June 2, 2022—Remember when $30 would cover the cost of a teen babysitter while you and your spouse enjoyed a three-hour dinner and stroll on the town? In 2022, that amount won’t get you past your dinner reservation.
Babysitters are in such high demand that the rate of pay for an adolescent helper is as much as $30 per hour, reports The Wall Street Journal.
“After two years of hunkering down at home with their children, parents are returning to their office jobs and social lives and are competing for part-time sitters at the same time,” writes Rachel Wolfe. “Teens are getting better snacks, doing fewer mundane chores and are commanding top dollar.”
While $30 is on the extreme end, the inflation for babysitters has surged to 12 percent, 10 percent higher than it was pre-pandemic, said Sean Greene, founder and CEO of Bambino, a babysitter network platform in the report.
The U.S. Bureau of Labor Statistics shows the unemployment rate for 16- to 19-year-olds at 10.2 percent, the lowest since the 1950s, which makes this summer an ample opportunity for teens to make and save money in a highly favorable market.