Children are not the only recipients of the impact that the early years have. When the early years are valued and supported, there are benefits for everyone.
When parents have access to child care for their children, there are multiple benefits for the family, the employer, and society as a whole. Parents are able to return to work – especially women – which allows families to bring in more income (New Brunswick Child Care Review Task Force, 2016). Additionally, research shows that parents who experience difficulty accessing stable, high-quality child care are often forced to reduce work hours or quit their jobs (Fairholm, 2011; Fairholm, 2012). Parents are also shown to be more motivated, focused, and productive employees when they are confident their children are in high-quality child care (Fairholm, 2011; Fairholm, 2012). As a result, employers save money by not having to recruit, rehire, and train new staff, or cover absences. Employers will also experience a boost in revenue due to a higher volume and quality of work by employees.
Society as a whole experiences a boost to the economy due to job creation, increased tax revenue from working parents, reduced need for social assistance due to increased standard of living for families, more revenue from sales taxes due to increased spending by families, higher birth rates leading to more tax payers in the future, and a stronger workforce of the future leading to higher productivity, higher incomes, and increased tax revenue (Fairholm, 2011; Fairholm, 2012).
Children’s early years don’t just have the potential to strengthen the economy and workforce of the future, but the current workforce and economy as well.
Canadian cost-benefit analyses indicate that for every dollar spent on early childhood education, the benefits range from $1.49 to $2.78 (Alexander & Ignjatovic, 2013).
Powell et al. (2019) state that there are four key ways that investments in early childhood benefit the economy:
- multiplier effect to dollars spent in ECE;
- increased female workforce participation;
- increased parental earnings;
- increased employee productivity.
UNICEF (2019) agrees, stating that high-quality child care “facilitates the upward mobility of two generations . . . enhancing labour force productivity and reducing the social costs of crime and health care”.