The work done by a stay-at-home parent is worth over €60,000 per annum, but most people significantly underestimate its value, according to new research.

The study by insurance and pension company Royal London Ireland reviewed the range of daily tasks carried out by stay-at-home parents such as childcare, cleaning, cooking, teaching assistance, gardening and transporting children to activities.

It calculated it would cost €60,112 to hire someone to take on these responsibilities, using current wage rates as a benchmark.

The role’s estimated annual equivalent value has increased by 5.2% since 2024, when it stood at €57,140.

It has risen by 48% from €40,560 when the study was first conducted ten years ago in 2015.

A survey of 1,000 adults was also conducted which showed that 82% of respondents failed to recognise the true financial worth of such work.

Less than one in five of those surveyed put the cost at over €50,000.

On average, adults estimated the cost at €34,477, a shortfall of more than €25,000.