The Daily Item, Sunbury, PA

Business

May 13, 2013

The Color of Money: Why moms are worth it

(Continued)

     On the other hand, fathers -- 47 percent compared with 32 percent of mothers -- are counting on their spouses to care for them in their old age, although many men say they are concerned their spouse won't be financially up to the task.

     Fidelity's findings come from its Intra-Family Generational Finance study conducted online among U.S. parents and their adult children.

     Meanwhile, Insure.com has issued its annual Mother's Day Index, which values the responsibilities of a stay-at-home mom at $59,862 this year, down from $60,182 in 2012.

     The online site uses various household duties such as being a cook, driver, housekeeper and party planner to calculate the salary using occupational wage data from the Bureau of Labor Statistics.

     The statistics show that many say they are worth under $40,000 a year and 62 percent of fathers agree, according to the site's survey of mothers with children age 12 or under living at home. A small percentage of mothers -- 7 percent -- put their worth at $100,000 or more a year.

     Insure.com's survey is a fun feature but ultimately should be a serious eye-opener and conversation-starter. I like to use holidays that end up being more about consumption to emphasize the need for better money management.

     One of the best gifts a mother or father can get for their children is financial security. Too often stay-at-home mothers (and fathers) don't have enough life insurance or any at all.

     "We hope our survey can be a starting point for discussion about a person's financial value to their family," said Amy Danise, editorial director of Insure.com.

      Use the index to think about what your worth is. "Whether or not a person has a salary from outside the home, the loss of that parent's value around the house could be financially devastating," Danise said

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