Direct Line magazine

What's your value as a parent?

Updated on: 18 March 2020

Two sons shave their dad's beard

You know what you earn from your day job, but how much is your work around the home worth?

We’re not talking about putting a price on love; more on the pounds and pence value of cooking, cleaning and childcare.

Research shows* that we can put the value of the average mum and dad’s work in the home as:

Mum - £29,535 a year

Dad - £21,601 a year

This is based on the average pay rates of similar jobs, and as you can see, they aren’t unsubstantial sums. If you weren’t around, paying someone to come in and do those tasks would be beyond the means of the vast majority of families.

Although life insurance can be a huge financial help if a parent dies, the same research found that only 51% of mums and 55% of dads have it.

If your family won’t be able to maintain its current lifestyle if one parent was gone, it might be worth giving it a bit more thought.

No matter what you choose to do though, it’s useful to know that there’s a monetary value to housework. I’m particularly keen to see how much putting the bins out is worth.

Hanging wallpaper

* Legal & General’s ‘Value of a Parent’ survey, carried out between 24th April and 4th May 2015

Related articles

a couple celebrate pregnancy
Lifestyle

How a baby will change your life

There's no bigger milestone in life than having a baby. You might think you know what's coming, but how does having a baby change your life? We go through the important things you'll quickly realise when a newborn joins your family.
A doctor holds someone's hand in support.
Lifestyle

Your Guide to Organ Donation

Just one donor can transform up to nine lives. But there's a lot of confusion about what happens when you join the organ donation register. This guide answers all your questions, including details on how to register, living donation and real-life stories.
a woman in a yellow top smokes a cigarette.
Lifestyle

Life gets better when you stop smoking

Smoking affects all areas of your life. Once you stop, you'll start to see the difference - you'll have more energy, you'll save money and much more. Discover how life gets better.