The Father's Day Index: Dad's Value In 2012
Dads: Here's one more reason to put your feet up and celebrate yourself this Father's Day: Your household value is up from last year.
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 a larger amount 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 percent
- $10,000 to $19,999: 15 percent
- $20,000 to $29,999: 13 percent
- $30,000 to $39,999: 13 percent
- $40,000 to $49,999: 10 percent
- $50,000 to $59,000: 11 percent
- $60,000 to $69,999: 7 percent
- $70,000 to $79,999: 7 percent
- $80,000 to $89,999: 4 percent
- $90,000 to $99,999: 3 percent
- $100,000 or more: 4 percent
Seeing your valueFiguring 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.
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