Giving Money to children actually could hinder their efforts to build wealth?

Your mom absolutely did a great way to inculcate on you the importance of saving money. On my part, I don't know how my mother did it but just the same as you, I also learned the importance of saving at an early age. I still remember that I always had money on my wallet and in fact, I really loved receiving wallets as gifts because I would save as much as I could so that I wouldn't experience being low on cash. I first opened a savings account with a local bank when I was still a school girl. I tried to be as thrifty as possible and spend only on things that I really need, such as food and transportation fare. This way, I didn't ask for allowance for my school projects as often as I should. Eventually, I was able to save. And this habit went on until I got my first job after graduation. However, I really wasn't able to continue doing this when my husband (who was still my boyfriend then) and I met. And it worsened when we got married and had our first child, along with the soaring prices of commodities. Also, having a credit card really burdened us in the long run. Now, we still have an outstanding debt with our two credit cards; but I'm hopeful that we'll be able to pay-off all our existing obligations, and save for our daughter's education as soon as possible.