I'm not so sure that the particulars of handling money are so important as the message, the important message being...
Work=Getting paid
No work=Not getting paid
After that lesson, teaching that debt is dumb and robs the vast majority of people of their earnings shifting them to those who have learned to manage their money well.
There are a lot of effective methods to do that, so long as the lessons are actually learned.
Dave Ramsey's book, "Smart Money Smart Kids" is a good resource for common sense about teaching kids about how to handle money.
