Utilizing Financial Education to Enhance Retention
Nancy Lukas, New Jersey City University
EDTC 628: Research in Educational Technology
In pursuit of a Master's Degree in Educational Technology
Empowering Teachers
through FinTech
Use this website to raise your awareness of the available apps and websites that you can use to optimize your salary as an educator.
FinTech is rapidly growing and is still, comparatively, a burgeoning industry.
Decide what works for you and your specific needs.
The best way to begin is by going to the DECISIONS page. You will be prompted to make choices based solely on finances about career opportunities, car purchase, and minor daily selections that could play a significant role in your future financial state. The guided simulation will provide insights that
can shape your choices.
the spark behind the solution
Teacher retention remains a critical challenge in education, with financial stress significantly contributing to high turnover rates. Many educators face financial insecurity due to low salaries, lack of financial literacy, and inadequate long-term planning resources. This project aims to address that need by leveraging financial technology (FinTech) to address these challenges by providing accessible financial education and tools tailored to teachers’ needs. By analyzing existing FinTech solutions and their potential impact on educators' financial well-being, this website will serve as a repository for resources related to financial literacy programs, budgeting apps, retirement planning platforms, and debt management tools that can enhance teachers’ financial stability and, in turn, improve retention rates. The goal is to introduce educators to FinTech interventions to reduce financial stress and foster a long-term commitment to the profession. The project aims to highlight the need for financial education so policymakers, school administrators, and EdTech developers can leverage FinTech to create sustainable financial support systems for educators. Its goal is to provide a promising pathway to improving teacher satisfaction, well-being, and retention by integrating financial education with technology.
general investing knowledge
Because most teacher‑prep programs omit personal‑finance coursework, many of you feel uneasy about managing money. Having a basic understanding of financial terms, retirement planning, and available tools can alleviate anxiety for people entering the workforce. Knowledge is power, and we all know that teachers are knowledgeable about so many things, sometimes sacrificing important knowledge concerning your own financial wellbeing.
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The Securities and Exchange Commission’s Office of Investor Education and Advocacy
Teachers, you work hard educating future generations. While you’re helping others, don’t lose sight of your own financial future. The resources on our site can help you become a smarter investor and better plan for your retirement.
For most Americans, a retirement savings plan, which you build over time during your working years, is an essential part of securing your retirement. Learn what you can do, while employed and once retired, to make the most of your investments.
TIAA INSTITUTE
STANFORD GRADUATE SCHOOL SCHOOL OF BUSINESS & GLOBAL FINANCIAL LITERACY EXCELLENCE CENTER
next gen personal finance
Financial Site's Reliability
Because most teacher‑prep programs omit personal‑finance coursework, many of you feel uneasy about managing money. A recent survey of nearly 950 of your peers found that 66 % of educators want personal finance PD (46 % “very” interested, 20 % “somewhat”). To protect themselves from predatory advice, teachers should vet online sources for bias, authority, and currency—turning raw information into sound financial guidance.
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NJ Teachers' Pension & Annuity Fund
As a teacher, your pension is one of your most valuable financial assets—don’t overlook it. It offers guaranteed income in retirement, typically based on your salary and years of service. To make the most of it, be sure to understand key details like the vesting period, contribution requirements, and retirement eligibility. Knowing how your plan works can help you better plan for the future and your long-term financial stability.
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Cormorant Garamond is a classic font with a modern twist. It's easy to read on screens of every shape and size, and perfect for long blocks of text.
I would love your input!
Kindly click here to take a survey.
403(b) Retirement Plans
If you work for a school district or non-profit, a 403(b) is usually your best first stop for retirement saving, especially if there’s any employer match. Be sure to scrutinize the investment lineup and costs before committing large contributions. A 403(b) offers powerful tax benefits and unique catch‑up provisions for educators. Teachers should contribute enough to capture any match, favor low‑cost index funds where possible, and review vesting schedules, fees, and rollover rules to maximize long‑term value.
