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Fed, consumer credit counseling can help parents teach kids about money
By Marvin Milner on Apr 9th, 2010
One of the most important lessons parents may be able to impart on their children is the importance of maintaining a stable financial situation.
However, consumers may wonder where they can go to help educate their kids in the realm of finance. Recently, Federal Reserve Board Governor Elizabeth Duke said the financial regulator has a number of educational materials available to both parents and teachers.
During a speech to the Jump$tart Coalition for Personal Finance, Duke said instructional videos and publications are all available through the central bank. She said that starting financial education early is important to help children know how to plan for their future, including how to buy a car or home and preparing for retirement.
"They need to know how to budget and save and how to select the best investment vehicles for their savings," Duke said.
Another option parents may consider is going to a consumer credit counseling service, which can give them a better idea about sound financial advice. It can also help parents with their own financial dilemmas through analyzing their finances and developing a budget.
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