Financial responsibility is an important lesson. And the earlier this lesson is taught, the better. Studies have shown that most adults wish they had learned more about managing money during their childhood and teenage years.

In the face of high unemployment rates and slow growth, consumers have swiped their credit cards much less than in previous months. According to the Federal Reserve, credit card debt fell to $850.7 billion in July, down from $858.8 in May.

Brett Handler, founder of Dreamstar Custom Homes and author of "Dear Graduate," recently gave more than 2,000 Palm Beach County high school seniors the gift of financial responsibility.

Irvin Schorsch, president and founder of Pennsylvania Capital Management, provide six tips to help parents teach their children financial responsibility and life skills. Learn ways to empower and inspire children to grow up to be successful adults.