Work of stay-at-home parent valued at €57,140
Almost nine in ten people underestimate the monetary value of a parent’s full-time caring duties in the home, insurance company research shows.
Royal London Ireland research shows that the annual cost of employing someone to carry out the various duties of a stay-at-home parent is €57,140.
This figure is up from an estimated €54,590 in 2023 and €40,560 in 2015, when the firm first undertook the same research.
Value
Women are almost three times more likely than men to accurately value stay-at-home parenting, the results show.
A total of 89% of adults nationwide underestimate the financial value of stay-at-home parents, according to the Royal London Ireland survey.
Of the 1,000 adults surveyed, just 11% valued the cost to employ someone to perform the duties of a stay-at-home parent at over €50,000.
According to 2022 census data for Ireland, there were 272,318 stay-at-home parents in the country.
The majority of stay-at-home parents were women, at 90%.
Appreciated
Karen O’Flaherty of Royal London Ireland said: “I believe the role of the stay-at-home parent is greatly appreciated by many people.
“However, when it comes to gauging their financial ‘worth’, there remains a significant 43% gap between people’s perception of the homemaker’s economic contribution and the reality of the likely cost if they had to pay someone to carry out the jobs a homemaker does on a day-to-day basis.
“Stay-at-home parents have a diverse range of responsibilities – including childcare, household management, budgeting, emotional support, and handling children’s transportation needs – yet the full value of their work often goes unrecognised,” she said.
Almost three in ten respondents estimated the value of a stay-at-home parent’s work to fall between €20,000 and €30,000, with more men than women holding this view (33% versus 25%).
Respondents aged 45 to 54 were the most accurate in valuing the stay-at-home parent’s role, with 15% estimating the salary to exceed €50,000 – likely reflecting their own experiences of raising children.
Those living in Munster placed the greatest value on the role of a stay-at-home parent with almost three in ten suggesting a salary above €40,000.
Essential job
O’Flaherty said: “The fact that those aged 45-54 are more likely to recognise the true value of the stay-at-home parent is significant. This age group has likely experienced first-hand the range of tasks and sacrifices involved in this role”.
The role of a stay-at-home parent should be recognised not as an invisible contribution, but as an essential job that deserved both support and consideration in financial planning, she said.