How Much Is Your Mother Worth This Mother's Day? Try $707,126
For Immediate Release
May 01, 2004
Media Contact: Will Casserly
wcasserly@ricedelman.com
(703) 251-0110
Fairfax, VA - Your Mother may be priceless to you, but in today's job market she's worth over $700,000 per year (up more than $32,000 from last year), according to Edelman Financial Services' Annual Mother's Day study. The study includes the salaries of the many occupations that a typical mother might hold during the course of a given year.
The sixth annual EFS study examined salary data obtained from the U.S. Bureau of Labor Statistics. Edelman's goal was to establish criteria and determine what the combined median yearly salary would be for a multi-tasking mother being asked to:
- Raise children
- Cook meals
- Keep house
- Care for pets
- Dispense medications and nursing care
- Attend meetings and functions
- Manage family finances
- Provide transportation
- Assist with homework
- Listen to and resolve family problems
- Keep family on schedule
- Maintain family order and harmony
Based on 17 key occupations, Edelman Financial Services Inc. estimates that this year a mother's financial worth is approximately $700,000 per year, or about $58,000 per month. The occupations and corresponding median annual salaries are:
| Mother's Day | 2004 |
|---|---|
| Animal Caretaker | $25,979 |
| Chef | $31,990 |
| Comuter Systems Analyst | $64,896 |
| Financial Manager | $83,075 |
| Food / Beverage Service Worker | $17,076 |
| General Office Clerk | $23,540 |
| Registered Nurse | $49,840 |
| Management Analysis | $70,160 |
| Child Care Worker | $17,310 |
| Housekeeper | $17,330 |
| Psychologist | $56,540 |
| Bus Driver | $30,810 |
| Elementary School Principal | $74,050 |
| Dietitians / Nutritionists | $41,920 |
| Property Manager | $46,390 |
| Social Worker | $35,640 |
| Recreation Worker | $20,580 |
| Totals | $707,126 |
"Edelman Financial Services is attempting to quantify and track the true market value of a mother's annual worth in today's economy," said Ric Edelman, whose financial planning company has $2.4 billion in client assets. "Of course, no one can place a value on the love and affection that mothers give to their families," he said. "But since a mother wears many hats and is on duty 24/7, we decided that a typical mother deserves a full-time yearly salary for all 17 key occupational positions." Edelman noted that these figures should be higher, because they do not include the retirement, health and insurance benefits that workers in these positions typically receive.
"So if you haven't given much thought to the benefits of having a mom, try finding the money you'd need to pay someone to do everything that she does," Edelman said.
"So don't forget to put the check in the Mother's Day card -- the one for $707,126."
Rescue Your Money, written by award-winning financial advisor Ric Edelman, is your personal investment recovery plan.
