Mom's annual worth rises above $65,000: Too much or not enough?
04 May 2015 - 11:45PM
The annual value of a mother's work has risen more than $5,000 in
the last two years, according to the Insure.com 2015 Mother's Day
Index. Mom's work is now worth $65,284 per year, 9.1 percent above
the $59,862 her work "earned" in 2013.
This year's figure also marks a 3.7 percent increase over her
2014 value of $62,985. The Mother's Day Index uses wage data from
the Bureau of Labor Statistics in order to estimate the financial
value of a mother's contributions to her household.
"Earnings for many of the tasks mothers are associated with,
such as event planning and decorating the home, continue to grow
and elevate Mom's overall value," said Penny Gusner, consumer
analyst for Insure.com. "Only a few of the jobs mothers take on at
home had their wages decrease this past year."
(See the full task chart and associated wages.)
Insure.com also asked 1,000 men and women what amount of money a
mother should receive if she were paid for her work around the
house. The majority, 57 percent, said she should make more than
$50,000 annually. The other 43 percent said Mom should earn a
salary of less than $50,000.
Here is the precise breakdown on how much respondents said
mothers should get paid annually:
- Nothing: 2 percent
- Up to $10,000: 4 percent
- $10,001 - $25,000: 12 percent
- $25,001 - $50,000: 25 percent
- $50,001 - $75,000: 24 percent
- $75,001 - $100,000: 17 percent
- $100,001 - $200,000: 7 percent
- Over $200,000: 9 percent
Depending how overworked a mother feels, she may find a
valuation of around $65,000 too much or not nearly enough. But
while mothers though don't expect to receive a paycheck – however
big or small it would be – families still need to recognize how
much it would cost to replace her.
If there is not an adequate life insurance policy in place, the
family could be financially devastated if Mom is no longer around
and others must be brought in to take over her household tasks.
"The Mother's Day Index gives an entertaining way to broach the
serious subject of evaluating your worth and making the appropriate
financial planning, such as buying a life insurance policy," said
Gusner. "If the mother works outside the home, has a disabled or
special-needs family member she cares for or more than one child to
raise, obtaining life insurance on Mom is of the utmost
importance."]
For more details, please see the Mother's Day Index 2015 feature
on Insure.com.
Methodology
"Mom's value" is based on occupational wages from the Bureau of
Labor Statistics and does not include a salary from work outside
the home. It is calculated using a list of common household tasks
that mothers often perform.
For the data on what people think mothers should earn if they
had a salary, Insure.com commissioned a survey of 1,000 married men
and woman age 25 or older. The survey was fielded in February
2015.
About Insure.com
Insure.com provides a comprehensive array of information on auto
insurance, home insurance, health insurance, and life insurance.
The site offers an extensive library of originally authored
insurance articles and decision-making tools that are not available
from any other single source, including its extensive car insurance
discounts tool. Insure.com is owned and operated by QuinStreet,
Inc. (Nadaq:QNST), one of the largest Internet marketing and media
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QuinStreet.com.
Twitter: @InsureCom
CONTACT: Penny Gusner
(805) 492-2589
pgusner (at) insure(dot)com
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