It goes without saying that learning how to manage your own finances is a crucial skill people have to learn, no I don’t mean business studies or economics, although those are valuable things to learn too. Keep in mind this is mostly just my own experiences, and it might not speak for you or your children.
Before I came to boarding school at Fyling Hall, I had never had a bank card or a bank account, I never got pocket money, and I almost never got money for birthdays and other such celebration events. I never really learned to save or manage money because I didn’t have to save or manage. I haven’t asked for all that much I feel: I had the same laptop for 5 years, I didn’t get my first phone until I was 14, I got my first games console second hand from my uncle when I was 10, most of my clothes are “hand me downs.” I rarely complained, at least in my opinion I rarely complained, although my mother probably remembers it much differently than I. Regardless though, coming to boarding school and suddenly having a bank account with a bank card and an allowance has been… jarring. It’s been liberating in a way, being able to buy things I need without any begging or pleading. It’s also been utterly terrifying, not only because if my account became depleted I would invoke the wrath of my parents, but also because it’s a lot of responsibility to drop on someone. You can make plans and budget as best you can but things come up. I’ll get better at it as time goes on – hopefully.
In conclusion, I suppose the moral of this story is: parents… teach your kids how to handle money and kids… learn how to handle money. That is all.