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.
SEE: The Economics Of Stay-At-Home Moms
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
But most moms (58 percent) put the figure for dads' contributions under $30,000. In fact, 27 percent of moms, compared to 13 percent of dads, put Dad’s annual value below $10,000.
Moms will likely feel slighted this year. Although Mom’s 2013 value is higher than Dad’s at just under $60,000, mothers have been seeing their value drop every year.
Seeing your value
Figuring 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.
Of the traditional tasks on the Father's Day Index, dads we surveyed said helping with homework, barbecuing or cooking and driving took up most of their domestic-duty time each week.
If you want to ruin your dad's Father's Day, ask him to fix the plumbing or move some furniture -- those are likely his least favorite jobs around the house. When asked about their favorite jobs around the house, fathers ranked them this way:
Barbecuing/cooking: 22 percent
Helping with homework: 17 percent
Driving: 14 percent
Coaching a team: 9 percent
Assembly of toys, bookshelves, etc.: 9 percent
Fixing broken things around the house: 6 percent
Mowing the lawn, landscaping, snow removal: 5 percent
Doing family finances: 5 percent
Car maintenance; 4 percent
Being a scout leader: 3 percent
Pest removal (spiders, gross bugs): 3 percent
Fixing plumbing: 2 percent
Moving furniture: 2 percent
If fathers could pay someone to do all their household tasks, many say they’d likely want to spend the extra time with their families. In the survey, 36 percent of men chose this as the most likely activity that would take up his free time. Other top responses, in order of popularity, were exercising or playing sports, working, doing things on the computer, traveling or visiting museums, parks or historical sites, watching TV or movies or going to school.