It shows that Dad’s household contribution is worth $20,248.
Insure.com has just released its latest updates to its popular Fathers Day index, which tallies up all of the contributions that Dad makes around the house every year, and has assigned a dollar value to them.
For 2012, this total contribution was determined to be worth $20,248, which is notably lower than Mom’s again this year.
The amount of time that dads spent doing household work was also tracked for the Index, and it was determined that the “replacement value” has slipped just below the rate of inflation. A decade ago, the value of the same duties would have been worth $16,495, which would, in today’s currency be worth $21,365.
The calculation was made by comparing the activities and jobs that dads perform around the house and the length of time that he spends doing them, to the wages that would be charged based on data from the Bureau of Labor Statistics (BLS). Any additional wages that were earned outside the home didn’t count toward the total value.
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The Mother’s Day Index this year had shown that it would cost $60,182 to pay for the jobs done by Mom.
This means that the value of Dad’s contribution is about 34 percent of that of Mom. Among the thirteen tasks that dads were most likely to perform are plumbing, moving furniture, helping with homework, and barbecuing meals. As was the case with the Mother’s Day Index, no value was placed on certain tasks such as attending school plays or boosting a child’s confidence in him or herself.
That said, the Insure.com managing editor, Emmet Pierce, did say about the Fathers Day Index, that “Dad’s true value could not be replaced with $21,000.” He added that families today are dependent on two parents to earn enough money to pay the monthly bills, and that if either of those contributors were to be lost, the whole family would need to lower its standard of living. In this same vein, he also pointed out that “That’s one of the chief reasons that family breadwinners buy life insurance.”