Schools are being asked to do more than ever: strengthen academic outcomes, prepare students for life after graduation, and support long-term well-being. One of the most urgent (and often overlooked) needs is helping students build real-world financial skills—especially as many young people enter adulthood facing complex decisions about credit, debt, savings, and student loans.
At TinyEYE, we work with schools every day and see how student success is shaped by more than grades alone. Confidence, planning skills, and the ability to make informed decisions all matter. That is why research exploring practical, scalable ways to improve financial education is worth paying attention to—particularly when it fits naturally into what schools already teach.
A pilot study titled
Combining Financial Education With Mathematics Coursework: Findings From a Pilot Study
(Dituri, Davidson, and Marley-Payne, 2019) offers a compelling idea: instead of treating financial literacy as a separate “extra,” embed it into rigorous mathematics instruction. The results suggest this approach can significantly improve both financial knowledge and student confidence.Why financial literacy remains a pressing challenge
The study’s literature review highlights a tough reality: many young adults have low levels of financial literacy and are more likely to engage in financially harmful behaviors. Examples cited in the research include:
- Using payday loans
- Carrying credit card balances and paying interest
- Accruing late fees
- Struggling with basic financial literacy assessments
This matters because financial literacy is strongly linked with real-world outcomes. Lower financial knowledge tends to correlate with:
- Less retirement planning and saving
- Lower asset accumulation
- Higher debt levels
- Greater use of high-risk borrowing options
On the other hand, higher financial literacy is associated with healthier habits like budgeting, paying bills on time, tracking expenses, saving monthly, maintaining emergency funds, diversifying investments, and setting financial goals.
Why “more financial education” isn’t always the full answer
The study also points out a key tension schools face: even though financial literacy is important, evidence on financial education programs has been mixed. Some interventions show limited impact—especially short, light-touch programs. In contrast, the research suggests that rigorous, in-depth personal finance courses are more likely to produce measurable benefits.
But rigorous courses come with a real constraint: time. Adding a standalone finance course can mean removing something else. This “opportunity cost” is one reason schools and policymakers may hesitate to expand financial education requirements.
The surprising role of mathematics in financial outcomes
One of the most interesting findings in the broader research is that additional mathematics coursework itself is associated with improved financial outcomes later in life. Prior studies cited in the article link more math education to outcomes such as:
- Improved creditworthiness
- Reduced credit card delinquency
- Lower likelihood of foreclosure
- More asset accumulation and real estate equity
- Better outcomes related to student debt
This connection makes intuitive sense. Financial decision-making often depends on numeracy: understanding percentages, interest, compounding, risk, and tradeoffs over time. If math skills support stronger financial choices, then combining math and finance in one coherent course could be especially powerful.
A promising solution: a math course built around personal finance
The pilot study explored exactly that: a mathematics course with systematic, in-depth applications to personal finance. The goal wasn’t to tack on a few “money examples,” but to design a full course where math and finance reinforce each other—similar to how physics applies mathematics to scientific concepts.
Importantly, this approach may reduce opportunity cost. Students still receive standards-aligned mathematics instruction (including Common Core-aligned content), while also gaining practical financial knowledge.
How the course was designed
The course was built to reflect best practices in math education: conceptually focused, project-based, student-centered, and grounded in real-world applications. It also emphasized quantitative literacy and strategic use of technology.
The course sequence was organized around the “financial life cycle,” the idea that financial needs and decisions change over a lifetime and require planning, risk management, and shifting resources over time.
The course included six units:
- Unit 1: Financial Statements (balance sheets and budgets)
- Unit 2: Earning Interest (compounding and future value)
- Unit 3: Regular Payments (mortgages, retirement savings, cash flows)
- Unit 4: Insurance and Expected Value (risk and uncertainty)
- Unit 5: Stocks and Risk (market concepts, diversification, statistics of risk)
- Unit 6: The Role of Government (how policy shapes financial decisions)
Why spreadsheets were a core part of learning
A standout feature of the course was the systematic use of spreadsheet software. This wasn’t just for convenience—it was a deliberate instructional strategy. Spreadsheets can help students bridge arithmetic and algebra by making patterns, variables, and functions visible and usable.
Spreadsheets also reflect real workplace tools. Building comfort with them supports both academic learning and career readiness, while giving students a practical way to model budgets, interest growth, loan payments, and risk scenarios.
What the pilot looked like in real schools
The course was piloted in the 2016–2017 school year across three urban New York City high schools, taught as a yearlong mathematics elective for juniors and seniors. Students had passed Algebra I and had additional math experience, but were not necessarily on a calculus track.
To support implementation, the program provided professional development and a robust set of teacher materials, including:
- Unit outlines with essential questions and standards
- Teaching companion documents explaining finance concepts and vocabulary
- Topic quizzes and math worksheets
- Spreadsheet tool guides
- Additional instructional activities
- End-of-unit projects based on realistic scenarios
Teachers also received ongoing support through classroom visits and email contact. In some cases, students visited a financial analytics firm to see finance careers and present their work—an engagement strategy that helped connect classroom learning to real-world pathways.
What changed for students: knowledge and confidence improved
To measure impact, students completed surveys before and after the course. The survey included financial literacy questions, math/financial math questions, and confidence ratings related to financial tasks.
Across the pilot, results showed consistent improvement:
- Overall performance improved from a mean of 38% correct to 48% correct
- On the “Big 5” financial literacy questions used in the U.S. Financial Capability Study, scores improved by 31% (from 1.66 to 2.18 correct on average)
- High confidence in financial tasks increased from 36% to 46%
Student feedback was also notable. The study reports that 90% of students said they would recommend the course to a friend. Many students described taking concrete actions as a result of the class, such as opening bank accounts, saving money, and having financial conversations with family members.
Key takeaways for school leaders
For administrators and educators thinking about scalable financial literacy, this pilot offers several practical insights:
Integration can be more feasible than addition. Embedding finance into math may avoid the scheduling tradeoffs of standalone courses.
Rigor matters. The course was designed as an in-depth, structured experience—not a short workshop—aligning with research that more rigorous interventions tend to have greater impact.
Project-based learning drives relevance. Students were asked to advise “characters” in realistic scenarios, using math as evidence. This supports both engagement and deeper understanding.
Teacher support is essential. The pilot included training, companion materials, and ongoing assistance—critical when teachers are asked to teach new content areas.
Confidence is part of the outcome. The study measured not only knowledge but also confidence, acknowledging that feeling capable can influence future behavior.
Where this connects to broader student success
Financial stress affects families and communities, and it can shape students’ outlook on the future. While TinyEYE’s core work is delivering online therapy services to schools, we share a common goal with educators: equipping students with skills that support long-term well-being. Research like this reinforces an important message—when learning is practical, structured, and connected to real life, students can build both competence and confidence.
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