Dad's work at home worth £14,500

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Dad's work at home worth £14,500

Millions of UK families are benefiting from an estimated £14,500 worth of unpaid labour each year.

According to a survey by Virgin Money life insurance, an array of helpers would be needed in the average home to cover the traditional dad duties such as DIY, driving lessons and helping with the housework.

The Father Figure Index quizzed over a thousand adults nationwide about the value they put on husbands and dads.

However, the report warned that UK families could leave themselves facing a financial shortfall by estimating the annual cost of a father at just £8,500 - six thousand pounds less than the real Father Figure.

Four in five (84 per cent) people admitted it was hard to put a value on all the things fathers do for their families. However the figure falls far short of the £41,000 worth of unpaid work the average mother does each year.

On average, British dads spend nearly thirty hours per week giving lifts, repairing the home and grafting in the garden - which would cost a family £278 a week.

The study also found that over a third of parents (38 per cent) have made no provisions for their family's future finances should mum or dad no longer be there.

Scott Mowbray, of Virgin Money life insurance, said: "Our survey shows that we have a way to go to protect our loved ones' financial security, as over a third of parents admit they don't have life insurance.

"To work out how much cover you need, think about all the roles and responsibilities you would have to cover if your partner were not around.

"By putting aside just a small amount each month you could achieve long term financial security - and peace of mind."

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