Parents are not teaching their children how to handle money in preparation for a financially- independent existence, says the national institute for family finance (Nibud) on Monday.

Children are not given pocket-money from a young enough age and many parents do not provide a clothes budget or teach their children about internet banking, says the report.
The institute says that by the time teenagers reach the age of 18 they are supposed to be financially independent. Instead they have not learnt how to organise their finances to make a month’s income actually last a month.