understand those specific things you mentioned, but there is a lot about finances they really should know by 16. But that is independent of their parents financial situation. I agree children generally should not be burdened with the heavy financial issues of their parents. But that doesn't mean you don't teach them about things *like* that so that they don't make similar mistakes. Teach them about debt, retirement, credit cards, budgets, banking, investing, insurance, etc. They NEED to know these things. Don't let them learn the hard way when they go out on their own. What a pain. But also don't make them stress about YOUR money issues.