Updated on Tuesday, September 15, 2020
With schools across the U.S. still struggling with reopening plans, many districts are turning to fully remote learning to begin the fall semester. This means working parents are having to manage both child care and jobs for longer than expected.
That could be troublesome, as a new MagnifyMoney survey of more than 1,000 parents reveals that the struggle to juggle child care with work has 3 in 10 employed parents âterrifiedâ of losing their job. Our survey also reveals that parents of color and women are in a particularly bad position and are more likely than their white male counterparts to report less flexible employers.
Our survey found that (30%) of working parents are terrified that they will lose their job while trying to balance work with caring for their child amid the COVID-19 pandemic. Black parents (40%) and Hispanic parents (33%) are much more afraid of losing their job when compared with their white (29%) and Asian counterparts (27%).
Hereâs a sampling of what we found for current working situations among working parents:
While many parents are worried about losing their job while juggling child care, we found that more than half (55%) of parents prefer to work from home now. This could be attributed to concern over being exposed to COVID-19 in the workplace or parents who canât afford child care.
Looking at parentsâ child-care plans for the fall, we discovered:
Notably, only 6% of parents will send their child to day care, and only 3% will hire a nanny or babysitter.
Not only will having to care for a child while working impacts how parents feel about job security, but it affects the course of their career path, too. Our survey found that to care for their child as COVID-19 disrupts the school year:
We found that millennials (those ages 24 to 39) and single parents, in particular, were most likely to contemplate a job change due to the pandemic. This is particularly alarming, as it suggests younger workers and workers that may be more financially vulnerable are being forced to make changes that could stunt their career growth due to COVID-19.
Our survey discovered that not all working parents have been equally affected by the COVID-19 pandemic disruptions. Instead, women and parents of color are having a particularly difficult time when it comes to getting support from their employer.
When asked how flexible their employer has been while they care for their child while working, 14% of survey respondents said their employer was somewhat flexible, while 7% said their employer wasnât flexible, leaving them feeling completely unsupported.
However, that number jumps to 12% of Black working parents and 12% of Hispanic working parents who feel unsupported by their employer. Thatâs a stark comparison to the 5% of white working parents and 3% of Asian working parents who said the same. As noted before, Black and Hispanic working parents were also much more likely than their white counterparts to fear losing their job due to balancing child care and work.
Additionally, many of our findings suggest that the burden of child care largely falls on the womanâs shoulders, although itâs worth noting that we didnât ask the gender identity of the respondentsâ partners.
Meanwhile, we also found that women were more likely than men to say they planned to stay home with their child in the fall. Yet, at the same time, women were more likely than men to say they felt unsupported by their employer (9% versus 5%).
Overall, our findings underscore that parents of color and working mothers are facing more challenges when it comes to balancing child care and work amid the pandemic. This is especially troublesome, as it could widen the wealth gap between people of color and their white peers â as well as the wealth gap between men and women â if the challenges end up adversely impacting their careers.
Our survey found that not only are working parents struggling to balance the demands of their job and child care, but many are struggling financially, too. This adds an extra layer of difficulty to the problems caused by the pandemic. We found that more than half of parents reported losing at least some of their income due to the pandemic.
We found that 35% of parents want to hire a nanny or caregiver to take care of their children while they work, but canât afford to do so.
In fact, 32% of parents are at least somewhat considering going into debt to find child care for the fall semester. Of those parents considering going into debt:
While hopes for another coronavirus relief package are starting to fade, our survey found that many working parents think they would benefit immensely from some sort of financial relief. Our survey reveals that 69% of respondents think that the government should provide working parents with child care stipends amid the pandemic.
Additionally, 70% said a second economic impact check would help at least a little bit with their child care concerns. This could potentially allow some consumers to put some of the money in a high-yield savings account, too.
MagnifyMoney commissioned Qualtrics to conduct an online survey of 1,019 parents of children younger than 18. The survey was fielded July 31-Aug. 3, 2020.