Don’t look now, but her role should now earn about $93,920Annual index from Insure.com extrapolates an economic calculus for the job a mother does
Insure.com just released its 10th annual Mother’s Day Index showing that the work many moms typically perform for their households could justify an income of $93,920. After adding some additional jobs this year, we see a 32% increase over last year’s salary equivalent.
Insure.com used federal wage data from the Bureau of Labor Statistics to find the financial value of 19 jobs that many mothers routinely perform. This year, in the midst of the COVID-19 pandemic, parents are homeschooling their children, so 20 hours per week performing that duty are factored into the assessment.
The jobs with the biggest “pay” increases for mom this year are:
- 16%: Taxi drivers and chauffeurs
- 14%: Private detectives and investigators
- 14%: Counselor
- 14%: Laundry
The jobs where pay remained virtually unchanged or declined in payable terms are:
- -2%: Baker
- 1%: Meeting and party planner
- 0%: Childcare worker
The Foundation Of The Family
“We all understand that moms perform an invaluable service,” notes Insure.com’s senior consumer analyst, Penny Gusner. “The Mother’s Day Index illustrates how losing this critical individual can be financially devastating — even if you don’t have existing financial challenges. With Mother’s Day around the corner, we remind parents of the importance of a life insurance policy that protects your family in the event of a terrible loss.”
“While it’s released for Mother’s Day, Insure.com’s Mother’s Day Index should be thought of as ‘The Primary Caregiver Index,’” explains Gusner. “We realize that families come in all shapes and sizes. Maybe dad is the primary caregiver. Maybe it’s a grandparent. Whoever it is in your family, we want to celebrate that person’s role by acknowledging all he or she does, and by stressing that a financial safety net can be well worth the cost.”
Insure.com recommends an annual insurance health “checkup” with the Insurance Advisor tool. The tool helps consumers identify vulnerable gaps in life, auto, home or health insurance coverage and suggests adjustments based on current family situation and assets.
Excerpts From the Mother’s Day Index
Mom takes on more than ever before – and it pays off. “We’ve expanded the amount of jobs this year to really encompass all that moms do, and I think it’s finally starting to show in the numbers. It’s a metric that people really respond to and can understand how much work it truly represents,” says Gusner.
In past years, the Mother’s Day Index has measured the value of 14 jobs associated with the primary caregiver’s role. This year, moms find themselves in a position of taking on even more than ever before. So, our Insure.com moms updated the list to include four additional jobs:
Baker – From banana bread and cupcakes to cheesecakes and artisan sourdough starters, this quarantine timeline is marked with baked goods. Moms know that one of the best ways to keep the kids from messing up the rest of the house is to have them help you in the kitchen.
Counselor – Even before COVID-19, we asked our spouses to share their work stress, listened to children confused about BFFs and helped teens survive crushes gone wrong. Mom’s role as a safe place to express emotion has undoubtedly grown as everyone rides the pandemic rollercoaster.
Judge – Kids are in close quarters with each other 24/7. If you’re lucky, there’s space to cool off. Moms are often right in the middle of the fight and often have to lay down the law and even dole out sentences.
Laundry worker – If you’re anything like the Insure.com team, you’re up to your elbows in laundry all the time. During a normal spring, we’re washing work clothes, workout wear, grungy yardwork tees, Little League uniforms… if there’s anything that works as hard as a mom, it just might be a washer/dryer set. And during a shelter-in-place order, well, we’re guessing that whatever you’re wearing right now, you should probably wash.
And Finally… Teacher
There’s one more important and time-consuming task given to moms in 2020. We won’t call it a bonus because being thrust into the position of being a distance learning teacher is anything but that. However, we did tack on this extra work hat and pay for mom in these unprecedented times. It’s not on the main table as we hope this is a one-time role.
Teacher – With schools closed across the country – many for the rest of the academic year – moms have taken on the role of primary educator, helping children navigate a new world of packet work and digital classrooms while worrying about grades, testing standards and how to mute on Zoom meetings.