Dewks

The term was coined as a counterpart to DINKs (dual income, no kids). Where DINKs enjoy two salaries and few commitments, DEWKS have two salaries but a growing list of expenses.

Marketers and economists use the label to describe a distinct group of consumers. Two incomes bring benefits, such as greater earning power and a built-in safety net if one partner loses their job.

However, children bring costs that are large and hard to avoid, including childcare, food, health care, school fees and a bigger home. For many families, the second salary pays a large part of the childcare bill.

DEWKS are an important target for banks, insurers and retailers. They need life and disability insurance, savings plans for education, mortgages, and products that save time.

Because both adults work, they often value convenience and are willing to pay for services that give them back hours in the week. For personal budgeting, the key challenge is balancing present spending with long-term goals.

A common mistake is to spend heavily on housing and childcare while neglecting retirement saving and an emergency fund. Planners often suggest keeping several months of expenses in reserve and reviewing insurance as the family grows.

Tax rules matter too. Some countries offer childcare credits, child benefits or deductions that change the maths of whether both parents should work full time.

Because these rules change from time to time, families should check the current position in their own country. The label is a generalisation.

Households vary enormously, and not every working couple with children has the same income or spending pattern. Treat it as a starting point for thinking about a customer group, never as a description of any single family.