Stay-at-home parents worth almost €55,000 a year

The work of a stay-at-home parent is valued at almost €55,000 per year, according to new research.

Staying at home to care for your children has its positives but generally takes a toll financially.

A new study by iReach Ireland has calculated the value of a stay-at-home parent at €54,590 a year when roles such as childcare, cooking, cleaning, and taking children to activities are considered.

More than 90% of people surveyed for the study underestimated this value by at least €24,000, with women more likely to estimate the value accurately.

Similarly, in last year's census, 90% of respondents who reported that their primary economic status was "looking after the family home or family" were female.

Survey participants estimated that the role was valued at an average of €30, 547.

Almost one-third of those surveyed estimated that the value was between €20,000 and €30,000, while one-fifth believed it was as low as €10,000 to €20,000.

Three times more men than women valued it at the lower wage range of €10,000 to €20,000.

The group most likely to guess the value correctly were those aged between 45 to 54.

12% of those valued the role at over €50,000 per year.

Most stay-at-home parents are not paid for their work in the home, leaving them among the most under-valued workers in Ireland.

Duties that were considered

The role of stay-at-home parents involves many different tasks.

The table below shows the average cost per week and hours per week to determine the yearly value.

These costs were calculated by Royal London Ireland, which commissioned the research.

They are up on last year when the estimated value of a stay-at-home parent was €53,480.

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