You've paid off the college bills, helped with setting up an apartment and proudly listened as your once adorable toddler talked about career moves. You're tempted to sit back, heave a sigh of relief and relax in the knowledge that your child is now a financially independent adult. Adult, yes -- but financially independent? That may be another story, especially today.

Last week, I mentioned a recent Young Adults & Money survey, which suggested that 49 percent of 23- to 28-year-olds still rely on their parents for some sort of financial support. Interestingly, last year's Parents & Money survey indicated that 34 percent of parents anticipated having to support the young adults in their lives in some way. Taken together, these statistics underline the ongoing role parents play in their kids' financial lives. But to me, the primary role is not just as family banker. When it comes to money, the truly crucial part you play as a parent is that of educator and role model.

I often talk about the importance of early financial education, teaching young children to set goals, save, manage an allowance and handle credit cards. And according to this year's survey, 56 percent of young adults attribute their knowledge of money management basics to their parents. That's great. However, it's also significant that 43 percent say they continue to turn to their parents for ongoing financial advice. Which means, as a parent, you still have the opportunity to help your adult kids learn and practice responsible money management.

Filling In The Financial Gaps

Don't assume your kids know how to handle day-to-day financial tasks, let alone plan for their future. Chances are they'll be happy to benefit from your experience. Here are some ideas to start with:

-- Talk about monthly budgeting. Discuss where the shortfalls are, and help come up with ideas on where to cut back. Suggest an online budgeting tool that can be updated easily. For instance, mint.com is one example of online help -- and can be especially helpful for someone just starting to get a handle on their finances. If you're comfortable doing so, use your own budget as an example. How do you manage it? What's your routine? Do you pay bills online? Use a program like Quicken to keep track? Sharing your ideas and experience on the practical side of money management can be just as valuable as writing a check -- in the long run, maybe more.

Ask about credit card debt. This is a big one. Respondents to the Young Adults & Money survey on average carried more than $14,000 in debt (excluding mortgages), and only 33 percent paid off their balance each month. Suggest guidelines. One good rule of thumb is that all housing costs (mortgage or rent, insurance, property taxes) shouldn't exceed 28 percent of gross income; housing plus all consumer debt should be no more than 36 percent of gross income. Reinforce the importance of not carrying a balance, and help with debt consolidation ideas if necessary.

Review insurance options. Health insurance, car insurance, renter's insurance. There are so many questions here: What type is needed? How much is enough? Show your kids your own insurance choices and talk about why you made them. Discuss different companies and ratings. This information isn't taught anywhere else. Continued...