Father’s Day: Americans Spend More on Mom, but Feel Dad Should Earn Six Figures
It’s a tight labor market and wages are on the rise. That said, many Americans’ paychecks are failing to keep up with the cost of living amid record-high inflation. With Father’s Day upon us, DebtHammer conducted a survey surrounding the economics of dad.
When asked what dad should earn if fatherhood was a paid position, 30% responded “six figures.” Just over 10% said dad deserves between $80,000 and $100,000 annually. Mom’s earning potential came in a bit higher by comparison, with 38% in favor of a six figure salary.
The National Retail Federation predicts consumer spending will exceed $20 billion this Father’s Day. Last year’s number was basically identical. Americans tend to be more generous when spending for mom on Mother’s Day, as the NRF’s projected spend this year was $31.7 billion.
Dad should be able to count on a celebration of some kind, however. Close to 75% of US adults said they will observe the holiday in some shape or form. In terms of the spending comparison, three in 10 admit they spend less on Father’s Day when compared to Mother’s Day. Still, over half claim they plan to spend the same on each parent.
DebtHammer’s survey found most Americans aren’t looking to spend beyond their means this Father’s Day. Most plan to buy gifts in cash, while only 10% said they’d use a credit card or Buy Now Pay Later plans. The most popular gift choices are clothing and accessories, meals or experiences like sporting events, and gift cards.
With inflation running up at its highest level in 41 years, many Americans won’t be able to spend on gifts this year. That doesn’t mean you can’t still make a gesture! Some suggestions include making a video call to your dad or grandfather, helping them bookmark favorite content on the web, or creating a “dad highlight reel” on shared photo apps. Not everyone agrees that the dad position deserves six figures, but it costs a lot less than that to make him feel like a million bucks.
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