The 14th edition of the wage study finds mother’s economic value increased 5% in the last year
Insure.com, a comprehensive source for insurance information, has released its 14th annual Mother's Day Index, which finds the work moms typically perform for their families could justify an annual salary of $140,315. That's an increase of 5% over Insure.com’s last findings.
For the full report, please visit: Mother’s Day Index 2024
“The unpaid work mothers do is worth over six figures,” says Insure.com Managing Editor Nupur Gambhir, who oversaw this year's Mother's Day Index. “Our hope is that the index gives people a better appreciation for moms and how their contribution to the household is irreplaceable.”
Insure.com compiles its Mother's Day Index annually. The editorial team assigns a value to jobs primary caregivers typically perform around the home, such as cooking meals, helping with homework and caregiving. The editors match those tasks to real-world job titles and calculate a salary based on U.S. Bureau of Labor Statistics (BLS) wage information.
Among the 19 job categories used for the index:
- Cook
- Teacher
- Childcare worker
- Nurse
- Maid/housekeeper
- Hairdresser
- Laundry worker
- Mental health counselor
The Mother’s Day Index intends to acknowledge the hard work mothers do, which often includes balancing a family and a home with a full-time job — essentially performing two jobs yet only being financially compensated for one.
For many families, the absence of a second caregiver necessitates hiring outside help for cooking, cleaning and other household chores. Using the Mother’s Day Index as a gauge, the cost could add up to $140,000 a year.
“The loss of a mother isn’t just emotionally devastating, it can be financially devastating, too. All families should consider purchasing life insurance for mom in order to protect their financial health,” says Gambhir, a licensed life, health, and disability insurance expert.
A life insurance policy can afford a family the means to pay for childcare, housekeeping, tutoring and more.
Gambhir is available to comment on this year's Mother's Day Index calculations and answer questions about life insurance options.
About Insure.com
For 35 years, Insure.com has served as a comprehensive consumer resource for insurance information, offering expert advice, articles, news, and tools about car, home, health, and life insurance. Insure.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs.
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Contacts
Media contact:
John McCormick
jmccormick@quinstreet.com
