£30,000 a year, that's the value of a Mum
Legal & General’s latest Value of a Mum survey finds that the value of the unpaid work that a Mum does around the home would cost £30,032 to replace.
The current value of a Dad is £21,306.
Despite many Mums working they still spend an extra nine hours a week with the children compared to Dads.
Mums are still feeling that the burden of looking after the home falls to them, with 45% wishing that their partners would do more to help with housework and childcare.
Even those mums who have part-time jobs, don't hugely reduce the amount of time dedicated to parenting - the value of part-time worker mums is £28,664 compared to the value of those who don't work, £31,523
The day to day costs of looking after children have gone up 8.3% over the last two years, rising from £132 a week to £143 and a massive 31% since 1999 when the figure was £109
More mums and dads are spending time on themselves with mums having 6.5 hours a week and Dads 8 hours and both have decided to do less housework and chores as the amount of time spent on this has fallen to 65 hours a week.
Legal & General carried out the research to highlight how easy it is to underestimate the value of the unpaid work parents do around the home and the importance of planning for a future where one parent may be unable to run the home due to illness or bereavement.
The research shows that 42% of mums and dads feel people should have financial protection in place in case anything were to happen to them. In reality, though, only a quarter (24%) of them actually do.
Bonnie Burns, Product Development Director, Legal & General, said, "As a Mum, I understand the pressures that parents face looking after the home and caring for the children. I'm sure all parents will identify with the increasing demands placed on them to maintain their children's daily needs and activities. Parents are under huge pressure today, as the costs of living continue to rise. It is quite worrying that only 49% of Mums have life insurance, 22% critical illness and 15% income protection.
"More concerning is that people still believe that the Government will always provide for people if they find themselves in financial difficulties. Over half (55%) of both Mums and Dads feel that the Government will financially support them if a partner dies and 63% that the Government should help in the event of a critical or terminal illness. In reality, what the state will actually provide may be not sufficient for people to maintain their current lifestyle. Parents need to understand that the having the right protection in place is vital to ensure they are able to maintain their lifestyle should the worst happen."
Katie O'Donovan from Mumsnet said: Mums have long known how busy their lives are. Whether it's getting the kids to school on time (with their homework done) or putting in 100% at work and making football practice on time, it's great to be reminded of the value of a Mum. "It's also encouraging to see Mums and Dads getting a bit more time to themselves. But at around just an hour a day, most parents would agree there's room for improvement."