The Mini-Economy That Teaches Kids How Money Really Works | Stephen Day (EP430)

What if teaching kids about money didn’t require complicated systems, allowances, or stress? Today’s guest has spent years studying how children actually learn about money - not through lectures or rules, but through lived experience. And after watching families struggle with stress, confusion, and mismatched expectations, he realized something powerful: kids don’t need more information about money - they need practice.

Stephen Day is an economist, educator, and the author of Teach a Kid to Save. Drawing from research and real-life parenting, Stephen created a simple “family mini economy” model that helps kids learn responsibility, saving, and work ethic through everyday routines at home.

In this episode, we talk about how to set up a family mini economy, the difference between family responsibilities and paid work, and why habits matter more than rigid rules. Stephen shares realistic ways to teach kids about earning, spending, and saving.

Links Discussed in This Episode |

• Checkout the podcast storefront for recommendations from Diane.
• Book: Fast-Forward Family: Home, Work, and Relationships in Middle-Class America
• Connect with Stephen:
• Website
• Instagram
• Substack
• Book: Teach a Kid to Save: A Fun, Hands-On Approach to Building Smart Money Habits

About Stephen |

Stephen Day, PhD is an associate professor in the VCU School of Business, director of the VCU Center for Economic Education, and chair of the Virginia Jump$tart Coalition for Personal Financial Literacy. A leading expert in teaching kids about money, his work has been featured in Forbes, The Wall Street Journal, USA Today, and Junior Scholastic. He has helped hundreds of teachers implement classroom mini-economies and practices the same approach at home with his own children.

Episode Sponsors |

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