Dad’s monetary worth on Father’s Day 2017
Father's Day vs. Mother's Day...
...Dad usually gets the short end of the stick!
According to the National Retail Foundation, Americans were expected to shell out $15.5 billion dollars for Dad today (the highest total in the survey's 15 year history, and up from 14.3 billion last year).
In comparison, Christmas holiday shopping racks up around $580 billion, Valentine’s Day comes in at $18 billion, and Mother’s Day $20.7 billion, on average, over the last few years.
NRF's 2017 Father's Day Spending Survey says 77% of Americans had plans to celebrate Father's Day, today..
The survey (conducted in early May) indicates that the average person will have spent $134.75 on neckties, tools, electronics and other "specialty gifts" for Dad...the biggest share going to "outings" like a concert, ballgame or dinner.
Survey takers are discovering that after spending on moms and grads, consumers are being more generous in showing their appreciation for Dad this year. Experts say personal care is the gift category to watch...with spending on cologne, aftershave and razors up this year.
$134.75 per Dad...that's up from $125.92 last year.
So, then, you might ask: What is Dad worth?
Insure.com, a consumer insurance information site, puts out an annual "Father's Day Index" calculating the monetary (dollar) value of the work the typical father does around the house. The index uses Labor Department wage statistics for jobs that could equal typical "dad" chores. For example, home repairs are calculated using wage data for maintenance and repair workers. Removing spiders from the house and squishing bugs correlates to pest control, driving kids to school and extra-curricular activities equal chauffeurs, etc.
Lets look at helping with homework "value" for example: Dad's help correlates with teacher/instructor pay at $28.38 per hour, according to Bureau Of Labor statistics. At 10 hours of help per week, over 40 weeks, the total for Dad is $11,350.00! Thanks, Dad!
Driving the family around is calculated to be worth $6,962.00...Barbecuing adds $1,790.00...Coaching a child's team is worth $862.00.
The index only counts the value of "common household tasks," and does not include a salary for work done outside the home. Add it all up...and...
This year, the Father’s Day Index puts Dad’s total chore value at $26,125.00..its highest value since the survey began in 2011.
Dad's value increased 6% overall in the past year!
However, Dad's value is still much less than Mom's household "worth."
The 2017 value for moms is $67,619.00. By the way, Mom is worth 3.2 % more this year, than last year...
Still, I'm thinking that these figures should be taken with a LARGE grain of salt....
To me, Dad is PRICELESS!
Happy Father's Day to MY dad....and to all dads!