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With a 403(b), you typically invest in either annuities or mutual funds. Annuities are insurance contracts that pay you later and come in three forms—fixed, indexed, and variable. Mutual funds pool investors’ money to buy stocks, bonds, or money‑market instruments and issue shares you can redeem directly through the fund or a broker.
Student Loan Management
Most U.S. teachers start their careers with student debt, and a substantial share are still repaying it. With federal collections back in force, the financial strain on indebted educators may intensify, underscoring the importance of robust loan‑forgiveness programs and accurate information on repayment options.
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I would love your input!
Kindly click here to take a survey.
Why a roth ira?
Roth IRAs and compound interest are most powerful when you start early: your after‑tax contributions grow tax‑free, and those gains themselves earn returns over time. Even small, consistent deposits can snowball into a substantial, tax‑efficient nest egg—no magic needed, just the mathematics of compounding and time on your side.
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Budgeting Apps
At its core, budgeting means spending less
than you earn. Whether you set fixed amounts
for categories like groceries or focus on saving a percentage of your income, the key is balancing income and expenses, savings included.
Budgeting can be time-consuming, but apps
that sync with your accounts make tracking easier. Prefer manual tracking? Spreadsheets or pen and paper work too.
Just remember: a budget isn’t just tracking-
it’s a plan for your financial future.
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Take control of your finances with user-friendly budgeting apps that help you track expenses, set financial goals, and achieve financial freedom.
Monarch
YNAB
You Need A Budget
Share with Others
Do your colleagues need some financial education as well? Share this at your next meeting. The activity gamifies professional learning by weaving nine high-quality, educator-friendly resources into a playful format. Together they cover core pillars—saving for retirement, credit management, budgeting, taxes, borrowing, fraud protection, and self-assessment—giving your peers a well-rounded jump-start on their personal financial literacy.
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How it’s meant to be used
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Pick any three in a row (like Tic-Tac-Toe) during a PLC or PD session.
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Complete each activity/link individually or in small teams.
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Regroup to discuss takeaways, classroom applications, and next steps (e.g., opening a Roth IRA, ordering a credit report, adjusting withholding).
What is a credit score?
A credit score is a number between 300-850 that estimates how likely you are to repay a loan and make the payments on time. Credit scoring systems calculate your credit score in different ways, but the scoring system most lenders use is the FICO score. It plays a big role in your financial life. A higher score means better terms. To boost your score, pay every bill on time, reduce outstanding balances, and avoid opening multiple new accounts in quick succession.
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Ethical Investing
Ethical investing aligns teachers financial goals with personal values without sacrificing a well‑diversified, growth‑oriented portfolio if done responsibly.
As role models, teachers often want their savings to reflect their commitment to social justice, sustainability, and community well‑being. Choosing companies that prioritize ethical practices can reinforce the lessons you teach about citizenship and stewardship.
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Trusts & Estate Planning
Estate planning involves creating a comprehensive plan for managing and distributing assets after death and ensuring your wishes are followed. It's crucial for protecting your legacy and family's financial stability. Key aspects include creating a will, establishing trusts, and designating guardians and powers of attorney for medical and financial decisions.
This video from WHYY offers up-to-date information on these topics.
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529 to Roth Rollover
If you are super fortunate, you may have unused 529 Plan money left over after graduation. Maybe you got a scholarship. Perhaps someone saved too much for your college expenses.
As a teacher, you may be eligible to pursue a Master's Degree at a minimal expense, depending on your school district's tuition reimbursement policies.
If that is your situation, you should consider funding your Roth account with the leftover 529 funds.
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What about a Side Hustle?
Teachers can boost their income by using their skills in side hustles like tutoring, selling lesson plans, creating online courses, freelancing, or working as virtual assistants or content creators.
It is important to keep in mind that balancing multiple jobs can lead to fatigue and reduced effectiveness in the classroom, potentially impacting student learning outcomes. If you do choose a second job, this section can help you navigate that.
