Dad's role is Priceless - Duties include income earner, gardener, handyman, & chef at BBQs
Current from: 16 June 2008
Millions of Irish families are putting their finances at risk by drastically under estimating the value of fathers – a new study today (13th June 2008) reveals that the contribution a Dad makes to the household could add up to as much as €75,000 per year1.
In advance of Father’s Day this Sunday, Bank of Ireland Life, reveal that the role of Dad extends far beyond that of breadwinner. The value of a father’s contribution to the household cannot be underestimated, yet research reveals that two-thirds2 of Dad’s with children in full-time education have no financial protection against serious illness.
On average Irish Dad’s spend over 30 hours a week doing home repairs, grafting in the garden and playing chef at BBQs. And this is all on top of an average 40-hour working week in paid employment. When you combine the weekly cost of the roles a Dad plays in the household and combine this with average weekly earnings a Dad’s annual contribution is over €74,000.
| Task |
Hours per week3 |
Hourly rate1 |
Weekly cost |
Average weekly earnings↓ |
Dad's annual financial contribution |
| Handyman |
3.95 hrs |
€60.20 |
€237.79 |
|
|
| Homework Tutor |
2.83 hrs |
€45 |
€127.35 |
|
|
| Driving Instructor |
2.80 hrs |
€37.50 |
€105 |
|
|
| Taxi Driver |
2.84 hrs |
€34.80 |
€98.83 |
|
|
| Gardener |
3.39 hrs |
€15 |
€50.85 |
|
|
| Chef |
2.84 hrs |
€17 |
€48.28 |
|
|
| Cleaner |
2.4 hrs |
€13 |
€31.20 |
|
|
| Housekeeper |
6.65 hrs |
€16 |
€106.40 |
|
|
| |
33.39 hrs |
|
€805.70 |
€624.45 |
€74,367.80 |
Commenting on the findings, Brian Grimes, Head of Protection Business, Bank of Ireland Life said; "I think many Dads around the country will be pleased to see this recognition of their efforts in the home. And while our study would never claim to put a real value on a Dad, it is useful to illustrate how the many roles he plays within the family makes him priceless."
"Most of us don’t have sufficient savings set aside to provide for the financial impact that a seriously ill father could have on the running of the household, however with family protection costing as little as €53 a month5 it seems a small price to pay for peace of mind."
An analysis of Bank of Ireland Life’s claims in 2007, show that a massive 53% of critical illness claims made by men were during the prime parenting age group of 25 – 49 years. 77% of male critical illness claims were as a result of Heart related illnesses and Cancer.
Bank of Ireland Life is one of Ireland’s leading providers of life assurance and critical illness cover. In 2007, the life company paid out over €50 million in death and critical illness claims to almost 700 customers.
1Bank of Ireland Life Market Research, 2008
2Bank of Ireland Life Market Research, 2007
3Virgin Money Market Research, 2004
↓CSO Average Industrial Wage, 2006
5Bank of Ireland quotation for 30-year old male, non-smoker, €200,000 life cover and €200,000 accelerated critical illness cover over 20 years.
Contact:
Laura Erskine
Public Relations Manager,
Bank of Ireland Life
Ph. 01 6172586
Mob. 086 8562929
Sharon McDonnell
Group Consumer Communications Manager
Bank of Ireland
Tel: 01 604 3750
New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Financial Regulator and is a member of the Bank of Ireland Group.