How much is parenting worth?

Mother’s Day this month and Father’s Day next month are opportunities to think about all that our parents have done for us. How can you put a price on it? Our parents may be priceless to us, but let’s say we tried to create a salary for the job of “parent” based on today’s labor market. We researched salaries of many possible occupations that a typical parent might hold in any given year. Using those metrics, hypothetically, parenting is worth about $1.2 million per year, based on salary data from the Bureau of Labor Statistics.

Using the salary data, we determined what the combined median yearly salary would be for a multitasking parent, who takes care of children, manages family finances, provides transportation, cooks meals, cares for pets and more. (See the full list of occupations and accompanying salaries in the table below.)

Based on these 17 key occupations, we estimate that, this year, a parent’s earned salary is about $1.2 million a year, or almost $100,000 per month. Of course, no one can place a value on the love and affection that parents give to their families.

Because a parent wears many hats and is on duty 24/7, 365 days a year, we decided that a typical parent deserves a full-time yearly salary for all 17 key occupational positions.

On that basis, you can argue that these figures should be higher, because they do not include the retirement, health and insurance benefits that workers in these positions typically receive.

As we think about our parents this Mother’s Day and Father’s Day, let’s remember the money we would need to pay someone to do just some of the things that they have done for us. Ultimately, who would have the money to hire parents as good as ours?