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Keep in mind that if you're earning income—whether through Venmo, check, or any method—you're required to report it to the IRS and pay taxes. While this rule isn’t new, the IRS is improving how it tracks these payments. Originally set to start in 2023, a new rule would have required platforms like Venmo to send both users and the IRS a Form 1099-K for business income over $600. However, the IRS delayed this change and is rolling it out gradually: 2024 tax year: 1099-K required for $5,000+ in payments 2025 tax year: threshold lowers to $2,500 2026 and beyond: expected to drop to $600 This phased approach means side hustles and freelance income will soon be more visible to the IRS.
Are Classroom Expenses tax deductible?
Eligible educators can claim an above‑the‑line “educator expense” deduction of up to $300 per year for unreimbursed classroom costs. Teachers typically spend more than the IRS’s $300 educator‑expense deduction covers. A Savings.com survey shows they expected to spend $560 on average. The deduction rose $50 last year, but many argue it should increase to $1,000 to reflect reality. Teachers’ out‑of‑pocket costs range from basic supplies to creating welcoming classrooms.
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Teachers can use this interactive “shopping cart” to tally up some common classroom expenses.
Try your hand at selecting supplies and watch the total at the bottom of this calculating sheet.
What about Teacher Discounts?
These platforms offer extensive and regularly updated discount listings tailored for educators. Many stores out there also offer informal discounts to teachers and school staff members, so bring your official school wherever you go shopping. Teacher discounts are a mutually beneficial strategy—teachers save money, and businesses gain goodwill, loyal customers, and positive publicity—all while aligning themselves with a respected public‑service profession.
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Teacher Discounts Guide:
The Ultimate List of Stores
An Important Message
from the Website's Creator...
1. Educational & Research Purpose Only
This website was created as a graduate‐level project for New Jersey City University’s EDTC 628: Research in Educational Technology course. All articles, tools, slide decks, calculators, videos, and linked content are provided solely for general educational discussion and academic research on teacher financial literacy and retention. Nothing on this site should be construed as personalized financial, investment, tax, legal, or employment advice.
2. No Professional–Client Relationship
Visiting the site, downloading resources, completing surveys, or contacting the author does not create a fiduciary, advisory, teacher–employer, or attorney–client relationship. Always seek counsel from a qualified professional who understands your specific circumstances.
3. Author & Contributor Status
The site owner and any guest contributors are not registered investment advisers, broker-dealers, CPAs, or attorneys. Content reflects the author’s independent research and opinions and may not represent those of NJCU or any school district.
4. Accuracy, Completeness & Timeliness
Every effort is made to present current and accurate information; however, laws, district policies, and market conditions change rapidly. The website makes no warranties—express or implied—regarding completeness, reliability, or timeliness and assumes no obligation to update older posts. Use information at your own risk.
5. No Recommendations or Endorsements
Mentions of specific apps, platforms, retirement plans, side-hustles, or securities are illustrative only and do not constitute endorsements or recommendations to buy, sell, hold, or implement any strategy.
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This site links to external articles, calculators, and videos. FinTech for Educators does not control or guarantee the accuracy, legality, or security of third-party content. Access such resources at your discretion.
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The site owner and affiliates shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from your use or inability to use this website or any linked resource.
8. Affiliate or Sponsorship Disclosure
If any page contains affiliate links or sponsored material, a clear disclosure will appear on that page. Commissions, if earned, come at no additional cost to you and do not influence the objectivity of the content.
9. Tax & Legal Disclaimer
Tax regulations and employment benefits vary by state, district, and individual contract. Consult a licensed tax professional or attorney for advice tailored to your situation.
10. Forward-Looking Statements
Any projections, compound-interest examples, or salary forecasts are hypothetical illustrations based on stated assumptions. Past performance or illustrative scenarios are not guarantees of future results.
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Unless otherwise noted, all original text, graphics, and multimedia are © [year] Nancy Lukas. You may quote or share brief excerpts (under 200 words) for non-commercial, educational purposes with proper attribution and a link back to the source page. For any other use, obtain written permission.
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