Taking on additional “jobs” during pandemic, father’s economic value jumps 36% over last year
Foster City, CA – June 10, 2021 – Insure.com, a comprehensive source for insurance information, just released its 11th annual Father’s Day Index indicating that the work many dads perform for their households could justify annual pay of $51,293. After taking on additional in-home jobs this past year, we see a 36% increase over last year’s salary equivalent.
Insure.com uses federal wage data from the Bureau of Labor Statistics to calculate the financial value of 16 jobs that many fathers commonly perform. This year, during the COVID-19 pandemic, time spent contributing to homeschooling children made up a 17th temporary task but one that had the biggest impact on the economic value of dads’ jobs.
Review the full Father’s Day Index 2021: Dad’s salary moves to head of the class
“The Father’s Day Index shows how losing this critical family member can be both emotionally and financially devastating,” cautions Penny Gusner, senior consumer financial analyst for Insure.com. “As Father’s Day approaches, we emphasize the importance of a life insurance policy to protect families in the event of a terrible loss.”
The jobs with the biggest “pay” increases for dad this year were:
- 10%: Plummer
- 10%: Homework helper
- 9%: Scout leader/recreation and fitness
The jobs where projected “pay” declined include:
- -17%: Coach
- -4%: Barbeque master/cook
- -3%: Chauffer
“This study should perhaps be named the ‘Primary Caregiver Index,’” explains Gusner. “Given that families comprise many different structures, dad might be the primary caregiver. Or, perhaps it’s a grandparent. We want to celebrate primary caregivers’ roles and acknowledge all he or she does while urging readers to consider whether or not they can afford not to have a financial safety net.”
Insure.com recommends an annual insurance “checkup” using the 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.
Penny Gusner is available to comment on this year’s Father’s Day Index calculations and answer questions about how to determine the type of life insurance policy that makes the most sense in various circumstances.
“Dad’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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