Stay at Home Parents Valued at $22b

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Stay at home parents add $22b to the Australian economy annually, new research has found.

A recent Newspoll study, commissioned by TAL, has calculated the economic value of stay at home parents, finding they contribute almost twice the value to the Australian economy as volunteering.

The research found that, on average, a stay at home parent worked 43.1 hours per week, which is 11% longer than the average hours worked by paid full-time employees (38.8 hours according to the Australian Bureau of Statistics). This would equate to an annual salary of $36,688 based on the minimum wage of $16.37 per hour.

The survey respondents estimated that their activities each week included:

  • Cooking for an estimated 8 hours and 36 minutes
  • Washing and ironing clothes for 5 hours and 18 minutes
  • Cleaning for 14 hours and 6 minutes
  • 3 hours and 24 minutes of walking, washing and caring for four legged family members
By putting a value on the domestic work of stay at home parents we are hoping to show how extensive their role is

According to TAL, the vast majority of the stay at home workforce has no financial protection in the event injury, accident or illness prevented them from carrying out their vital domestic duties.

“We all know how much stay at home parents do for the family but this study enables us to put a dollar value on the domestic economy,” said TAL Life CEO, Brett Clark.

“By putting a value on the domestic work of stay at home parents we are hoping to show how extensive their role is, both in terms of the volume of work they do and the cost of finding assistance to help out if they are unable to carry on with their domestic chores.”

In other TAL news, the insurer has leant its support to MoneySmart Week, a government initiative which is aimed at promoting financial literacy and protection among all Australians.

During the week (which commenced on Sunday 1 September), TAL’s Sydney office is playing host to a large origami installation constructed from paper money. The installation is designed to illustrate that it’s not how much money we have, it’s what we do with it that matters.

Part of the origami installation on display at the TAL offices

TAL Dai-ichi Life Liaison Executive, Toru Nagashima, said: “We are proud to be involved with MoneySmart Week to help educate Australians about the importance of financial literacy and protection. Life insurance, in particular, is one of the least understood financial needs yet it is also one of the most important. We hope our MoneySmart Week installation will inspire consumers learn about how they can protect the lives they have built.”

 



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