The value of a parent - Legal & General

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contents. Key findings INTRODUCTION VALUE OF A PARENT THE COST OF RAISING CHILDREN Parents Lifestyle financial priorities GRANDPARENTS STATE BENEFITS methodology 3 4 5 9 13 17 25 29 34
key findings – VALUE OF A PARENT 2013 research 3 KEY FINDINGS • £31,627 – the value of a Mum per year. • £23,971 – the value of a Dad per year. This is 13% higher than in 2011. • £23,946 – the value of the domestic work that the average full-time working parent carries out each year. • £154,440 – the average day-to-day cost of raising a child to the age of 18. This is a 15% increase from 2011. • Every week, parents are spending, on average, 4.5 hours on social media and 5 hours on researching products/services online. • 73% of parents said they felt in control of their finances. • 73% of parents said their top financial priority was to ensure their children are looked after if they were unable to due to death or illness. • Only 31% of parents surveyed have a will. • Less than a third of parents have any Critical Illness Cover (29%), Income Protection (14%) or Family Income Benefit (12%). • Only 29% of parents with cover had reviewed it in the last two years. • Parents said they spend three times more on pocket money and treats each week than they do on insurance. • Expectant Mums underestimated the cost of raising a child by 59%. • 81% of parents thought the government should be responsible for looking after them if they died, became critically/terminally ill or were affected by long-term sickness or disability. • Grandparents are now the number one back up plan to maintain a lifestyle if a parent died (26%).
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The value of a parent - Legal & General

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