sarah April 2, 2019 No Comments

 

With Mother’s Day over for another year, we explore the financial value of the stay at home parent.

As a Mum of two gorgeous kiddies, personally I think that being a mum is the most rewarding job in the world.

But wouldn’t it be great if we actually got paid for it as well?

If you think about it, a stay-at-home parent – be it full-time or part-time, is many things: childminder, teacher, nurse, cook, cleaner, launderette, taxi service, gardener, dog walker, accountant, counsellor, personal shopper, you may care for an elderly relative as well……….the list goes on and on.

If you’re a stay-at-home mum or dad, do you know your worth, not just emotionally but financially?

Your average workday might look something like this:

  • 3.5 hours cleaning, tidying and washing up
  • 2 hours preparing and cooking food
  • 1-hour cleaning, hanging up and ironing clothes
  • 1-hour personal shopper
  • 30 mins gardening
  • 30 mins taxi service (to and from school)
  • 30 mins helping the kids with homework
  • On call for the kids 24 hours a day, (7 days a week!)

Have you ever wondered what your salary might be if you were paid for all the hours you put in at home?

We want to highlight just how hard us mums work.

Some reports suggest that if we were financially rewarded for the job of being a mother, we would be earning £80,000 a year. Whichever figures you believe, the importance and value of a stay-at-home parent is very clear.

It’s an awful thing to think about but with such a busy life have you ever stopped to think about how your loved ones would cope financially if you were to die? Many Mums think they don’t need life insurance or other forms of protection because they don’t work – look at the list above…..we certainly do work, incredibly hard!

The value of a mum is sometimes overlooked when families try to work out their life insurance needs.

If you’re a stay-at-home parent and do not earn a salary, it’s easy to think that you don’t need life insurance cover.

You might think that life insurance is just to protect against the loss of the breadwinner, whether that be mum or dad.

After all, they provide the funds to pay the mortgage or rent, household bills and living costs each month. Right?

WRONG.

A stay-at-home parent makes a massive, often underestimated contribution and we, at Hollybeck, believe they should be protected too.

Any family would be severely impacted, both practically and financially if they were no longer around.

In the event of your death or a serious illness, who would step in and help support your family and run the home?

Could you rely on grandparents? Are they young enough to effectively care for your children?

If not, could you afford full-time childcare, a cleaner, transport costs?

Or would your spouse need to cut down on their work hours to help fulfil these roles?

If so, how would this impact on their salary, on which everyone relies financially?

According to research from The Money Charity[5], the average cost of raising a child, from birth until the age of 21, is £30.23 a day.

That’s £11,034 a year, or a mind-boggling £231,713 over 21 years, (per child).

Of course, replacing a parent is impossible, but a pay-out from life insurance could help to cover some of your family’s day-to-day costs and take some of the emotional, practical and financial stress out of a terrible situation.

For more information and guidance on how much cover you need, please contact us for a chat today. We’re a friendly bunch and will only recommend a policy that is right for you. Our team can be reached on 01332 416470 or hello@hollybeckfinance.co.uk

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