Math anxiety and financial literacy: The role of math avoidance [Author Accepted Manuscript]

Math anxiety is a pervasive phenomenon that negatively impacts individuals’ ability to perform mathematical tasks, yet its implications for functioning in a society where math is often helpful if not necessary remain underexplored. This study examines the relations between math anxiety, financial anxiety, and financial literacy in a nationally representative sample of young adults in the U.S. (n = 393). As math anxiety and financial anxiety have previously been linked to avoidance of mathematical and financial content, we also examined the role of avoidance in their relations to financial literacy. Consistent with prior research, math anxiety, financial anxiety, and gender were related to financial literacy. Further analysis revealed that math-anxious individuals and women showed a greater tendency to avoid responding to financial literacy questions. These findings clarify the negative association between math and financial anxiety and financial literacy, suggesting that a tendency to avoid financial content may help explain the link between math anxiety and financial literacy. This study contributes to a broader understanding of the implications of math anxiety for young people’s educational and financial lives and offers insight into the mechanisms that underlie these relations. Insights for interventions targeting math anxiety and their potential for boosting financial literacy are discussed.