Insure.com Father's Day Index: Dad is worth $20,248 in 2012
June 11, 2012 (Foster City, CA) -- Insure.com’s new Father’s Day Index shows that Dad’s household contributions are worth $20,248 this year. Insure.com also tracked the value of Dad’s household work over time and found that his replacement value has fallen slightly below the rate of inflation. Ten years ago; the same duties were worth $16,495, or $21,365 in today’s currency.
To compute Dad's household worth, Insure.com analyzed wages for the tasks a typical father might perform around the home, based on Bureau of Labor Statistics (BLS) data. Wages earned at a job outside the home were not included.
The Father’s Day Index shows that Dad has a hard time competing with Mom in terms of the value of his efforts. Insure.com’s 2012 Mother’s Day Index found that it would cost $60,182 per year to pay for someone to perform a typical mother’s household duties. That puts Dad’s value at about 34 percent of Mom’s.
Helping with homework, barbecuing, moving furniture and plumbing are some of the 13 tasks included in the Father’s Day Index. While the value of Dad’s contributions around the house is lower than Mom’s, the wage analysis can’t place a value on things like encouraging children to believe in themselves or showing up for their elementary school plays.
“Dad’s true value could not be replaced with $21,000,” said Emmet Pierce, managing editor of Insure.com. “Today, many families depend on two wage earners to pay the bills, and losing either income could force a lower standard of living. That's one of the chief reasons that family bread winners buy life insurance. Knowing that life insurance policies are in place can help give peace of mind to family providers who worry what might happen if they aren’t around to provide for the future.”
The full Father’s Day Index can be found at http://www.insure.com/articles/lifeinsurance/fathers-day-index.html.
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