Â£30.000 a year, that's the value of a Mum.
28 March 2011
Key findings from the 2011 research are:
- Despite many Mums working they still spend an extra nine hours a week with the children compared to Dads.
- Mums are still feeling that the burden of looking after the home falls to them, with 45% wishing that their partners would do more to help with housework and childcare.
- Even those mums who have part-time jobs, don’t hugely reduce the amount of time dedicated to parenting – the value of part-time worker mums is £28,664 compared to the value of those who don’t work, £31,523
- The day to day costs of looking after children have gone up 8.3% over the last two years, rising from £132 a week to £143 and a massive 31% since 1999 when the figure was £109.
- More mums and dads are spending time on themselves with mums having 6.5 hours a week and Dads 8 hours and both have decided to do less housework and chores as the amount of time spent on this has fallen to 65 hours a week.
- Legal & General carried out the research to highlight how easy it is to underestimate the value of the unpaid work parents do around the home and the importance of planning for a future where one parent may be unable to run the home due to illness or bereavement.
The research shows that 42% of mums and dads feel people should have financial protection in place in case anything were to happen to them. In reality, though, only a quarter (24%) of them actually do.
Bonnie Burns, Product Development Director, Legal & General, said, “As a Mum, I understand the pressures that parents face looking after the home and caring for the children. I’m sure all parents will identify with the increasing demands placed on them to maintain their children’s daily needs and activities. Parents are under huge pressure today, as the costs of living continue to rise. It is quite worrying that only 49% of Mums have life insurance, 22% critical illness and 15% income protection. “More concerning is that people still believe that the Government will always provide for people if they find themselves in financial difficulties. Over half (55%) of both Mums and Dads feel that the Government will financially support them if a partner dies and 63% that the Government should help in the event of a critical or terminal illness. In reality, what the state will actually provide may be not sufficient for people to maintain their current lifestyle. Parents need to understand that the having the right protection in place is vital to ensure they are able to maintain their lifestyle should the worst happen.”
Katie O’Donovan from Mumsnet said: Mums have long known how busy their lives are. Whether it's getting the kids to school on time (with their homework done) or putting in 100% at work and making football practice on time, it's great to be reminded of the value of a Mum. “It's also encouraging to see Mums and Dads getting a bit more time to themselves.
But at around just an hour a day, most parents would agree there's room for improvement."
Notes to editors
The information contained in this press release is intended solely for journalists and should not be relied upon to make any financial decisions.
*These values have declined since 2009, mainly due to a fall in the hourly pay rates reported in the National Statistics 2009 Annual Survey of Hours and Earnings.
Methodology - The research was conducted by Bdifferent.
An online survey of 1,000 parents with at least one child aged 19 or under living with them.Following a change in methodology in 2009 the questions remain the same as the 2009 survey to allow for tracking.The research was conducted between 4 and 13 January 2011.Quotas were set to ensure the balance of the sample reflected the sample in 2009 and 2005 surveys in terms of gender, work status and marital status.
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
About Legal & General
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© Legal & General Group Plc 2011