is due to lower-income families being unable to afford childcare services, meaning that not only do the children lack the developmental benefits, but the families themselves are unable to move up the economic ladder. 

 

On the other hand, access to childcare would help close this achievement gap. 

 

5. Employers Gain Labor Force Security 

 

Finally, childcare services also prove beneficial for employers, not just families. For example, suppose employers no longer need to worry about whether their employees can stay at the company after becoming parents. In that case, they can benefit from improved job security. 

 

The Department of Early Education and Care report in Massachusetts cites that the childcare and early education industry enables “employers to attract and retain employees and increase productivity.” 

 

Affordable Childcare is Fundamental for the Economy

 

Equitable access to childcare programs allows for numerous economic benefits, including more women in the workforce, more two-parent incomes, increased job security, and academic improvements that will transform into economic gains. 

 

The research is detailed: childcare services form a fundamental part of the infrastructure of a robust and equitable economy.