Parents of Young Family
Whether one parent or both are working in family, their priorities are often very different than those of the new college graduate. Many young parents have completely paid off their college loans, but they still have debt with which to contend. The type of debt is where the difference lies. While parents may still be concerned about good compensation for their work, they are more likely to be more concerned about job security over the long run for the following reasons:
Mortgage payments: Young parents who have purchased a home can put their entire financial future at risk if they lose their jobs. Many couples invest their life savings into the down payment on their home, which is typically their primary asset. While a job loss for one parent may not be crippling, both parents are almost always focused on job stability versus changing jobs frequently.
Insurance premiums: Young parents also have to be concerned about premium payments for life insurance, medical insurance and in some cases, dental insurance. This is in addition to costs for automobile and homeowner's insurance. These payments are going to continue to be due each month, whether the parents are working or not;
Children's future: Unlike the recent college graduate who is typically single, young parents need to be concerned not only about their own future, but the future of their children. This often involves not only paying for the care of their children (while they are working) but also involves saving for future education and in some cases, payment for private schools while their children are young.
While young parents are still interested in getting paid a good wage and having a good compensation package, in many cases they will be focused more on long-term employment. Just as the college student who is saving for their future, young parents are saving for retirement, making home and car payments, and making sure they are saving for the education of their children.