May 8, 2017 (Foster City, CA) – Hardworking mothers across the country have one more thing to smile about as they celebrate Mother’s Day – they’re worth more than ever.

 

Mom’s “salary” this year is $67,619, an increase of three percent over last year, according to Insure.com’s 2017 Mother’s Day Index, which looks at wages for jobs associated with motherhood. This year mom’s value is up $2,096 over last year’s value of $65,523. Mom’s worth has rebounded nicely from its low of $59,862 in 2013; this year’s value is 13 percent higher than that low point.

 

Using a list of typical household tasks that a mother does, Insure.com estimates the financial value of mom’s contribution to the household using the most current occupation and gender data from the Bureau of Labor Statistics. Mom’s to-do list is long, and multitasking is a must to accomplish all that she needs to do for the family.

 

“Mom’s worth continues to grow as wages keep increasing for most of her household jobs,” said Penny Gusner, consumer analyst for Insure.com. “Only three of the occupations on our list had a reduction in pay.” 

 

Jobs that declined in pay and the percentage of difference over last year:

 

  • Chauffeur           -0.9%
  • Designer             -1.8%
  • Teacher              -3.8%

 

The jobs with the biggest gains are:

 

  • Hairdressers                          8.0%
  • Grounds maintenance worker   7.0%
  • Private detective                    7.2%

 

(See the full task chart and associated wages.)

 

Moms aren’t expecting a paycheck this Mother’s Day — or any other day — for the work they do around the house, but it is important to be aware of the monetary value of her housework – and how much it would cost to pay someone else for those responsibilities.

 

Most families can’t afford to pay someone to do all the tasks that mom regularly does around the house — that’s why you need an adequate life insurance policy. 

 

“The work mothers do at home has value and a replacement cost. You can’t assume that friends or family will be there to help take over, especially on a regular basis for a long period of time, if a parent passes away,” Gusner states. 

 

The Mother’s Day Index is a light-hearted way to look at a serious subject.  Mom’s value serves as a reminder that both moms and dads need life insurance coverage so that the household would not be left in financial ruin if a parent were no longer around.

 

“It’s entertaining to see what kind of paycheck mom deserves, but it’s important to think about financial planning and assess your household’s need for life insurance,” said Gusner. “Don’t overlook mom’s everyday tasks that may be taken for granted when evaluating your financial future.”

 

You can read the full Mother’s Day Index 2017 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.

 

 

 

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. For more information, please visit QuinStreet.com.

 

Twitter: @InsureCom