Most parents, at one time or another, have asked their teenaged child, “Do you think that money grows on trees?” While the question is just a common expression, it hits at an underlying truth. Children on the verge of adulthood often don’t have a clue about financial matters.

For instance, can you honestly say that your brood knows enough about managing debt, saving for college, or planning for retirement? If not, here are a few financial tips you should pass along.

Debt management

Debt doesn’t have to be treated like a four-letter word. In fact, there are times when it makes financial sense to borrow money, such as taking out a home mortgage. But caution your children about over-extending themselves, especially when it comes to credit card debt.

College savings

At an early age, include your children in planning for their college education. When appropriate, let them participate in investment decisions, and monitor portfolio progress together on a regular basis. Also, point out the advantages of tax-advantaged vehicles such as 529 plans and Coverdell Education Savings Accounts.

Retirement planning

Sure, retirement is way off your child’s radar screen, but don’t ignore the need to plan ahead. Advise your child about the benefits of tax-sheltered retirement vehicles. If your child works summers or part-time, he or she can contribute up to $6,000 to an IRA for 2022. Contributions to a traditional IRA are tax-deductible, but distributions are taxable. On the other hand, contributions to a Roth IRA are not deductible, but qualified distributions are tax-free.

Is that all there is? Not by a long shot. But these simple suggestions will be a good start.