Improving Financial Skill-Building in Schools
The Challenge: Too Many Students Aren’t Learning About Money
When 17-year-old Kayla got her first paycheck from a part-time job, she celebrated by opening a checking account—and accidentally overdrew it two weeks later. No one had taught her how to budget, avoid fees, use credit wisely, or start saving for the future.
Stories like Kayla’s are far too common. Across the country, many students graduate without the financial skills they need to navigate adulthood. In an economy where one bad decision can lead to long-term consequences, financial know-how isn’t just useful—it’s essential.
Yet access to financial education varies widely. Some states require personal finance courses; others don’t. Standards are inconsistent, and many schools lack the time, resources, or training, to effectively teach these life skills. Too often, students leave school unprepared to make confident, informed financial decisions.
AIR's Approach: Building Better Tools to Teach Financial Literacy
AIR works with states, districts, and national partners to strengthen financial education—helping to ensure it is rigorous, practical, and widely available. Through research, policy guidance, and program evaluation, we help states set strong standards, identify effective teaching strategies, and expand access to quality instruction.
Strengthening State Standards and Policy Guidance
In states like New Mexico and Pennsylvania, AIR has helped education leaders develop and refine financial literacy standards and turn them into meaningful classroom instruction. We support state and local leaders with tools and evidence to enhance teaching and learning, including reviewing curriculum, analyzing assessments, building teacher resources, and helping districts use data to drive better outcomes.
We also provide expert guidance to decision-makers, sharing findings at forums such as the National Governors Association and testifying before state boards of education to inform policy decisions with trusted, real-world evidence.
Evaluating What Works: The Stock Market Game
When asked to assess The Stock Market Game, a classroom tool that teaches students about saving, investing, and personal finance, AIR conducted a rigorous, nationwide evaluation. Our research included a randomized controlled trial across nearly 600 classrooms and a survey of more than 4,800 teachers.
Using age-appropriate assessments and student surveys, AIR measured not just academic outcomes, but engagement, confidence, and how lessons extended beyond the classroom. Teacher surveys revealed how the program shaped instruction and, in some cases, even prompted changes in teachers’ own financial habits.
More than just a snapshot, this research helped improve the program itself—strengthening quality, usability, and alignment with educators’ needs. The results demonstrate that well-designed financial education can be both engaging and effective.
Bringing Global Insights Home
The Program for International Student Assessment (PISA) is a global benchmark of 15-year-olds’ real-world knowledge and problem-solving abilities, including financial literacy. From survey design and data analysis to training researchers and reviewing results, AIR provided technical and analytical support for U.S. participation, helping education leaders understand how U.S. students compare to their global peers and where improvements are needed.
These insights were recently shared in a public briefing on the 2022 PISA results, informing conversations about closing gaps and strengthening instruction across the country.
The Impact: Real Skills for Real Life
Through research, evaluation, and policy support, AIR helps schools and states deliver stronger financial literacy programs, so students graduate not just with a diploma, but with the tools to make informed financial decisions for life.
- Students graduate with practical skills, from budgeting and saving to managing credit and everyday expenses.
- Teachers are equipped with proven tools and evidence-backed strategies to strengthen classroom learning.
- Policymakers have the data they need to strengthen standards, expand access and prioritize financial literacy in schools.
AIR’s work ensures that financial education is not an afterthought, but a core part of preparing students for lifelong success.
Related Work
Standards and Assessments in Financial Literacy
AIR works with clients on a wide range of financial literacy education issues, including the creation or revision of high-quality standards, analysis of curriculum, and evaluation of the connections to post-secondary readiness and financial literacy. Our experts in financial literacy assessment track how students are doing across the nation and the world.