Mum’s worth £32,000 a year

A typical mum spends 71 hours a week doing jobs around the home, saving the family £31,500 a year in hired help.

But the average dad’s contribution to running the home is worth far less than a mother’s at £24,000, according to research from Legal & General Retail Protection.

Most parents underestimate the value of work they do by more than half.

However, it is little wonder that parents save by taking on home duties, as the cost of raising a child is increasing.

It now sets families back an average £8,580 a year to bring up their children. More than a quarter of parents said they don’t feel in control of their finances.

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Three-quarters of parents’ top financial priority is to make sure their children are secure if they were unable to work due to death or illness.

But the majority of households don’t have a protection policy in place, which would pay out in the worst case scenarios, warned the insurer.

“While most parents we surveyed regard providing for their children as their top financial priority only a minority have adequate protection in place should they be unable to look after them due to illness,” said Bonnie Burns, from Legal & General’s Retail Protection business.

“Bearing in mind the cost of raising a child and the ‘hidden’ expense of domestic work, it is important that parents consider how best they can plan to protect the financial future of their families.”

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