When it comes to managing money, numeracy is an essential skill
At National Numeracy, we understand the important link between numeracy and financial inclusion. Being comfortable with and able to understand numbers can make tasks like money management easier and less stressful.
Number Confidence Week is 3 – 7 November and this year’s theme is Money Matters. During this week, we’re shining a light on the importance of numeracy for financial inclusion and how, even if you don’t feel comfortable with numbers yet, it’s never too late to take the first step towards improvement.
National Numeracy and its partners will be providing a range of fun, free activities and resources for both adults and children, focusing in particular on the importance of number confidence for money management.
A third of UK adults (32%) who are seeking to improve their maths and numeracy skills say being able to better manage their money is the reason. Yet, around half of working-age adults in the country are estimated to have the numeracy level expected of a primary school child.
National Numeracy works to support people with low number confidence or numeracy skills in communities where the need is greatest in order to open up opportunities and build brighter futures.
Numeracy is the strongest predictor of financial literacy, and numeracy level has a strong and positive link to improved financial behaviour, for example, frequency and value of savings.
Over the years our charity has heard stories from learners about how improving their numeracy has helped them gain confidence with everyday finances.
Anne told us: “I’m a homeowner now. At one point I didn’t think that was possible, but understanding how to control my money helped me with all sorts of things.”
Meanwhile, Jo said: “I received a utility bill, and saw it was going to increase by a percentage. I was proud that I was able to convert that percentage to a monetary value. Before I would’ve avoided that, but I was able to work out the exact impact it will have. It made it real.”
Number Confidence Week is a great opportunity to take stock of finances and if the thought of confronting numbers seems daunting, help is available from the Number Confidence Week website.
Because when it comes to money, confidence counts.
