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Penny Gusner Consumer Analyst

Father’s Day Index 2018: Dads get an annual raise of $719, kids spend it in record time

Each year, Insure.com assigns a value to all the jobs that Dad does within the household to create a “salary.” Using recent data from the Bureau of Labor Statistics, Insure.com reveals Dad’s salary bumped up to $26,842.

Don’t spend it all in one place

While the value of Dad’s work did increase slightly this year by 2.8 percent, the increase doesn’t amount to much after taking into account the current 1.9 percent inflation rate. Which means, after paying increased costs for groceries, gas and other goods, Dad would be left with a raise of $719. Maybe just enough for that fancy, new barbecue grill?

“Though it might not be a lot, it’s good news that dad’s ‘salary’ has increased above inflation for two years in a row,” says Penny Gusner, Consumer Analyst for Insure.com. “Wage growth pacing above inflation is an important indicator for the economy. We can assume that if the job identified here has seen wage growth, there’s a good chance the day jobs have, as well.”

Father building furniture with sonJobs that saw the highest wage growth this year:

  • Coaching a team                                       +19.6%
  • Assembly of toys, bookshelves, etc.            +12.0%
  • Scout leader                                             +8.7%

Jobs that saw the biggest wage loss this year:

  • Plumber                                                  -6.5%
  • Pest removal                                           -4.9%
  • Family finances                                        -3.6%

 

Father's Day job values index 2018

BLS occupation titleFather’s job descriptionHours per weekWeeks per year2018 mean hourly wage% change compared to 2017Dad's 2018 annual earnings
CooksBarbecuing352$12.034.79%$1,876
Taxi driver/ chauffeurDriving952$15.584.71%$7,289
Other teacher/ instructorHelping with homework1040$28.20-0.62%$11,280
Accountant/auditorFamily finances0.552$34.73-3.61%$903
Grounds maintenance workerMowing the lawn, landscaping, snow removal252$13.154.57%$1,368
Laborers and freight, stock and material moversMoving furniture23$14.882.59%$89
Automotive service technicians and mechanicsCar Maintenance210$19.104.80%$382
Athletes, coaches, umpires and related workersCoaching a team410$25.7819.61%$1,031
Recreation and fitness workersScout leader510$18.15-8.68%$908
Miscellaneous assemblers and fabricatorsAssembly of toys, bookshelves, etc.310$17.5012.00%$525
Pest control workersPest removal (spiders and all gross bugs)14$15.43-4.93%$62
Maintenance and repair worker, generalHandyman86$20.854.64%$1,001
Pipelayers, plumbers, pipefitters and steamfittersPlumber23$21.63-6.49%$130
TOTAL    51.5$26,842

Dad’s salary trails behind Mom

Last month’s Mother’s Day Index revealed that Mom’s salary is $68,875 – two and half times more than Dad’s. Are dad’s jobs valued less? No, they just work fewer hours. According to Insure.com’s estimations, the average mom may work up to 148 hours a week (thanks to the magic of multitasking) while the average dad contributes 51.5 hours per week around the house. Dad’s jobs break down to $19.77 an hour, while Mom’s hourly wage comes up short at $13.50.

“It’s no surprise to see that Dad’s jobs receive a higher wage,” says Gusner. “It’s part of the national conversation that women earn 70 cents to every dollar a man earns, and many of the fields on the Father’s Day Index remain dominated by men.”

However, in a joint poll from NBC News and the Wall street Journal, 51 percent of dads still carry the responsibility of being the primary breadwinner. So, do the household duties fall lighter on the person with the primary income? A recent study from Ohio State University in Columbus suggests that the majority of household duties fall to the woman in a male-female marriage, regardless of the economics of the relationship.

“It’s important to note that the Father’s Day Index is counting many more activities than cooking and mowing the lawn,” says Gusner. “There’s a lot more to being a dad than helping to keep the house tidy. It’s about how dads help to shape and support their families with the actions they do every day. Many of the activities, like chauffeuring kids, aren’t counted as ‘household chores’ in studies.”

Why does the ‘value of dad’ matter anyway?

Insure.com announces the “value of dad” each year in order to raise awareness about the importance of life insurance.

Regardless of who does the lion’s share of the household chores, one thing is sure: when a partner is lost, it can be overwhelming to take care of the day-to-day details that keep the family functioning. This index describes just how much would be lost if dad were no longer around to help with household.

“There are many decisions to be made during that terrible time,” says Gusner. “The bills, home maintenance and homework can all pile up rapidly. It’s important to think about these issues before you need to, when the remaining family in such a vulnerable state.”

Dad would want you to ‘be prepared’

Planning for what happens after the death of a loved one certainly isn’t easy, in fact, it can be a difficult subject to broach for many people – particularly when money is a part of the conversation. But since the average funeral costs are approximately $7,000, it’s a conversation that needs to be had. Not many Americans have enough in savings to cover the cost of an unexpected death in the family. So whether you just need a little help or find yourself in need of a script, here are a few ways to approach this sensitive topic:

Suggestions for addressing parents or partner:

  • “There are so many choices now for what happens when you pass (green service, cremation, religion ceremony, burial). Have you ever thought about what you would prefer? If so, do you have a life insurance policy to help with any costs?”
  • “The family and I would like to make sure your wishes are honored in case of an unexpected passing. Do you have any preferences that are documented?”
  • “If anything were to happen to you, I’d like to know the family and I are following your wishes. Can we talk about any wills or directives you have and any life insurance policies to help with costs?”
  • “I’d like to talk about what happens in the event of an unexpected death in the family. I want to make sure that we take care of each other during such an emotional and stressful time.”
  • “I think it would be a good idea to shop life insurance policies. We have children who will need to maintain a sense of normalcy and quality of life.”

Assess your current situation in just a few minutes

Insure.com has terrific tools that can help you identify your life insurance needs and can guide you in the direction of a policy that’s right for your family.

Use Insure.com’s Life Insurance Advisor to review the factors in your life that would create a need for a life insurance policy, such as funeral expenses, lost income for a spouse or daycare or education costs for children. The advisor can be completed in less time than it takes to hard-boil an egg, and it’s about as painless. There’s no need to go digging in file folders with this one. Most of the necessary information is right between your ears.

Shop for the best policy for you and your family

If you’ve identified a gap in your life insurance coverage, Insure.com’s Life Insurance Calculator will take it from there. The calculator will take this basic information – along with your preferences for coverage – and make a recommendation of what type of policy to purchase and a recommended amount.

Armed with some information, you can confidently compare rates with some of the best life insurance companies in the United States. A policy that protects your family should the worst happen and creates peace of mind is likely the best gift you can give this Father’s Day – or at least a close second to that new barbecue grill.

 

Methodology

“Dad’s value” is based on occupational wages from the Bureau of Labor Statistics and does not include a salary from work outside the home. It is calculated using a list of common household tasks that fathers often perform.

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