One key point before I start: The views I express today are my own and are not necessarily those of others in the Federal Reserve System, including my colleagues on the FOMC. In terms of basics about the Fed: I like to tell people that the Fed is a uniquely American institution. What do I mean by that?
Parents and guardians are in the best position to ensure that their children continue to save, budget, plan and practice good money management habits. We need to share and talk frankly with our children about money matters and teach them by example of the little things we can do to improve their money management skills.