It would cost around €60,000 a year to replace a parent who works in the home caring for children and doing household work, a rise of almost 50pc in a decade, according to life insurer Royal London Ireland.
A survey carried out by iReach for the insurer found more than eight in 10 people (82pc) in Ireland underestimate the monetary value of a stay-at-home mother or father.
Analysts at Royal London Ireland calculated that it would cost around €60,100 a year to “employ” someone to do the myriad jobs carried out by a stay-at-home parent.
The average estimate given was around €34,500
The survey shows that less than one in five of the 1,000 adults polled nationwide estimate the cost of carrying out the responsibilities of a stay-at-home parent at over €50,000.
The average estimate given by people who responded to the survey was around €34,500.
Today’s News in 90 – Friday February 13
Royal London’s “Stay-at-Home Parent” report examines how adults in Ireland assess the monetary worth of parents who provide full-time care and household management at home.
It aims to raise awareness of the invisible monetary value of the contribution provided by stay-at-home parents.
Karen O’Flaherty, senior propositions executive of Royal London Ireland, said stay-at-home parents deserve both support and consideration in financial planning.
She said her firm estimated the value given by the Irish public compared with research on the possible cost of hiring someone to carry out the full range of parenting duties.
The role’s estimated annual equivalent has increased by 5.2pc to €60,112. This is up from €57,140 in 2024.
It represents an overall rise of about 48pc from €40,560 when the study was first conducted 10 years ago in 2015.
According to the latest Central Statistics Office (CSO) “Vital Statistics Annual Report”, 54,526 babies were born in 2023, with 16pc of mothers identifying their occupation as a homemaker.
Since t2015, the estimated annual value of a stay-at-home parent has risen by nearly 50pc
Mr O’Flaherty said that 10 years of the research has consistently shown that the responsibilities carried out by stay-at-home parents form a vital part of how families function.
“Since the study began in 2015, the estimated annual value of a stay-at-home parent has risen by nearly 50pc, yet public perception has not kept pace,” she said.
“Stay-at-home parents carry out an enormous amount of daily responsibilities, from childcare and household organisation to education support, taxiing, and daily logistics – all of which would be very expensive to replace.”
More than one in five women accurately estimated that the cost would exceed €50,000.
People aged 35 to 44 were the most likely to correctly estimate the financial value at over €50,000.
The tasks in Royal London’s calculation included household management, meal preparation, transporting children to activities, and other day-to-day care
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