What is the ruling on a son (14 years old) practicing masturbation despite his parents' religious guidance? And is it sufficient to deprive him of some privileges to address the matter?

What the son is doing is masturbation, which is forbidden both religiously and naturally, and has physical and psychological effects. This should be addressed by frankly informing him of its ruling and consequences, striving to get him married if possible, preventing him from associating with bad friends, selecting righteous companions for him, and frequently making supplications for him.