Insure.com’s 2020 Mother’s Day Index: Mom’s Role Soars to $93,920
Foster City, CA – May 5, 2020 – Insure.com, a comprehensive source for insurance information, 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
“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.
Review the full Mother’s Day Index 2020 report: /life-insurance/the-mothers-day-index.html
Penny Gusner 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 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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Rick Judge, 415-429-5652