Insure.com 2023 Father’s Day Index: Dad’s Role Worth Nearly $55,000
14 Junho 2023 - 12:54PM
Business Wire
While Dad’s role pales in comparison to mom’s
workload at home, the “salary” for fathers still jumped nearly 5%
over last year
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.
About Insure.com
Insure.com is owned and operated by QuinStreet, Inc. (Nasdaq:
QNST), a pioneer in delivering online marketplace solutions to
match searchers with brands in digital media. QuinStreet is
committed to providing consumers and businesses with the
information and tools they need to research, find and select the
products and brands that meet their needs. Insure.com is a member
of the company’s expert research and publishing division.
For more than 20 years, Insure.com has served as a comprehensive
consumer resource for insurance information, offering expert
advice, articles, news, and tools about car, home, health and life
insurance. Consumers have access to free car insurance quotes and
guidance on finding the right insurance policy, saving money and
solving claims problems.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613836246/en/
Charlene Arsenault Public Relations Associate
carsenault@quinstreet.com +1 650-578-6845 LinkedIn
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