MSE News: England and Northern Ireland facing...

Adults in England and Northern Ireland have worse financial literacy than those in many other developed countries - and a third can't work out the correct change from a shopping trip - according to a new report...
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'England and Northern Ireland facing a financial literacy 'crisis' says report'
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  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Because people are relying more and more on Contactless and Mobile payments and so they can't work it out. Proves that people who handle cash more often know what they are using and spending, I know I do.
  • Sea_Shell
    Sea_Shell Posts: 9,349 Forumite
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    IMO there is a big difference between being good at mental arithmetic and being financially literate.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • One-Eye
    One-Eye Posts: 66,435 Forumite
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    "One in three can't work out the correct change from a shopping trip" which means that 3 in 4 could work it out.

    "One in three can't work out the correct change from a shopping trip" and that one was the shopkeeper.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    Most people are as thick as the proverbial. I'm amazed they make it through the day.
  • LadyDee
    LadyDee Posts: 4,293 Forumite
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    The current generation (and probably the one before) certainly. Those of us who learned the basic "3 Rs" and weren't allowed to use calculators in exams, know exactly how much change we are due. These so-called "studies" are meaningless.
  • LesU
    LesU Posts: 338 Forumite
    So, was the requirement to work it out in your head or could you write it down or use a calculator? It makes a big difference to the test. Some people in some countries don't have a calculator to hand all the time and have become adept at adding up in their head. It doesn't mean that other people are mathematically illiterate because they use a calculator on their phone. I can't mentally work out how many throws I need to win at darts, but seasoned players have it in a flash.

    I also notice that 16 year olds are now being counted as adults, except, of course, if they knife someone, in which case they revert back to being children.
    I wish we could make up our minds when adulthood starts.

    I wonder if, as part of this survey they have checked the pass rates at various age levels. We seem to have to put up with this in every other poll. It would be interesting to find out if the young really are more arithmetically literate than the older generation.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    One-Eye wrote: »
    "One in three can't work out the correct change from a shopping trip" which means that 3 in 4 could work it out.
    Tell me that was said with humour ...
  • Pollycat
    Pollycat Posts: 34,662 Forumite
    Name Dropper First Anniversary First Post Savvy Shopper!
    Examples of the kind of questions adults were asked include:
    • Suppose upon your trip to the grocery store you purchase four types of tea packs: Chamomile Tea ($4.60), Green Tea ($4.15), Black Tea ($3.35) and Lemon Tea ($1.80). If you paid for all these items with a $20 bill, how much change would you get?
    Maybe the issue wasn't so much totalling 4 items but more with the $ sign and understanding what a 'bill' was. Most think a bill is what you pay - not paper money that you pay with.
    And were bemused why Bristol Football Club were charging for season tickets in US$.
    Only joking. :whistle:
  • dekaspace
    dekaspace Posts: 5,705 Forumite
    I've been Money Tipped!
    LadyDee wrote: »
    The current generation (and probably the one before) certainly. Those of us who learned the basic "3 Rs" and weren't allowed to use calculators in exams, know exactly how much change we are due. These so-called "studies" are meaningless.

    I find it mad how coursework now is done by internet enabled pcs, also means the kids have terrible handwriting.

    And whilst I appreciate theres many good teachers I don't think thats "Teaching"
  • unholyangel
    unholyangel Posts: 16,863 Forumite
    Name Dropper First Post First Anniversary
    LesU wrote: »
    So, was the requirement to work it out in your head or could you write it down or use a calculator? It makes a big difference to the test. Some people in some countries don't have a calculator to hand all the time and have become adept at adding up in their head. It doesn't mean that other people are mathematically illiterate because they use a calculator on their phone. I can't mentally work out how many throws I need to win at darts, but seasoned players have it in a flash.

    If you need a calculator for simple sums like that then unfortunately you're not mathematically literate, the calculator is.

    Knowing how to do something yourself and knowing how to get something to do it for you isn't the same thing. You wouldn't say you're medically literate just because you have Dr Google.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
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