What's the value of a parent?

Mike Shaw
Written by: Mike Shaw
Posted on: 6 October 2015

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

Hanging wallpaper


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

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Things you need to know about Over 50s life insurance:
Premiums stop after your 90th birthday but you still enjoy cover for the rest of your life. In the first year, if you die from natural causes we will refund any premiums, or if you die as a result of an accident, we will pay your cash sum. After the first year regardless of the cause of death we will pay your cash sum. Depending on how long you live, the total sum paid in premiums may be more than the cash sum payable on death. If you stop paying your premiums before the end of your policy your cover will stop 30 days after your missed premium and you won’t get anything back. This isn’t a savings or investment product and has no cash value unless a valid claim is made. Inflation will reduce the buying power of your cash sum in the future.

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