This study examined seventh-grade students' emergent and progressive financial literacy in the context of risk and reward while working on two mathematical modelling tasks. The participants were six seventh-grade students identified as 'good at mathematics' by their teachers. The data sources comprised videotaped group discussions, group presentations, worksheets, and researchers' field notes. The results revealed that students' financial experience and mathematical knowledge influenced the mathematical modelling process in the context of risk and reward. Students with experience in financial contexts, similar to those in the modelling tasks, were more successful in making financial comments and linking mathematical knowledge. We conclude that mathematical modelling tasks would have encouraged students to discuss and adopt different approaches that facilitated more advanced financial thinking. How mathematical modelling activities might activate students' financial knowledge in the context of risk and reward was discussed, and limitations and recommendations for further research are included.