One important skill to teach your kids

Teach them to be self sufficient

To earn their own keep.

To know that money does not fall from the sky or grow on trees. Although that can be debated =)

They need to learn to manage their finances so as not to spend beyond their means.

If kids can master this 1 skill, it can set a lot of parents hearts at ease.

It can be done. Teach them from young.

If they can spend less than what they have, they will not have to borrow, beg or worse, steal.

If they want to have more to spend, they need to think of a way to increase their income or cut down spending in other areas.

Then they will grow up to be responsible adults and not have to always rely on handouts from others or get into debt from excessive consumer spending.