Dad's value rises a little this year
So as you get ready to honor him on Father's Day, know that his household contributions may be worth a bit more than they were last year.
This post comes from Barbara Marquand at partner site Insure.com.
Insure.com’s 2013 Father’s Day Index puts Dad's household tasks at $23,344 a year, up from last year's $20,248. The increase is largely due to higher mean hourly wages for drivers, teachers, coaches and plumbers, according to Bureau of Labor Statistics data.
The index is a look at annual salaries for the traditional kinds of things dads have done for generations, from squashing spiders to grilling burgers. It does not include any salary Dad might earn from a job outside the house.
What dads say
If Dad could cut himself a check for all the work he does around the house, he'd probably pay himself more than Mom would.
In our survey we asked dads to think about what they do around the house and estimate how much they'd have to pay someone else to do it all for a year.
Here’s how fathers assess their own annual value:
- Less than $10,000: 13%.
- $10,000 to $19,999: 15%.
- $20,000 to $29,999: 13%.
- $30,000 to $39,999: 13%.
- $40,000 to $49,999: 10%.
- $50,000 to $59,000: 11%.
- $60,000 to $69,999: 7%.
- $70,000 to $79,999: 7%.
- $80,000 to $89,999: 4%.
- $90,000 to $99,999: 3%.
- $100,000 or more: 4%.
But most moms (58%) put the figure for dads' contributions under $30,000. In fact, 27% of moms, compared with 13% of dads, put Dad’s annual value below $10,000.
Moms will likely feel slighted this year. Although Mom’s 2013 value is higher than Dad’s at just under $60,000, mothers have been seeing their value drop recently.
Seeing your value
Figuring out how much it would cost to replace your own household contributor is an important step in determining how much life insurance to buy. Besides taking into account a salary that a breadwinner brings in, you also have to consider the other ways a parent contributes. That's why it's important to buy life insurance for both parents, even if one is a stay-at-home mom or dad and doesn't earn an income.
Of the traditional tasks on the Father's Day Index, dads we surveyed said helping with homework, barbecuing or cooking and driving took up most of their domestic-duty time each week.
If you want to ruin your dad's Father's Day, ask him to fix the plumbing or move some furniture -- those are likely his least favorite jobs around the house. When asked about their favorite jobs around the house, fathers ranked them this way:
- Barbecuing/cooking: 22%.
- Helping with homework: 17%.
- Driving: 14%.
- Coaching a team: 9%.
- Assembly of toys, furniture: 9%.
- Fixing broken things around the house: 6%.
- Mowing the lawn, landscaping, snow removal: 5%.
- Doing family finances: 5%.
- Car maintenance: 4%.
- Being a scout leader: 3%.
- Pest removal (spiders, gross bugs): 3%.
- Fixing plumbing: 2%.
- Moving furniture: 2%.
If fathers could pay someone to do all their household tasks, many say they’d likely want to spend the extra time with their families. In the survey, 36% of men chose this as the most likely activity that would take up his free time. Other top responses, in order of popularity, were exercising or playing sports, working, doing things on the computer, traveling or visiting museums, parks or historical sites, watching TV or movies or going to school.
Here's how the dad jobs and annual value shake out for various dad duties, with salaries from similar BLS occupations.
- Barbecuing, cooking: $1,572.
- Driving: $6,692.
- Helping with homework: $9,170.
- Doing family finances: $878.
- Lawn mowing, landscaping, snow removal: $1,175.
- Moving furniture: $78.
- Car maintenance: $352.
- Coaching a team: $1,018.
- Being a scout leader: $844.
- Assembling toys, furniture: $455.
- Pest removal: $57.
- Handyman: $878.
- Plumber: $175.
"Dad’s value" is based on occupational wage data from the Bureau of Labor Statistics and does not include a salary from work outside the home.
For mothers’ and fathers’ views on household tasks, Insure.com commissioned a survey of 500 men and 500 women with children age 12 and under living at home. The online-panel survey was fielded in April.
More from Insure.com:
- How to find lost life insurance policies
- Who’s who on a life insurance policy
- 10 ways to save money on life insurance
These reports showing the worth of Male vs Female are a waste of space and time.
If you are in a working relation, it don't matter who or what anyone is making or doing.
It is a TEAM effert!!
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