Teaching kids financial responsibility

So I’m curious how you guys go about teaching your kids how to handle money.My son is only a year old but I have had issues with this a long time, my parents did before me as well, and I really want to save him the trouble if at all possible and I’m trying to plan out with my wife how to do it.I’ve listened to a lot of different podcasts and read articles talking about it and I like this idea...Starting at 5, start giving them an allowance and match it 1;1 in a separate account he can have at 18.Kindergarten to 5th grade: $5 a week 5th grade to freshman: $10 a week Till 16: $20 a week 16-18/out of college: $50 and pays a % of his insurance.When he sees something he wants, explain how much money he has and how much he’ll have left after getting whatever and if he doesnt have enough, explain if he waits a few weeks he can save up for it.At age 12 or so, introduce investments and offer to match whatever he invests 1:1.When turn 16, if he wants a car.. offer to match whatever he puts towards one.My wife thinks this is a little harsh and because he’s our only child, she has a hard time thinking about him being an adult one of these days. It’s not like he has to pay for everything, I mean he’s still our child and I would never let him go without, I’m just trying to figure out a way to teach him to be smart with his money so he doesn’t end up like so many people do these days.Thanks! via /r/Parenting http://bit.ly/30W9m4L