Well, that's another way to see it, and I think that you are right and your case repeats in many cases when teenagers have to face the real world when they reach the majority. Unfortunately, not all of them will be as responsible as you were or we may think, and for the parents who suffer something like that it has to be a difficult situation to handle. Because their son is free to do what he wants, and some of them will do the wrong thing. That's why education at a young age is the best prevention.
Most likely students are getting their allowance from their parents and if that was the case, then they are not allowed to use the money that is entrusted to them because it's not really appropriate for children to waste their money just because they are getting it freely from their parents. They don't understand how hard was it to earn such an amount of money and they are just wasting it overnight and in the morning they ask for more. That's why they shouldn't be allowed teenagers to play and they should be strict with it.
I just remembered when I was young, like when we wanted something like toys which my mother and grandparent would give us right away. As the years went by, I realized that my mother needed to work overtime just to provide for me, and my grandmother was selling food just to give me what I needed. I've realized that money won't just grow inside your home; you'll need to do hard work and sacrifice things. It is really best to talk to those teenagers about the money or financial aspects so that they will realize it.