Overcoming Math Anxiety: Improving Financial Literacy and Ultimately Financial Wellness 

Math anxiety is a common issue that affects people of all ages. It can manifest as a fear of math, a feeling of helplessness when faced with math or financial problems, or a belief that one is inherently bad at math. I can’t tell you how many times I have heard “I can’t do math” from young children, college students and adults.  This anxiety can be debilitating, leading to avoidance of math-related tasks and a lack of progress in developing financial skills. It can be a substantial roadblock toward achieving financial wellness. So, begin with the end in mind. On the road toward financial wellness, use authentic learning opportunities, specifically gamification, to overcome math anxiety. 

The Connection Between Math Anxiety and Financial Literacy 

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. These skills are essential for making informed decisions about money and achieving financial wellness; however, many aspects of financial literacy require a basic understanding of math. For example, calculating interest rates, understanding loan terms, and creating a budget all involve math skills. When individuals have math anxiety, they may avoid these tasks or struggle to perform them accurately, leading to poor financial decisions and a lack of financial wellness. 

Overcoming Math Anxiety 

Participating in authentic learning opportunities is one way to overcome math anxiety, such as using games to make math fun and engaging. Games are a powerful tool for learning because they are interactive, engaging, and often involve problem-solving. When used effectively, games can help individuals overcome their fear of math and develop a positive attitude towards learning. 

The Benefits of Improved Financial Literacy 

Once individuals overcome math anxiety and develop their skills, they can improve their financial literacy. Improved financial literacy has several benefits, including: 

Better Budgeting:

Understanding math allows individuals to create and manage a budget effectively. They can track their income and expenses, identify areas where they can save money, and make informed spending decisions.  

Financial Planning:

Improved financial literacy allows individuals to plan for their financial future. They can set financial goals, create a plan to achieve them, and monitor  their progress. This can lead to a sense of financial security and peace of mind.

Effective Debt Management:

Understanding math helps individuals manage their debt effectively. They can calculate interest rates, understand loan terms, and create a plan to pay off their debt leading to reduced financial stress and improved financial wellness. 

Informed Investing:

Math skills are essential for understanding investment options and calculating potential returns. Individuals with improved financial literacy can make informed decisions about where to invest their money and how to grow their wealth. 

Achieving Financial Wellness 

Financial wellness is the state of being in control of one’s finances, having a sense of financial security, and being able to meet financial goals. It involves not only having enough money to cover expenses but also being able to save for the future and handle unexpected challenges. Achieving this requires financial literacy and effective financial management, and it can take a while. 

Basically, the concept of practice makes perfect applies. Although I like to think of it as “good practice leads to improvement”. They can make informed decisions about their money, manage their finances effectively, and plan for their financial future, which can lessen financial stress, bolster financial security, and bring about an overall sense of calm. 

How to Get There 

It starts by working on shifting the mindset from I can’t, to I can. I find that games can provide an effective medium to do just that. Number games can develop math skills and open the door to learning about financial literacy concepts. This can lead to better budgeting, informed investment, effective debt management, and financial planning. Ultimately, improved financial literacy can lead to financial wellness, providing individuals with a sense of financial security and peace of mind. So, let’s embrace the power using games for learning and overcome math anxiety to achieve financial wellness! 

Jacquie Carroll is the Founder & CEO of GameKraft/Carroll Consulting as well as an AFCPE® Board Member. She has over 25 years of higher education, financial aid, and financial planning experience.  Learn more about Jacquie by accessing her FindAnAFC profile to view her services and expertise. Visit her profile on LinkedIn.