When this phase of their life begins, it is strongly recommended to discuss the importance of benefits and how this should play an important role when they are considering jobs.

For more on this see our Benefits Summary Worksheet (PDF).

Too often potential employees only consider salary, and so it is important to remind your young adult to look at the other benefits a company will pay as well. Benefits such as a match on the company retirement may be the least important point to your young adult, but you can teach them the importance of saving early. As a parent you can stress that it is never too early to start saving for retirement, and many older savers have learned this lesson the hard way. Teach your young adult about how retirement investments work by viewing How Investments Grow (PDF), which also demonstrates how compounding can help with savings goals.

You can help your young adult to understand the importance of benefits and insurance coverages.