Memorizing multiplication tables in grade school may have been worth it after all—and it might even help make you better at managing money.
That’s according to a new study from researchers at Binghamton University and the University of Alabama, who used advanced imaging technology to measure peoples’ brain structure and functional connectivity when they complete financial tasks, like balancing a checkbook or making change.
The results showed that the parts of the brain associated with automatic verbal retrieval were positively associated with financial ability, meaning those who practice math skills learned in school may be better off with good financial management throughout life.
“If you have bigger brain volumes or higher connectivity in these regions involved in those verbal representations, or access to those verbal representations, [the findings suggest] you do better at financial tasks,” says Ian McDonough, one of the paper’s co-authors and associate professor of psychology at Binghamton University.
When someone hasn’t memorized arithmetic—like that two plus two equals four—they use the calculations part of their brain, which increases the possibility of error, says McDonough. If an individual starts to make more mistakes in their financial tasks, it could be a sign of a shrinking frontal cortex region.
Data reinforces the link between lifelong mental exercises and financial success
The researchers found that higher household income and financial literacy were two main factors that protect against age-related declines in financial ability. But having memorized financial best practices starts with being educated in the first place.
While many agree that financial literacy education is important, some disagree on the best ways to obtain it. Twenty-six states mandate personal finance education in high school, but a widely-curated study from Harvard Business School suggests that mathematics training is key to greater financial market participation, investment income, and credit management.
No matter what, learning financial tasks—and continuing to practice them are keys to having lifelong brain health. More broadly, McDonough suggests that engaging in mental exercises can help keep one’s brain sharp—and ultimately may boost financial abilities.
“Challenging your brain, doing something that’s less familiar, doing something that’s effortful can help keep your brain sharp,” he said.
Watching a documentary or listening to classical music can be better than doing nothing, he said active and challenging brain functions are key. For example, learning how to quilt or learn how to become a professional photographer can be stimulating activities. Getting enough sleep, properly exercising, and having a good diet are important, too, McDonough added.
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The unintended impacts of using technology for personal finance
While new technology may help individuals with their personal finance, like automated budgeting and expense tracking, McDonough said it may not always be good for brain health.
“There’s a lot of this cognitive offloading, where we let something else do all the cognition for us and and in general, that’s probably not always a good thing, because then we’re not working with the numbers, we’re not aware of it, we’re not processing it,” he said.
And while wealthier individuals, for instance, may use technology to help with more complex calculations, it is still important for people to still practice their financial skills.
“Use it or lose it,” says McDonough. “The more you don’t do things that are effortful and difficult and try to keep your mind sharp, your mind might lose its edge.”
Because one’s decline in financial skills can be a telltale sign of a form of dementia, the study said, monitoring behavior is important, especially since elderly adults lose close to $3 billion each year in financial fraud.
“Having a relying too much on technology just might mask what might be going on,” says McDonough.
Above all, no matter one’s age, taking the time to balance your budget can not only give you peace of mind of your own financial situation but also ensure that you’ll be able to do so proficiently for years to come.
