As child care costs soar, more parents may have to exit the workforce

The cost of child care has risen so high in recent years that some parents can't afford to work.

As of September, the average household spent more than $700 a month on child care, up 32% from 2019, according to a recent report from the Bank of America Institute. The sharply higher costs are driving some parents to leave the workforce in order to look after their children. 

At the same time, many families laying out for child care are having to tap their savings while down on spending, potentially weighing on economic growth, BofA noted.