The following is an excerpt from The MacArthur New Testament Commentary on Colossians 3.
This verse intersects with the Apostle Paul's teaching in Ephesians 6:4: "Fathers, do not provoke your children to anger; but bring them up in the discipline and instruction of the Lord." The duty in this relationship is not one-sided. Parents also have obligations to their children. Pateres (fathers) should be translated, "parents," as it is in Hebrews 11:23. Paul's word to parents is do not exasperate your children. Exasperate is from erethizo and means to stir-up, provoke, irritate, or exasperate. Another way to phrase Paul's command is, "stop nagging your kids." Failure to obey this can cause children to lose heart. The idea of that term is "to be without courage, or spirit." It has the sense of being listless, sullen, discouraged, or despairing. Parents can take the heart out of their children by failing to discipline them lovingly and instruct them in the ways of the Lord with balance.