The Evidence Is Clear More Money For Schools Means Better Student Outc
Learning Policy Institute. (2025). How Money Matters: Education Funding and Student Outcomes [Fact sheet]. A large and growing body of evidence shows that money, when spent equitably and effectively on key school resources, improves student outcomes and closes achievement and opportunity gaps. Research consistently shows that when more money is spent on education, especially for students from low-income families, achievement and graduation rates improve, along with life outcomes such as employment and wages. In the U.S., public schools are primarily funded by state and local governments.
Local funding comes from property taxes, favoring wealthier areas, while federal funds (about 8%) support programs targeted to student needs, like Title I and special education. States allocate funds using various formulas—some aiming to balance inequities and others relying more on unequal local property taxes. High child poverty and a tattered safety net. U.S. schools face unique challenges to provide a high-quality education— costs that schools in other industrialized nations often do not bear. First, the U.S.
has one of the highest child poverty rates among countries in the Organisation for Economic Co-operation and Development (OECD). Additionally, compared to peers in other industrialized nations, U.S. children living in poverty have less access to social supports such as universal health care, housing subsidies, and universally available high-quality preschool. As a result, U.S. schools carry a larger share of the responsibility—and costs—for ensuring students have the necessary supports to learn and grow. Deeply inequitable school funding.
Public schools in the United States are among the most inequitably funded of any industrialized nation, with schools and districts experiencing significant funding disparities due in large part to reliance on local property taxes. State funding rarely equalizes disparities. In fact, only 18 states provide at least 10% more funding to high-poverty districts than low-poverty districts, and nearly one third provide less funding to high-poverty school districts than low-poverty districts. On average, school districts serving the highest proportions of students of color receive $2,700 less per student in state and local funding compared to those with the fewest students of color. The federal government provides some support through Title I and other programs to help address these disparities. However, the federal share of K–12 education funding has declined over the past 50 years, falling to 8% as of 2019-20.
From local elections to legislative debates to legal challenges, discussion of public education in New Hampshire has been dominated by two persistent myths. The first is that more spending is the primary means of producing better educational outcomes. The second is that our educational outcomes are stunted because funding for K-12 public schools has “been slashed,” as a common talking point asserts. Because of these myths, instead of focusing on school leadership and proven, outcome-based measures of success, voters and policymakers have too often devoted their efforts toward improving fiscal inputs. In a new policy brief, the Josiah Bartlett Center for Public Policy reviews the last few decades’ worth of public education spending in New Hampshire, along with student performance measures, to help Granite Staters... When every dollar spent on K-12 district schools is treated as an “investment,” regardless of how it is spent, it should not be surprising that results do not meet expectations.
The data show clearly that New Hampshire, along with the rest of the United States, has made the critical error of equating spending with investment. If the two terms were synonymous, our student performance would look very different. That New Hampshire has made this simple category error for so long is not merely unfortunate. It has had negative consequences for generations of students. Between 2001-2019, public schools in New Hampshire increased their total expenditures per student on an inflation-adjusted basis by 66.8 percent, from $11,336 in 2001 to $18,905 in 2019. This means that New Hampshire public school students had 66.8 percent more in inflation-adjusted taxpayer funding devoted to their education in 2019 than in 2001.
A new report from the Albert Shanker Institute, “Does Money Matter in Education?” confirms what educators have long known: money matters in education, and even more so for students in underfunded communities. The study, a comprehensive review of decades of research, finds that increased investment in schools leads to better student outcomes, while funding cuts harm them. The report finds that additional funding improves student performance, particularly when invested in smaller class sizes, teacher compensation, and infrastructure improvements. Schools prioritizing hiring more teachers and increasing instructional support see higher test scores and long-term academic gains. Likewise, financial investments, such as improved heating, ventilation, and classroom facilities, boost learning conditions and aid in teacher recruitment and retention. One of the most striking findings is that money matters most in communities that have been historically underfunded.
The return on investment in these schools can be up to 20 times higher than in wealthier districts, proving that progressive funding models are essential to closing achievement gaps. The report also highlights the dangerous impact of funding cuts, showing that reductions in school budgets lead to lower graduation rates, increased dropout rates, and reduced lifetime earnings for students . Despite overwhelming evidence that education funding improves outcomes, many states, including Texas, continue to underfund public schools. Texas ranks near the bottom nationally in per-pupil spending. Without meaningful investments, students in low-income communities will continue to face systemic disadvantages, disadvantages that disproportionately affect black and brown communities the most. As lawmakers debate budget priorities, this report serves as a reminder that failing to fund public education equitably is a policy choice with real consequences for students and communities.
When schools receive adequate funding, students can thrive in these well-funded environments. When funding is cut, students suffer. “Does Money Matter in Education?” Highlights the Risks of Trump Administration Education Policies That Would Cut K-12 Funding, Impact on Students Experiencing Poverty and Historically Underinvested Schools WASHINGTON—A new, comprehensive research review from the Albert Shanker Institute shows definitively that increasing funding in K-12 schools improves student outcomes, while cutting funding hurts those outcomes. The third edition of the institute’s “Does Money Matter in Education?” reviews decades of high-quality empirical studies of school funding and student outcomes and stands in stark contrast to the current administration’s policies to... The report’s research is led by professors Bruce Baker (University of Miami) and David Knight (University of Washington), who focused on a group of very important studies published over the past decade.
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Learning Policy Institute. (2025). How Money Matters: Education Funding And
Learning Policy Institute. (2025). How Money Matters: Education Funding and Student Outcomes [Fact sheet]. A large and growing body of evidence shows that money, when spent equitably and effectively on key school resources, improves student outcomes and closes achievement and opportunity gaps. Research consistently shows that when more money is spent on education, especially for students from low-...
Local Funding Comes From Property Taxes, Favoring Wealthier Areas, While
Local funding comes from property taxes, favoring wealthier areas, while federal funds (about 8%) support programs targeted to student needs, like Title I and special education. States allocate funds using various formulas—some aiming to balance inequities and others relying more on unequal local property taxes. High child poverty and a tattered safety net. U.S. schools face unique challenges to p...
Has One Of The Highest Child Poverty Rates Among Countries
has one of the highest child poverty rates among countries in the Organisation for Economic Co-operation and Development (OECD). Additionally, compared to peers in other industrialized nations, U.S. children living in poverty have less access to social supports such as universal health care, housing subsidies, and universally available high-quality preschool. As a result, U.S. schools carry a larg...
Public Schools In The United States Are Among The Most
Public schools in the United States are among the most inequitably funded of any industrialized nation, with schools and districts experiencing significant funding disparities due in large part to reliance on local property taxes. State funding rarely equalizes disparities. In fact, only 18 states provide at least 10% more funding to high-poverty districts than low-poverty districts, and nearly on...
From Local Elections To Legislative Debates To Legal Challenges, Discussion
From local elections to legislative debates to legal challenges, discussion of public education in New Hampshire has been dominated by two persistent myths. The first is that more spending is the primary means of producing better educational outcomes. The second is that our educational outcomes are stunted because funding for K-12 public schools has “been slashed,” as a common talking point assert...