such as those who 2 / 3 bis central bankers'speeches get caught up in the juvenile justice system, what effect do such experiences have on their futures as workers and consumers, and what are the most promising approaches to foster a course correction? i hope that the data and other evidence presented today and tomorrow are of use to you in your work. community development professionals attending this conference may consider how the design and implementation of their programs may be improved. policymakers may look more closely at how kids are affected — purposefully or unintentionally — by public policies. and researchers may encounter ideas that spark new work that can shed further light on these important topics. i think it is important that we better understand these issues, and i applaud you for taking the time to be here to share your knowledge and to learn. our young people are the future, and we all want them to have the support they need for successful and fulfilling lives. as a central banker, i recognize the benefits to the broader economy when more people are better prepared for work and for managing their finances. in short, ensuring that all of our kids have “ strong foundations ” will help build a similarly strong foundation for the u. s. economy. 1 board of governors of the federal reserve system ( forthcoming ), 2016 survey of household economics and decisionmaking ( washington : board of governors ). past shed surveys are available on the board's website at www. federalreserve. gov / communitydev / shed. htm, which is also where the 2016 survey will be posted when completed. 2 see note 1. 3 / 3 bis central bankers'speeches

about having enough food to eat, having a stable caregiver, or about their personal safety. about 10 percent said they regularly worried about one or more of these concerns, and an additional 19 percent said they sometimes worried about them. we were then able to compare responses about their experiences in childhood to what these young adults told us about their current circumstances. some pretty clear patterns emerged. of those young adults who regularly had one or more of these childhood concerns growing up, more than one - half say that they are currently facing challenges in getting by financially. this fraction compares to just over one - fourth of those who said they never, or only rarely, worried about these concerns as children that now experience this level of financial challenge. young adults who regularly or sometimes worried when they were children about their care, safety, or having enough to eat are also less likely to be employed, less likely to have consistent income month - to - month, and less likely to be able to pay all of their current monthly bills in full, compared 1 / 3 bis central bankers'speeches with those who never or rarely worried about these concerns as children. 2 broadly speaking, children who grow up in insecure circumstances, those often experienced in poverty, seem disproportionately likely to experience financial insecurity as adults. this conference is about understanding what kinds of environments and resources can best help children meet with economic success after they reach adulthood. there has been a lot of discussion in the aftermath of the great recession about how to best connect people with steady jobs. but research presented over the next two days makes a compelling case that there is a need to also think longer term about how to prepare people for success in the labor market. in fact, this research underscores the value of starting young to develop basic work habits and skills, like literacy, numeracy, and interpersonal and organizational skills. these habits and skills help prepare people for work, help them enter the labor market sooner, meet with more success over time, and be in a position to develop the more specialized skills and obtain the academic credentials that are strongly correlated with higher and steadier earnings. indeed, a growing body of economic and education literature has focused on the relative efficiency of addressing workforce development challenges through investments in early childhood development and education compared with interventions later in life. i believe that data, evidence, and research can help policymakers and practitioners think more clearly about the implications for improving economic and life outcomes for everyone. to