So that you can work out who is the most valuable member of your family, Cornhill Direct has created a household economy calculator
Are you overworked and underpaid? And that’s before you even get out of the house?
The average British family spends 56 hours, or the equivalent of over two days, every week doing household chores, according to the results of a survey conducted by Cornhill Direct Insurance. And the cost of that work, if we were paid at market rates to do it, amounts to an average of £19,300 per family, per year or over £400billion for the UK household economy as a whole.
The survey of 1000 families was carried out to mark the launch of a new e-book from Cornhill Direct which provides financial advice on how to manage the family budget. And using official wage data from the Office for National Statistics, it’s been possible to prove just how much all that free hard work is actually worth. Families with kids have the greatest load, carrying out an average of 73 hours of household tasks per week; that’s over 65% of waking hours spent on domestic jobs with an equivalent salary of £25,000 per year.
Commenting on the survey, personal finance expert and TV presenter Jasmine Birtles, from moneymagpie.com, said, “There is a huge hidden economy out there that is largely unacknowledged. Every time someone does the washing up, helps out a family member with a bit of babysitting, or picks up someone's dirty socks from the bathroom floor – they're contributing to their family's household economy. If we didn't do it we'd have to pay someone else to and by placing a monetary value on the work it’s possible to demonstrate more clearly how much work we all do for our families for free.”
According to the survey, our most hated chore is ironing with four in ten saying that this is the job they dislike the most, but perhaps surprisingly, as a nation we prefer vacuuming to gardening. And fuelling the age old argument about who does the most around the house, 74% of the women reckon they alone contributed most to the household tasks but only 48% of their male partners agreed.
So that you can work out who is the most valuable member of your family, Cornhill Direct has created a household economy calculator. Cornhill Direct’s online marketing controller, Marie Doherty explains how it works, “We thought it would be fun to help people calculate the true value of all the domestic jobs they do. If you need some ammunition to get some other family members to pull their weight or if you just want to see how much all your hard work is worth, the calculator will reveal all.”
Using an independent market research company, Cornhill Direct surveyed 1000 households asking them a series of questions about their domestic arrangements – including which jobs each family member does. The detailed results can be provided. In addition, Cornhill Direct used data from the National Office for Statistics to put a financial value on a huge range of domestic activities i.e. the salaries that people are paid to do those jobs professionally – anything from cleaning, to taxi driving or ironing.
To try out the calculator, download the free e-book or find out more about the home economy please visit the Cornhill Direct Household Economy Knowledge Centre, where you can also see video advice from Jasmine Birtles together with a case study of how one family from Hove are tackling their financial issues.
About Cornhill Direct Insurance: Cornhill Direct is part of Allianz Insurance plc, one of the largest general insurers in the UK. Cornhill Direct is a well established and experienced UK insurance brand providing quality car and home insurance products.
For further press information, photographs or video please contact Katie Moffat, iCrossing, tel: 07590 122203 or email Katie.Moffat@icrossing.co.uk
For Cornhill Direct media enquiries please contact Mark Bishop, Group Communications Manager, tel: 01483 552731 or email: firstname.lastname@example.org
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