The long term effects as to weather or not you had an informed childhood won't be seen until adulthood.
One thing I'm noticing is how incredibly unprepared I am to handle certain adult situations.
For instance, in my childhood I was taught to respect the police, but in my adulthood I understand that the majority of their job is to find drugs and write tickets for moving violations.
I was also taught that cheaters never prosper and that there is always someone there to administer justice. Now that I am an adult I see corporate CEO's steal people's life savings, squander it, then those that administer justice give them our money to "bail" them out.
So now me and others of generation X sit stunned, if we would have learned not to trust police we would not fill your jail cells. If we cheated then the fiscal future wouldn't be in jeopardy.
So when I teach my kids lessons, I don't just think about the immediate benefit, but I will keep in mind that 20 years from now I don't want to look like a lying asshole.