Projected Annual Salary of a Stay-at-Home Parent Estimated at €57,140

• Almost 9 in 10 people underestimate the monetary value of a stay-at-home parent.
• Royal London Ireland research shows it would cost around €25,000 more per year than people expect to cover the cost of a stay-at-home parent.
• Women are almost three times more likely than men to accurately value stay-at-home parenting.

Almost nine in ten (89pc) adults nationwide underestimate the financial value of stay-at-home parents. This is according to the findings of a survey[1] from Royal London Ireland, the leading provider of life insurance and pensions in Ireland. It sought to understand the financial value adults across Ireland place on the role of the stay-at-home parent. Of the 1,000 adults surveyed, only 11pc valued the cost to employ someone to perform the duties of a stay-at-home parent at over €50,000.

Royal London Ireland also compared the survey findings with its own research into the cost of employing someone to carry out the various roles played by a stay-at-home parent. It calculated the estimated annual salary of a stay-at-home parent to be €57,140 — up from an estimated €54,590 in 2023 and €40,560 in 2015, when it first undertook the same research.

In the latest and 9th in the series of the Royal London Ireland Stay-at-Home Parent Survey,  respondents in 2024 estimated the potential salary of a stay-at-home parent to be €32,340, reflecting a 5.9pc increase from the 2023 estimate of €30,547.  Almost three times as many women as men accurately estimated that the cost would exceed €50,000 (16pc vs. 6pc).

According to the most recent census data for Ireland (Census 2022), there were 272,318 stay-at-home parents in 2022[2]. The majority of stay-at-home parents were women (90pc), reflecting traditional caregiving roles[3].

Karen O’Flaherty, Senior Propositions Executive of Royal London Ireland commented,

“I believe the role of the stay-at-home parent is greatly appreciated by many people. However, when it comes to gauging their financial “worth”, there remains a significant 43pc 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. 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”.

Highlights from the Royal London Ireland Stay-at-home Parent Survey 2024 include:

• Almost three in ten respondents (29pc) estimated the value of a stay-at-home parent’s work to fall between €20,000 and €30,000, with more men than women holding this view (33pc vs. 25pc).
• One in four respondents (25pc) believed the figure to be slightly higher, estimating the salary between €30,000 and €40,000.
• Respondents aged 45 to 54 were the most accurate in valuing the stay-at-home parent’s role with 15pc estimating the salary to exceed €50,000—likely reflecting their own experiences of raising children.
• Those living in Munster placed the greatest value on the role of a stay-at-home parent with almost three in ten (28pc) suggesting a salary above €40,000.

Ms. O’Flaherty observed,

“The fact that those aged 45-54 are more likely to recognise the true value of the stay-at-home parent is significant. This age group has likely experienced firsthand the range of tasks and sacrifices involved in this role”.

The Costs

Royal London Ireland analysed the typical daily tasks and responsibilities of stay-at-home parents and researched the cost of employing someone to do these jobs, based on current wage data[1]. These responsibilities include cooking, cleaning, driving children to activities, and so on. The calculations reveal that the yearly cost to employ someone to handle the duties of a stay-at-home parent would be an estimated €57,140.

Royal London Ireland has conducted this research since 2015, revealing increases in the estimated value of stay-at-home parent duties almost each survey year.

Ms. O’Flaherty continued,

“Although the monetary value of the stay-at-home parent, as estimated by our survey respondents, has increased seven out of eight years of our survey, so too has the actual estimated cost of employing someone to fulfil this important role. And each year, our surveys have shown that people typically estimate an annual salary that falls well below the likely cost to hire someone for the role. Unpaid labour, which is disproportionately shouldered by women, is often not factored into household financial plans when it comes to looking at things like life assurance and pensions”.

Ms. O’Flaherty concluded,

“Each year, we conduct this research to highlight the tangible value of the responsibilities stay-at-home parents shoulder. It’s crucial that the role of a stay-at-home parent is recognised, not as an invisible contribution but as an essential job that deserves both support and consideration in financial planning. While money can never replace a parent, having adequate Life Cover, Multi-Claim Protection Cover and/or Specified Serious Illness cover in place can help provide families with a financial safety net to meet some of these parenting costs, should the unthinkable happen. Your Financial Broker can help you get an understanding of the level of financial protection you might need.”

Ends

[1] Conducted by iReach

[2] CSO - Census of Population 2022 - Summary Results - This group includes individuals who identified as "looking after home/family" as their main economic status

[3] Census of Population 2022 - Summary Results - Population aged 15 years and over not in the labour force by sex, 1986 to 2022

[4] Indeed.com - Salaries