Valve said during the announcement:
We understand every family has its own approach to establishing rules and setting limits when it comes to media, entertainment, and games.”
Family options are integrated so that families will be able to talk these issues together and find the ways to agree what is realistic and fair for everybody.
They further elaborated:
“We are introducing a new way for parents and families to establish their own rules together, using Steam.”
Following are the full family options courtesy of Valve.