With many a top breadwinner for their family, fathers found it hard to provide for their loved ones after being laid off during the financial recession. A new report shows many are getting back on their feet.
CareerBuilder reported 84 percent of fathers who had been laid off over the last year have found a new full-time job. In addition, only 33 percent told the survey they would quit their job if their spouse made enough money to support their family's overall finances, down from 44 percent who felt that way five years ago. The latter result could show the impact the recession had on many people's financial security, showing more families could make use of the safety net of life insurance.
The report added many fathers had difficulty spending time to spend with their family over the past few years.
"As companies downsized during the recession and work demands accelerated, we saw dads having a harder time finding balance between providing for their families financially and spending quality time with them," said Alex Green, general counsel for CareerBuilder.
A term life insurance policy can be especially important for families with only one provider. Their finances may be more likely to be upset if that person passes away.