A new study shows that the cost of hiring someone to work for stay-at-home parents will be around €54,590 a year, reports RTE.
The research was carried out by the life insurance company and pension fund Royal London Ireland and shows that the estimated salary for working from home will increase from €53,480 in 2022.
The annual “Stay-at-Home Parents Survey” shows that more than 90% underestimate the financial value of being a stay-at-home parent, and only 8% estimate that the job is worth more than €50,000, reports RTE.
The survey of 1,000 adults estimates that a stay-at-home parent’s potential salary will average €30,547 in 2023, an increase of €2,087 or 7.3% over 2022.
Studies have shown that women often accurately assess the value of stay-at-home parenting responsibilities.
In the 2022 census, 272,318 people in Ireland described their main economic status as “caring for home or family”, 90% of whom were women.
“Each year we ask the same question and each year we’ve found that most people underestimate the likely ‘salary’ of a stay-at-home mam or dad,” said Karen O’Flaherty, Senior Propositions Executive of Royal London Ireland, reports RTE.
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