According to recent study, the average yearly wage of a stay-at-home parent is €57,140, reports RTE.
Royal London Ireland, a pension and life insurance company, conducted the analysis.
The expected pay for a stay-at-home parent has increased from €40,560 in 2015, when the business conducted the same research, to €54,590 in 2023, reports RTE.
Based on current income data, the study examined the usual daily chores and obligations of stay-at-home parents and the cost of hiring someone to perform these duties.
Childcare, cooking, cleaning, and transporting kids to events were among the duties evaluated for the analysis, reports RTE.
As part of the study, a poll of 1,000 adults revealed that over 90% of respondents undervalued the financial contribution of a stay-at-home parent.
Only 11% of those surveyed thought that hiring someone to handle a stay-at-home parent’s responsibilities would cost more than €50,000, reports RTE.
Nearly one-third of those surveyed said that the labour of a stay-at-home parent was worth between €20,000 and €30,000.
Women are nearly three times more likely than males to correctly appreciate stay-at-home parenting, according to the poll, reports RTE.
Ninety percent of the 272,318 stay-at-home parents in Ireland in 2022 were women, according to the country’s most recent census statistics.
“I believe the role of the stay-at-home parent is greatly appreciated by many people,” said Karen O’Flaherty, Senior Propositions Executive of Royal London Ireland, reports RTE.
“However, when it comes to gauging their financial ‘worth’, there remains a significant 43% gap between people’s perception of the homemaker’s economic contribution and the reality of the likely cost if they had to pay someone to carry out the jobs a homemaker does on a day-to-day basis,” Ms O’Flaherty said, reports RTE.
“Stay-at-home parents have a diverse range of responsibilities – including childcare, household management, budgeting, emotional support, and handling children’s transportation needs – yet the full value of their work often goes unrecognised,” she added, reports RTE.
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