Parents, one of the most important things is helping your kids understand money. Not just the dollar amount but being able to count it. Also a important this is to teach them how to balance a checkbook. I can tell you from first hand experience, when I was away for when I was in University of Oshkosh for a semester, I messed up to bad. Thank God I didn’t need to worry about that in the UK. I had two accounts a savings and debt. Everything was via card. I just had to make sure to put the money away I needed for accommodations.
Make sure they know how important it is to save money, because with it they will feel a financial freedom. That they don’t have to go to you for money.
When I was away for school, I was older than most and knew by than that I needed to make sure my loan money wasn’t all together so I had two account I could transfer money back and forth after I paid my accommodations.