Wednesday, July 22, 2009
Category:
Home Improvements
According to a survey conducted by Legal and General, the total value of the tasks taken on by fathers around the home stands at £23,296. This is virtually twice the 2005 figure of £12,738.
Further findings include the fact that men now spend 53 hours per week on household chores and childcare, which represents an increase of 19 hours compared to 2005. It would seem that fathers only have 7 hours per week to themselves and 3 hours per week with their partners. When respondents were questioned in relation to their preferences surrounding working or being at home taking care of the children, 46 percent of fathers admitted that they would rather be doing the latter. With regard to life insurance, the results of the survey show that only 63 percent of fathers have a policy in place. In addition, it was uncovered that 33 percent have critical illness cover, 27 percent have income protection, and 23 percent have family income benefit.
Alan Ferguson, Protection Marketing and Channel Development Director, commented: "Mums often get the headlines when it comes to domestic work, but actually Dads contribute a huge amount too. These days, the jobs involved in running a house are far more evenly distributed. It's not nice to think about, but families need to ask themselves how they would 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."
"Protection insurance can help provide peace of mind that a family could maintain its living standards if Dad was critically ill or passed away. Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship."
With only 63 percent of fathers having life insurance, married parents and those that are living as married were asked how they thought their partner would get by in should the worst happen. In response, 35 percent said that they would turn to their grandparents for child minding support. Furthermore, 30 percent said that they would work on a part-time basis, thus potentially impacting on overall household earnings. The survey also revealed that just 29 percent of parents have made a will.
If faced with an illness or injury, 54 percent of parents in employment would aim to make cutbacks and reduce expenditure. It was also found that 38 percent would rely on their partner’s wage, and 37 percent would receive sick pay from their employed for a period of time.
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Fathers who chose to make home improvements, as well as carrying out housework, who are looking for funds to pay for these, could consider a secured loan. One of many options to fund
home improvements, a secured loan could help pay for smaller scale jobs which Dads would like to complete, such as an entire redecoration, as well as paying for bigger scale jobs which might require professionals. Larger jobs such as extensions upwards, downwards and outwards could be funded with a secured loan. Extending could help add space to accommodate a growing family, or just to provide more space if desired.
