The 13th edition of the wage study finds mother’s economic value increased 5% in the last year
Insure.com, a comprehensive source for insurance information, released today its 13th annual Mother's Day Index, which finds the work moms typically perform for their families could justify an annual salary of nearly $133,500. That's an increase of 5% over last year's findings.
Find the annual report: Mother's Day Index 2023
"Mothers aren't given enough credit for all the work they do," says Insure.com Managing Editor Nupur Gambhir, who oversaw this year's Mother's Day Index. "Our hope is that the index gives people a better appreciation for just how valuable they are."
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 meals, helping with homework and caregiving. The editors match those tasks to real-world job titles and calculate a salary based on wage information released by the U.S. Bureau of Labor Statistics (BLS).
This year, editors applied the same 19 job categories that were the basis for last year's index. However, earnings have increased for nearly all tasks, including:
- Cook: up 10%
- Hairdressers, hairstylists and cosmetologists: up 8%
- Judge, magistrates and other judicial workers: up 8%
- Licensed practical and licensed vocational nurses: up 8%
- Maids and housekeeping cleaners: up 8%
The Mother's Day Index intends to acknowledge the work mothers do, which for many includes balancing a family and a home with a full-time job — essentially performing two jobs yet only being financially compensated for one, says Gambhir, a licensed life, health, and disability insurance expert.
Considering all the work that mothers do, they're irreplaceable, and families should put financial safeguards in place in case a caretaker passes away, Gambhir explains.
"Whether a mother works outside the home or not, the loss of a caregiver is emotionally and financially devastating, which is why all mothers should consider purchasing life insurance," says Gambhir.
A life insurance policy can afford a family the means to pay for childcare services, hire a tutor or cover housekeeping services.
Gambhir is available to comment on this year's Mother's Day Index calculations and answer questions about life insurance options.
"Mom's economic value" is based on occupational wages from the U.S. 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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