Legal & General has been researching the value of a parent for over 30 years. Parents may tend to take their wages into account when deciding on a level of cover, but they often don’t consider the unpaid domestic work they do. L&G’s research puts an average insurance value of the unpaid work that a parent does around the home.
Some key findings include:
- £29,535 – the value of the domestic work a Mum does each year. For Dad’s it’s £21,601.
- Parents said they spend on average £2429.96 each year on regular activities, pocket money, entertaining and treats on their children.