Empowering Students with Financial Literacy: Goalsetter & Mastercard Initiative
Tanya Van Court experienced a life-altering moment in 2001. With a master’s degree in industrial engineering from Stanford University, she held a vice president role at a Silicon Valley broadband company and had seen her stock options rise to a value of $1 million. But when the dot-com bubble collapsed, her portfolio plummeted—losing 98% of its value in just one day.
Reflecting on the experience, Van Court recalls thinking, “Tanya, that was a fatal mistake.” She realized she lacked essential financial knowledge and had never been taught how to manage money effectively. Determined not to repeat the same mistake—or let others do so—she was inspired to launch Goalsetter, a financial education app for families.
Goalsetter, part of Mastercard’s Start Path startup program, helps parents manage allowance payments that children can save, invest, or spend using a Mastercard debit card. The app includes engaging content—memes, videos, and games—designed to make learning about money interactive and enjoyable.
In recent years, Van Court’s focus has expanded to supporting college students as they prepare for adulthood, especially Black students who often face greater financial challenges. Data highlights the disparity: for every $100 in wealth held by white families, Black families have about $15, and Black graduates face significantly higher student loan debt than their white counterparts—on average, 188% more four years after graduation.
Meanwhile, Dawn Boudwin, a director at Mastercard focused on community and belonging, recognized that many college students lacked access to quality financial education. When she learned of Van Court’s work, she partnered with her to launch the Financial Freedom Project—a virtual bootcamp to help students build financial skills before entering the workforce.
The pilot program was hosted at three Historically Black Colleges and Universities (HBCUs) in Atlanta—Spelman College, Morehouse College, and Clark Atlanta University. Van Court and her team guided 88 students through online workshops focused on core financial concepts and long-term money management strategies.
Boudwin emphasized the need for such initiatives: “Students were saying they didn’t know where to find this kind of information. There was a real need, and it wasn’t being met.”
The uphill climb to financial literacy
Students using Goalsetter’s platform typically master about 83% of the financial concepts taught. “By the time they leave home, they’re equipped to handle real-world finances,” Van Court explains.
However, when Goalsetter administered a financial literacy quiz—at a high school senior level—to students from institutions including Stanford, Harvard, Penn, and the three HBCUs, the average score was only around 50%.
Van Court stressed the importance of providing financial education on students’ own time and terms: “The more people we help build solid financial foundations, the stronger our communities become.”
Her own early financial missteps fueled her mission. “These students are earning elite degrees, but if they graduate without knowing how to handle their first paycheck, they’re already behind,” she says. “Teaching them the language of money can be the first step toward building generational wealth.”
Shifting the narrative
Higher education can be a strong driver of upward mobility. Around 30% of HBCU graduates rise at least two income levels above their parents by age 30—nearly double the rate of students from other institutions. Van Court wondered: Could targeted financial education amplify that success?
To find out, she and her team launched the bootcamp using customized lessons from the Goalsetter curriculum. They led ten 30-minute Zoom sessions covering topics like investing, managing debt, and preparing for retirement, while also offering recordings for on-demand learning.
By the end of the program, students boosted their financial literacy scores by nearly 30%. Confidence levels also soared—73% of participants felt ready to invest through an app (up from 32%), and 85% were comfortable selecting a savings product (compared to 49% before the bootcamp).
These insights are now helping Mastercard shape its approach to financial education, not only for its own outreach efforts like the Master Your Card initiative but also for client institutions looking to better serve students. “This helps us tailor how we support campuses to maximize the impact on students’ financial behavior,” says Boudwin.
Van Court hopes more schools will take note. “We have to make financial education accessible and convenient,” she says. “Helping Americans build a strong financial foundation strengthens our society as a whole.”
Reflecting on the experience, Van Court recalls thinking, “Tanya, that was a fatal mistake.” She realized she lacked essential financial knowledge and had never been taught how to manage money effectively. Determined not to repeat the same mistake—or let others do so—she was inspired to launch Goalsetter, a financial education app for families.
Goalsetter, part of Mastercard’s Start Path startup program, helps parents manage allowance payments that children can save, invest, or spend using a Mastercard debit card. The app includes engaging content—memes, videos, and games—designed to make learning about money interactive and enjoyable.
In recent years, Van Court’s focus has expanded to supporting college students as they prepare for adulthood, especially Black students who often face greater financial challenges. Data highlights the disparity: for every $100 in wealth held by white families, Black families have about $15, and Black graduates face significantly higher student loan debt than their white counterparts—on average, 188% more four years after graduation.
Meanwhile, Dawn Boudwin, a director at Mastercard focused on community and belonging, recognized that many college students lacked access to quality financial education. When she learned of Van Court’s work, she partnered with her to launch the Financial Freedom Project—a virtual bootcamp to help students build financial skills before entering the workforce.
The pilot program was hosted at three Historically Black Colleges and Universities (HBCUs) in Atlanta—Spelman College, Morehouse College, and Clark Atlanta University. Van Court and her team guided 88 students through online workshops focused on core financial concepts and long-term money management strategies.
Boudwin emphasized the need for such initiatives: “Students were saying they didn’t know where to find this kind of information. There was a real need, and it wasn’t being met.”
The uphill climb to financial literacy
Students using Goalsetter’s platform typically master about 83% of the financial concepts taught. “By the time they leave home, they’re equipped to handle real-world finances,” Van Court explains.
However, when Goalsetter administered a financial literacy quiz—at a high school senior level—to students from institutions including Stanford, Harvard, Penn, and the three HBCUs, the average score was only around 50%.
Van Court stressed the importance of providing financial education on students’ own time and terms: “The more people we help build solid financial foundations, the stronger our communities become.”
Her own early financial missteps fueled her mission. “These students are earning elite degrees, but if they graduate without knowing how to handle their first paycheck, they’re already behind,” she says. “Teaching them the language of money can be the first step toward building generational wealth.”
Shifting the narrative
Higher education can be a strong driver of upward mobility. Around 30% of HBCU graduates rise at least two income levels above their parents by age 30—nearly double the rate of students from other institutions. Van Court wondered: Could targeted financial education amplify that success?
To find out, she and her team launched the bootcamp using customized lessons from the Goalsetter curriculum. They led ten 30-minute Zoom sessions covering topics like investing, managing debt, and preparing for retirement, while also offering recordings for on-demand learning.
By the end of the program, students boosted their financial literacy scores by nearly 30%. Confidence levels also soared—73% of participants felt ready to invest through an app (up from 32%), and 85% were comfortable selecting a savings product (compared to 49% before the bootcamp).
These insights are now helping Mastercard shape its approach to financial education, not only for its own outreach efforts like the Master Your Card initiative but also for client institutions looking to better serve students. “This helps us tailor how we support campuses to maximize the impact on students’ financial behavior,” says Boudwin.
Van Court hopes more schools will take note. “We have to make financial education accessible and convenient,” she says. “Helping Americans build a strong financial foundation strengthens our society as a whole.”
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