Survey findings suggest that many undervalue the work of stay-at-home parents.
The duties of an Irish stay-at-home parent have been calculated to be worth an estimated €53,480 per year, according to new data from Royal London Ireland.
The survey by the life and pension provider, of 1,000 people, showed that 93% underestimated the financial value of stay-at-home mothers and fathers, with participants estimating that a stay-at-home parent’s duties are worth an average of €28,460 per annum.
In a statement, Royal London Ireland said there are around 349,500 people in Ireland who are stay-at-home parents, of which 94% are women.
With its survey, the company sought to understand people’s perception of the value of stay-at-home parents, before comparing these perceptions with its own research into the monetary value of the homemaker.
Royal London Ireland compiled a list of duties usually carried out by stay-at-home mothers and fathers, before researching the cost of employing someone to do these jobs.
The calculations, which are listed below, revealed that the annual cost to employ someone to do the household jobs typically completed by a stay-at-home parent would be €53,479.92.
Image via Royal London Insurance
Despite the findings, 31% of survey participants estimated the value of a stay-at-home parent’s “salary” to be €20,000 or less.
On top of this, only 12% considered it to be between €40,000 and €50,000, while just 8% of people considered it to be more than €50,000.
Commenting on the findings, Royal London Ireland’s Karen Gallagher said:
“While the role of the stay-at-home parent could be described as ‘priceless’, it is interesting to gauge the public’s perception of its value through our annual survey.
“It seems people continue to undervalue the role, pitching it at €28,460, which is similar to last year’s estimate by survey respondents of approximately €28,000.
“It is also well below what we have calculated as the economic cost in 2022, which is €53,480.
“It’s understandable that, without doing the calculations, many people may not accurately estimate what the cost would be to replace the stay-at-home parent.
“What is surprising, is just how much they undervalue it by.”
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