The Value Of A Dad

"Dad, thanks for all the times you tied my shoes laces, for helping with my homework, for teaching me how to ride a bike and for always letting me win. Thank you for embarrassing me in front of my friends, and most of all, thanks for not telling Mum when I don’t eat my vegetables."

We all value our Dads for different reasons – they are much more than a number to us. But does your Dad know how much he is really worth?

Our insurance providers, Legal and General, have researched how much our parents really are worth and some of it may surprise you!

Did you know the typical UK Dad has a value of £23,971† a year and works an average of 53.5 hours* in the home each week? This includes housework and childcare. In the North East, our Dads have the highest UK value at £33,925.† That’s a whopping 42% higher than the national average!

On top of our parents' normal jobs, that’s a lot of extra work we probably don’t consider. In fact, research shows our Dads only get around 7 hours* of alone time each week.

The point is, our Dads don’t seem to have any idea how much they’re really worth. They think it’s around £15,496† when in fact they contribute a lot more to home life than even they give themselves credit for. One thing our Dads have in common – their number one financial priority is to make sure they can provide for their children’s future. But while 73% of parents agree that this is most important, less than a third of them have written a will.*

And while Dads insure their homes and cars they often don’t think about protecting their most valuable assets – themselves! Although over half of Dads hold life insurance, other types of protection are often not considered, with less than 30% holding critical illness cover, income protection or family income benefit.*

It’s not something we like to think about but nobody knows what the future holds and it’s important parents plan for the worst. 81% of parents assume that the Government would be responsible for providing financial help in the case of a death or long term illness.* While 33% admit they would need to rely on benefits to cover their income, 59% of mums and dads are not sure of what they would be entitled to if their partner died and 32% are unsure of what help they could receive if their partner became disabled and unable to work.*

Dads should consider their savings – how long would they last if an injury or illness meant they were unable to work? More than likely, this would also mean being unable to carry out the majority of household chores too, increasing the workload of a partner, which is just one reason why this often unconsidered value is so important. Having insurance or reviewing existing cover to ensure it is adequate can go a long way to reducing stress and financial strain in what would no doubt already be a troublesome time.

*Source: Legal & General’s Value of a Parent 2013 research. Annual statistics calculated by multiplying weekly figures listed in Legal & General’s Value of a Parent 2013 research report

† Based on domestic work at an average of £9.00 per hour