The Mother's Day Index 2014: Inequality Edition
Mom's value is priceless, but if you had to put a dollar figure on the things she does for the family, her worth would be up this year over last, according to Insure.com's annual Mother's Day Index.
From chauffeur to cook to household financial manager, Mom does a little bit of everything. The value of the tasks a typical mother does is $62,985, 5 percent more than last year's total of $59,862. (See the dollar value of all tasks at the bottom of this page.)
But if you paid a man to do those same tasks, the salary would be even higher:
- Cooking: The median weekly wage for male cooks is $411, compared to $382 for women.
- Helping with homework: The median weekly wage for men working as teachers and other instructors is $1,055. For women, it's $729.
- Cleaning up: Men working as housecleaners make a median weekly wage of $467 per year, compared with the $401 women earn.
- The family finances: A male accountant or auditor earns a median weekly wage of $1,268, compared with $1,029 for women.
The figures are based on Bureau of Labor Statistics median wage data for men and women. A man putting in the same hours at the same tasks would earn $67,743, about 8 percent more.The imbalance is reflected in life insurance. Among individual policies sold to married couples, the amount of coverage on women is substantially lower. Life insurance for moms Many families couldn't afford to pay for the services that a mom does for free. That's why it's important to consider what a parent provides when deciding how much life insurance to buy. (See customer satisfaction rankings in Insure.com's best life insurance companies list.)
It's no secret that moms shoulder a lot. According to Insure.com's survey, all the tasks listed in the Mother's Day Index are part of most mothers' household routines. Ninety-three percent shop for the family, 94 percent drive their kids around, 91 percent cook and 89 percent clean.
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