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How Has the Economy Affected Hiring a Nanny?

Before the recession, most nannies were experienced professionals who had been doing it for years… but when the economy took a dive, many women became nannies solely to pay their bills. We saw many office and admin assistants and telemarketers step into the nanny world only as a means to make ends meet. On the flip side, during this time, many nurses and teachers who lost their jobs took up an interest in the nanny profession. This created an assortment of women, ones who were looking to get into the field as well as the ones who had been there for many years working as nannies. It was very hard for the career professionals to compete with nannies who were willing to take much less, especially when families couldn’t afford to pay what they were paying in better times.

During the recession, there was a huge decrease in nanny jobs due to many parents being laid off, thus being unable to afford a nanny any longer and deciding to have one parent at home. Many self-employed parents saw their monthly earnings diminish and consequently had to let their nannies go. Many families had a grandparent become the new nanny or made a deal with a friend to swap the children when the other was working.

Luckily, the nanny industry has been improving over the past few years and seems to be getting back to where it was. There are many more nanny jobs out there and the pay rate for jobs seems to have gone back to what it was prior. This is a great sign for the economy and the nanny industry as a whole.

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