The ability to budget is something that all students should have.
By the time they reach university age, youngsters need to be able to balance their outgoings against how much money they have coming in.
Glynis Kozma, author of Leaving Home, noted parents should try to make their children appreciate the cost of living from an early age.
She added vital life skills, such as knowing how to cook healthy meals at discounted prices, will demonstrate to students the areas where they can cut back on their expenditure if they have to.
Recent research by RBS found that 84 per cent of people think those attending university are going to struggle to come out with no debt.
With tuition fees rising to a maximum of £9,000 a year, undergraduates will face financial pressure to stay afloat.
And this is why it is more important than ever for youngsters to have the necessary acumen to look after their own money.