Insure.com 2023 Father’s Day Index: Dad’s Role Worth Nearly $55,000
While Dad’s role pales in comparison to mom’s workload at home, the "salary" for fathers still jumped nearly 5% over last year
FOSTER CITY, Calif., June 14, 2023--(BUSINESS WIRE)--Insure.com, a comprehensive source for insurance information, released its 13th annual Father’s Day Index. The index, which tracks the wages fathers would earn for household jobs if they were paid for doing those tasks, shows that dad’s annual "salary" climbed this year to $54,996 from $52,474, a 4.8% jump.
Insure.com uses recent wage data from the Bureau of Labor Statistics to calculate the financial value of 17 jobs that fathers commonly perform.
Review the full Father’s Day Index 2023: Dad’s salary jumps 5% to nearly $55,000
This year, fathers’ wage increases are slightly ahead of U.S. workers’ overall salary increases. In early June, the U.S. Bureau of Labor Statistics reported that average hourly earnings increased by 4.3% during the past 12 months.
However, despite their recent salary increases, Dad’s contribution to the family pales in comparison to Mom’s. In the past year, if mothers were paid for all their jobs around the house, they would have received a salary of more than $133,000, according to an earlier analysis by Insure.com.
"Looking at the value mothers and fathers bring to any family is a reminder that the loss of either is both emotionally and financially devastating, which is why parents should consider purchasing life insurance," says John McCormick, editorial director for Insure.com.
In a widely cited 2021 report from LIMRA, a life-insurance industry research firm, 42% of American families would face financial hardship within six months if a wage earner unexpectedly died.
For many families, the sudden absence of a parent necessitates hiring outside experts for household repairs, lawn maintenance and other essential tasks. Using the Father’s Day Index as a gauge, the cost could add up to nearly $55,000 – and maybe more.
"Life insurance can help alleviate the financial pressure many families encounter when a father dies," McCormick says.
Insure.com recommends an annual insurance "checkup" using its Life Insurance Advisor tool. The tool helps consumers locate vulnerability gaps in life, auto, home or health insurance coverage and recommends adjustments based on current family situation and assets.
Methodology
Father’s economic 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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