Mum's the word!

Monday 08 June 2015, 07:00 AM

Ricky Butler
Head of Best Practice , LifeSearch

On call 24 hours a day, 365 days a year. Childcare bills, cleaning, the weekly shop, taxi service... Being a parent is tough because you hardly ever get a moment to yourself.  We do all this because our children are our top priority in life. But have you ever stopped and considered what the monetary value of everything you do might be, and the financial impact it would have on your loved ones if you were no longer around to do it?

Parents tend to take their wages into account when deciding on the amount of life cover they should take on, but they often don't consider the unpaid domestic work they do. If either parent were unable to work or carry out the tasks around the home due to death or illness, how would they or their partner cope financially? Would they be able to afford to pay someone to help, or to give up work altogether to do them?  They don't expect to be paid for this work, but if they were, how much would it be worth?

It would cost a massive £31,500 to replace a mum's contribution to domestic chores over the course of a year, according to Legal & General's 2013 'Value of a Parent' report. This includes the cost of household chores such as cooking, cleaning, ironing, and shopping, as well as the cost of bringing up the children. Mums spend a mammoth 71 hours a week helping the house run smoothly alone. By the time your child turns 18, you could have spent £154,440 on raising them. The day-to-day costs of looking after the little ones have gone up 8% over the last 2 years, from £132 a week to £143. 

The priority for most parents in the L&G report (73%) was to make sure their kids would be financially looked after should they not be able to do it. 

Even those mums who have part-time jobs don't hugely reduce the amount of time dedicated to parenting ñ the value of part-time worker mums still comes to £28,664. At the moment over 50% of mums don't have life insurance, and with the government's austerity measures hitting families hardest, taking your family's financial future into your own hands is vitally important.