New research is indicating that dads up and down the country are failing to financially protect themselves and their families despite being the main source of income for their household in most cases.

Further to their roles as main breadwinners, the study found that fathers are spending an average of fifty hours a week on childcare and chores around the house, the value of which exceeds £21,000 a year.

However, even in light of the fact that they play a pivotal role within their families, many men have no adequate financial cover in place in the event of an accident or serious illness.

When asked, more than a third of fathers in the UK admitted that they had no life insurance with an additional two thirds stating that they had no critical illness cover of any sort.

Three quarters of respondents, meanwhile, stated that they have no income protection insurance. This means that a significant number of men will miss out on a regular tax-free income if they fall seriously ill.

Fathers are being encouraged not to assume that extended family or the State will be able to step in and help out financially. Those who work in the industry are also emphasising that buying protection products will ensure financial peace of mind should the worst happen.

As part of the study, married couples and couples who were living as married were asked how one would maintain their standard of living if the other were to die. A significant number answered that they would rely on grandparents to look after the rest of the family, while a third stated that they would work part-time, a decision that would greatly impact the overall household income.