A new survey says that Irish people underestimate the cost that it would take to hire a 'stay at home parent.'

1,000 Irish people estimated that the cost of all the work done by a stay at home parent would be between €20,000 and €30,000 a year - however insurance group Royal London estimates that the actual cost would be closer to  €42,000 per year.

The survey found that men are more likely to put a lower value on the work done by stay at home parents.

The research also found a generational gap, with 13% of 18-34 year olds putting a value of only €10,000 on the role while 37% of people over 55 valued the role at more than €40,000 or more - compared to only 22% of those in the youngest age bracket.

Figures from the CSO show that more men are choosing to stay at home. Between 1986 and 2011 the number of men filling the role grew from 445 to 18,040.