Salaries are rising – and a mother's economic
value increased 9.2% in the last year
FOSTER
CITY, Calif., May 4, 2022
/PRNewswire/ -- Insure.com, a comprehensive source for
insurance information, releases its 12th annual Mother's Day
Index showing that the work many moms typically perform for their
households could justify an income of more than $126,725. That's an increase of 9.2% over
findings last year, the first time the index topped six
figures.
Find the annual report: Mother's Day Index 2022
"Mothers do a lot more than they're given credit for, and we
created this index to highlight that," says Insure.com Managing
Editor Nupur Gambhir, who oversaw
this year's Mother's Day Index. "The work they do equates to a
salary that tops six figures. We hope that by showcasing all the
indispensable work mothers do, there will be more advocacy for them
at home and in the workplace."
Insure.com compiles its Mother's Day Index annually. The
editorial team assigns a value to all the home management jobs
primary caregivers typically perform, such as cooking dinner and
helping with homework. The editors match those tasks to real-world
job titles and calculate a salary based on the most recent wage
information from the Bureau of Labor Statistics (BLS).
For many mothers, the work they do includes balancing a family
with a full-time job — doing two jobs but only financially
compensated for one.
Moms spend time baking, cleaning, cooking, and teaching –
occupations that saw, in many cases, significant wage increases
from last year.
- Bakers: 6% salary increase
- Cooks: 7% salary increase
- Maids and housekeeping cleaners: 14% salary increase
- Teachers: 19%
Some moms, such as those caring for children with special needs,
do even more. One study found that mothers of children with
disabilities need to spend an additional three hours a week on
childcare and housework that other parents don't.
"Considering all the work that mothers do, they're
irreplaceable," Gambhir says. "However, it is always vital to have
financial safeguards in place in case a caretaker passes away.
Whether it be household chores, medical care, or income, it's
important to plan for any financial loss by securing a life
insurance policy before it is too late."
Gambhir is available to comment on this year's Mother's Day
Index calculations and answer questions about life insurance
options.
Methodology
"Mom's economic value" is based on
occupational wages from the Bureau of Labor Statistics and does not
include a salary from work outside the home. It is calculated using
a list of common household tasks that mothers often perform.
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Media contact:
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SOURCE Insure.com