As dads across the country celebrate Father’s Day this Sunday, they can relish in the fact their household value has once again increased. According to the annual Father’s Day Index released by Insure.com the value of fathers bumped up to $26,842 an increase of 2.8% over last year’s figures.
‘Dad’s value’ is calculated from a list of household duties they often perform. The figure does not include any income earned outside the home. In 2017, men were generally responsible for things like helping with homework (worth $28.20/hr), driving ($15.58/hr), and fixing things around the house ($20.85/hr).
What else does Dad do?
- Barbecuing and cooking (12.03/hr)
- Car Maintenance ($19.10/hr)
- Managing Family Finances ($34.73)
- Grounds Keeper (mowing the lawn) ($13.15/hr)
- Pest Control (removal of bugs/spiders) ($15.43)
Jobs with the highest wage growth this year:
- Coaching a team +19.6%
- Assembling toys, bookshelves, etc. +12%
- Scout Leader +8.7%
Jobs that saw the largest wage loss:
- Plumber -6.5%
- Pest removal -4.9%
- Managing Family Finances -3.6%
It is important to remember household roles are changing across the globe. Though it is men who are traditionally linked to plumbing, car maintenance and finance, many studies have revealed it is the women who are now the CFOs and leaders in most homes. In a similar survey for the Mother’s Day Index posted on insure.com, a Mother’s value was calculated at $68,875 which is two and a half times more than Dad’s. Why? Dads work less hours according to Insure.com’s estimates. A mom may work up to 148 hours per week (thanks to multi-tasking) while the average father contributes approximately 51.5 hours per week to household chores.
While it might be fun to compare Mom and Dad’s value, the Indexes do highlight one important fact, whether you are a stay at home parent or the main bread winner, you have value and it needs to be considered when calculating your family’s life insurance needs.
I am sure most dads and moms would much prefer to spend time with their families than doing household chores, so leave the lawn, and fix the shower drain on Monday, spend time with the ones you love this Sunday.
Happy Father’s Day,
Tracey
Source: Article posted on Advisor.ca 06-10-13, Katie Keir, with files from news wires and insure.com website, article by Penny Gusner, Insure.com 06-12-15, 06-12-18,MT 06-17-15
Image courtesy of nuttakit at FreeDigitalPhotos.net