Can turning abstract equations into real-world budgeting problems be the key to improved math scores and motivation?

Low‑ and middle‑income countries face persistent challenges in elevating math attainment levels, partly because many students move through school without mastering basic skills and their families struggle to see clear labour‑market returns to education. In “Does Financial Education Impact School Attainment? Experimental Evidence from Brazil” by Daniele Chiavenato, Ricardo Madeira and Victor Vaccaro (2024), the authors seek to understand whether incorporating the program “Learning to Deal with Money” into applied math can enhance interest, educational outcomes & labour market skills. This program is a school‑based financial education program for 9th‑ and 10th‑graders that embeds topics like budgeting, saving, interest rates, and everyday financial decisions into regular math classes.

Methodology & approach

A two‑year randomized‑control trial was run in 190 public schools (≈6 000 ninth‑ and tenth‑graders) in the state of Goiás, Brazil. The intervention (2021‑2022) combined teacher training in active, project‑based learning (PBL); a textbook that presented basic finance concepts; and six‑month semesters of integrated lessons. Data was collected at baseline (March 2021) and at three follow‑up waves via online surveys, an applied‑math/financial‑literacy test, and the state standardized exam (SAEGO). The expected mechanism was that exposing students to concrete financial problems that make use of math concepts would increase the perceived relevance of mathematics, raise intrinsic motivation, and strengthen forward‑looking skills translating into higher math attainment.

What was found

The program demonstrated positive and sustained effects on financial literacy, with students in schools using the new curriculum answering noticeably more questions correctly on the applied math and financial‑literacy test than students in comparison schools, both during the first year and again one year later. Furthermore, the initiative increased math skills specifically targeted by the curriculum, especially among students from poorer socioeconomic backgrounds, that increased the overall performance in math as captured by the state exam. Moreover, treated students increasingly recognized the value of math for practical applications, such as assisting their families. In terms of socio-emotional skills, decision-making ability improved, and vulnerable students showed an enhanced internal locus of control after the first intervention round. Despite these improvements, the study did not find evidence of impacts on downstream financial behaviours captured by a financial autonomy index.

Why it matters

The trial demonstrates that curricular integration of applied financial content can boost both knowledge and engagement without harming other outcomes. By turning abstract equations into real‑world budgeting problems, the program improved intrinsic motivation and narrowed achievement gaps. This offers a scalable policy tool for countries seeking to lift mathematics performance and reduce educational inequality.

Written by Constança Costa MSc in Economics by Nova SBE and Member of the NOVAFRICA Student Group.