Â£21,000 a year - that's the value of a Dad.
14 June 2011
Key findings from the 2011 report are:
- Men spend 50 hours a week on household chores and childcare, compared to 53 hours back in 2009
- 20 of those 50 hours are spent on childcare, 6.5 on shopping and household tasks, 7 on cleaning and 5.5 on cooking
- Dads get just eight hours a week to themselves and three and a half hours a week to spend with their partner
- 47% of Dads say that they would prefer not to work and be at home looking after the children
- Just 64% of Dads have life insurance and 30% have critical illness cover
- 22% have income protection. This has fallen 5% since 2009.
Bonnie Burns, Product Development Director for Legal & General's protection business said:
“Dad’s deserve credit for the work they do helping to look after the children and taking care of the work around the home. None of us like to think about illness or death but the reality is that families need to ask themselves, “How would we cope with all the domestic work and childcare that Dad does, if he suffered a critical illness or died?". People shouldn’t assume that extended family or the State will fill the gap.
It is worrying to see the percentage of Dad’s who have Income Protection has dropped since 2009. Given the current economic uncertainty,buying these products can help provide peace of mind for a family and help maintain its living standards if Dad was critically ill or died. Now could be a good time to consider how to protect your family against financial hardship.”
With the purchase of protection products so low, just 64% of Dads questioned have life insurance, this could leave some families exposed and at risk of suffering financial hardship in the event of a Father’s death or critical illness. Legal & General asked married parents and those living as married how they thought their partner would manage in the event of their death. The most popular response, 42%, was to rely on grandparents to look after the children and 31% said that they would work part-time. This would have a significant impact on the overall household earnings and their standard of living. Interestingly, only 34% of parents have made a will.
Notes to editors
This press release is issued by Legal & General Assurance Society Limited.
The information contained in Legal & General’s press release is intended solely for journalists and should not be used by consumers to make financial decisions.
The research was carried out by Bdifferent, an independent research company, specialising in financial services research, amongst over 1,000 parents with at least one child under 18 living at home. The sample was nationally representative. The questions were asked as on line survey.The research was carried out between 4th and 13th January 2011.
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
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