Mother’s Day is right around the corner, which means it’s time to start remembering everything mom does for her family.
Chauffeuring the kids around.
This year, however, amongst all the happy thoughts we’ll be sending mom’s way, there’s a bit of disheartening news out there as well. This year, according to the 2013 Insure.com Mother’s Day Index, the market value of common mom tasks in the home was valued at $59,862.
That’s down from $60,182 in 2012 and $61,436 in 2011.
The index is determined by calculations from the Bureau of Labor Statistics from a pre-set list of tasks including things like shopping, planning, yard work, etc.
Perhaps not as surprising is the disconnect between the differing values men and women put on household work. When it comes to tasks around the house, 62% of men set the value for those efforts at under $40,000 a year (compared with 56% of women who said the same).
Additionally, 7% of women valued mom’s household work at more than $100,000 a year, while only 3% of men did.
When it comes to life insurance, figuring out how much mom’s “value” is worth is essential, whether she works outside of the home or not. “Just because someone doesn’t earn a salary doesn’t meant that they don’t make significant contributions to the family that could be costly to replace,” Marvin Feldman, president and CEO of the LIFE Foundation, told Insure.com. “Things like child care, cooking, cleaning, transportation and other household activities are all important parts of a family’s everyday lifestyle.”