Press Release: Santa’s ‘salary’ puts him into the upper income bracket
Dec. 11, 2018 (Foster City, Calif.) – Insure.com’s annual salary calculation based on recent Bureau of Labor Statistics wage data shows Santa would earn a salary of $152,367. The salary Santa receives, based on his many job responsibilities, confirms his position in the high-income earners bracket in the United States. Santa’s third consecutive year of 2 percent wage growth has been enough to keep up with inflation, so even though his earnings have been increasing steadily, he’s probably too busy paying increased prices for sleigh parts and reindeer feed to notice. Read the whole story: /life-insurance/santa-index.html
Thirteen of Kris Kringle’s main job assignments experienced wage growth, but six, including the one where he spends most of his time, overseeing the workshop as head industrial engineer, only increased by 2 percent. That matched the projected inflation rate.
Jobs with 2% wage increase:
- Industrial engineer
- Labor negotiator
- List checker
- Snow plow driver
- Chimney technician
Santa’s salary puts the Clauses in the upper class, comfortably passing the income bracket which defines the middle class as incomes between $40,500 and $122,000.
“At this point in his career, Santa has high-value assets like an established workshop and workforce, a home and sleigh that I imagine are paid off, and likely a significant amount of farm property at the North Pole,” said Penny Gusner, consumer analyst for Insure.com. “He should certainly have a permanent life insurance in place in case of an accident that leads to an untimely end.”
The Santa Index is an annual Insure.com tradition of taking a light-hearted approach on the impactful topic of life insurance. Thinking about Santa’s income helps to remind us that whether we contribute income or other critical roles in the home, a life insurance policy is part of a valuable plan to protect your loved ones.
“The purpose of life insurance is to help maintain your family’s standard of living in the event that they lose a major contributor. Contribution isn’t always financial; it can be critical caretaking roles throughout a home, as well,” said Gusner. “For example, if Mrs. Claus were to pass, given the way we traditionally view her role, Santa would likely have to hire extra help to manage or maintain the North Pole. It’s important that both partners have a policy that the other can depend on for support.”
Insure.com also surveyed more than 1,700 people to shed light on people’s life policies and what they know about life insurance. Below are the survey highlights:
- 30% of respondents who don’t have a life insurance policy say they can’t afford one
- 45% of respondents who have a life insurance policy choose a whole life policy
- 23% of respondents who have life insurance pay $500-700 annually for the policy
- 21% of respondents who have a policy chose the company based on its reputation
- 24% of respondents say their spouse doesn’t have a policy because they believe the primary earner’s policy is sufficient
To see the full chart of Santa wages and survey results, visit the full feature at The 2018 Santa Index.
The Santa Index is based on a pre-set list of tasks and hours; tasks are then matched to occupations from the Bureau of Labor Statistics to find the average wages.
Consumer opinions are based on an online-panel survey commissioned by Insure.com of 1738 adults. The survey was fielded in November 2018.
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