Parents with young kids reported financial well-being drop-off in 2023 as inflation concerns rose

Rob Wile is a breaking business news reporter for NBC News Digital.

Parents with younger children saw a significant drop-off in their reported financial well-being last year, according to an annual comprehensive study of American household finances released by the Federal Reserve last week. The Survey of Household Economics and Decisionmaking found a decline in the percentage of parents living with children under age 18 who felt financially secure, dropping from 69% in 2022 to 64% in 2023. That was also down from a record high of 75% in 2021.

With the exception of those in a handful of states, most child care organizations were forced to either raise their prices or close. This was known as the “child care cliff.” In the case of North Carolina, nearly 1,800 child care programs were projected to close, according to a forecast from the liberal-leaning Century Foundation think tank.

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