It is also the time when parents help children develop values that stick with them, probably for their whole lives. Which is why it is very important for parents to help their kids realise the importance of time management. Because time in itself is a resource which is really limited. 

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You can always ask them to set a routine, and explain to them what are priorities. The beauty of this thing is you can even start from teaching them how to read a clock. The objective of all of this is to give them a very important life skill that would help them throughout their lives. Because studies have shown that people with better time management skills often excel at a lot of areas in life. But as a parent you can always draw a line between teaching them something and over expecting from them. Because when it comes to teaching, balance is the key.