What is Dually Employed With Kids (DEWKS)? Definition, Dynamics, and Financial Implications
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Summary:
Dually employed with kids (DEWKS) describes a household structure where both parents work full time and have children. This article explores the financial dynamics, challenges, and variations within DEWKS households, including the rise of boomerang children, sandwich households, same-sex families, and empty nesters.
Dually employed with kids (DEWKS) explained
Dually employed with kids (DEWKS) is a term used to describe households where both partners work full-time jobs and have children. In these households, both parents contribute to the family income while also fulfilling parental responsibilities. DEWKS families face unique financial challenges and considerations, balancing the costs of childcare with the benefits of dual incomes.
Financial dynamics of DEWKS
Individuals living in DEWKS households often experience increased financial strain due to the expenses associated with raising children. While dual incomes boost overall cash flow, they also come with added costs, such as childcare expenses. Factors like daycare, preschool, babysitting, and other forms of care can significantly impact the household budget, potentially reducing net after-tax income.
Moreover, DEWKS households typically allocate a larger portion of their budget towards housing compared to singles. The need for separate bedrooms, bathrooms, and play areas for children contributes to higher housing expenses.
Challenges and considerations
Couples in DEWKS households must carefully weigh the costs of childcare against their take-home income to determine the financial feasibility of both parents working full-time. Factors such as non-economic motives, including personal fulfillment, career satisfaction, and individual preferences, also influence decision-making.
Additionally, companies often target DEWKS households in marketing campaigns, promoting products and services tailored to children, such as clothing, toys, snacks, and digital offerings.
Variations on dually employed with kids (DEWKS)
Boomerang children
Boomerang children are adult offspring who return or continue living with their parents after completing school and entering the workforce. This phenomenon poses financial challenges for parents, who must navigate their own financial obligations while supporting their adult children.
Sandwich households
The “sandwich generation” refers to households responsible for both caring for aging parents and supporting growing children. These households face the dual burden of meeting the needs of two generations, often requiring financial, physical, and emotional support.
Same-sex families
Same-sex married couples represent a growing segment of DEWKS households. Despite persistent gender income disparities, same-sex couples with children have unique financial dynamics, influencing their spending habits and disposable income.
Empty nesters
After their children have grown up and moved out, couples may transition into the empty nesters phase, characterized by dual incomes and no children at home. This stage presents opportunities for increased savings and lifestyle adjustments, such as reallocating funds previously spent on children and prioritizing retirement planning.
Frequently asked questions
What is the definition of DEWKS?
Dually employed with kids (DEWKS) refers to households where both partners work full-time and have children.
How do DEWKS households manage childcare expenses?
DEWKS households often weigh the costs of childcare against their take-home income to determine the financial feasibility of both parents working full-time. Additionally, they may explore options such as daycare, preschool, babysitting, and other forms of care.
What are some financial challenges faced by DEWKS households?
DEWKS households encounter challenges such as increased expenses related to raising children, including childcare costs, housing expenses, and balancing work and family responsibilities.
Key takeaways
- Dually employed with kids (DEWKS) households consist of two working parents and children, facing unique financial dynamics and challenges.
- DEWKS families must carefully consider the costs of childcare against their household income to determine financial feasibility.
- Variations of dually employed with kids (DEWKS) households include boomerang children, sandwich households, same-sex families, and empty nesters, each with distinct financial implications.
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