[fckgw]

If you're already in the Apple ecosystem, get them separate iCloud accounts with their own email and join in a family plan. You can manage their devices and setting from one location. You can also use the Passwords app, create a family group and add the shared passwords there so there's a central access to everything.

My family does this except we use 1Password app instead of Passwords. Kids have their own devices, allowance is paid via Apple Cash and they can use either Apple Pay or their virtual card number to buy things in the real world or online. Google and game account credentials are stored on their device or on their PCs via Chrome plugin (which Apple Passwords has as well).

[rawgabbit]

I second this approach.