What’s a Father Worth?

As dads across the country celebrate Father’s Day this Sunday, they can relish in the fact their household value has increased.  According to the annual Father’s Day Index released by Insure.com the value of fathers rose to $23,344 in 2013, up from $20,248 in 2012.

The main reason for this increase was in large part due to increased wages in most male dominated positions such as drivers, coaches and plumbers.  Basically, the index takes the average wages of these types of jobs and assigns values to the household tasks men normally complete. 

In 2013, men were generally responsible for things like moving furniture (worth $12.98/hr), pest removal ($14.25/hr), and fixing things around the house ($18-$29/hr).  Overall, dad’s labour was worth just over $23,000.

The study also revealed dad’s least favorite tasks are paying the bills and keeping up the house.  A few of the other things at the bottom of his list include fixing appliances, mowing the lawn, family finances and car maintenance.

What does Dad enjoy doing?

·        Barbecuing and cooking

·        Helping with homework

·        Driving

·        Coaching a team

·        Assembling bookshelves, toys etc.

 It is important to remember household roles are changing across the globe.  Though it is men who are traditionally linked to sports, car maintenance and finance, many studies have revealed it is the women who are now the CFOs and leaders in most homes.

In a similar survey for the Mother’s Day Index posted on insure.com May 3, 2013; a Mother’s value was calculated at $59,862 which decreased from last year’s amount of $61,436.  For both men and women these numbers do not include salaries earned outside the home.

Calculating ones’ value goes beyond the amount of money you earn at your job.    Whether you are a stay-at-home mom or a dad who doesn’t earn an income, you have value.  This goes beyond your self-worth; for example, it becomes part of the calculation when trying to determine how much life insurance you and your partner should buy.

In closing; when asked both dads and moms said they would spend more time with their families if they had less household chores to do.  So leave the lawn, and fix the shower drain on Monday, spend time with the ones you love this Sunday.

Happy Father’s Day,

Tracey

 

Source:  Article posted on Advisor.ca 06-10-13, Katie Keir, with files from news wires and insure.com website