Guest blog: The importance of numeracy for financial inclusion

Numeracy is an essential everyday skill, not least for financial literacy. However, many adults struggle with numbers and this can hold them back from some of life’s opportunities. Businesses can play their part by investing in numeracy to help their staff, communities and customers.

Sam Sims, CEO, National NumeracyBy Sam Sims, CEO, National Numeracy
 

“I’ve always hated maths,” “I’ll never be able to understand numbers,” and “I just don’t have a ‘maths brain’” are all throwaway phrases we hear time and again, but which underline a serious issue – we are facing a numeracy crisis in the UK.

Almost half the working age population (49%) of the UK has the expected numeracy level of a primary school child and poor numeracy is estimated to cost the UK economy around £25bn a year.

With the cost-of-living crisis, millions of people, particularly the disadvantaged, are at significant risk from unemployment, debt, fraud and poor health because of low numeracy.

Numeracy is an essential skill
 

At National Numeracy we recognise the importance of everyday numeracy. While we may not use algebra or trigonometry regularly, we do budget for the weekly shop, help children with homework, open bills and payslips, follow recipes and much more.

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 (https://www.fincap.org.uk/en/insights/numeracy-and-financial-capability-exploring-the-links).

The power of partners
 

Our charity focuses support on disadvantaged individuals and communities most in-need, where we can have the greatest impact. We use the UK Numeracy Index to help with this – a model which predicts and ranks areas of the UK by numeracy skills and confidence.

This support is made possible by our incredible partners, who play a crucial role in tackling low number confidence and skills in the UK via national campaigns, programmes in communities and schools, staff engagement, research and more.

Our annual campaigns, National Numeracy Day and Number Confidence Week, are supported by our partners and celebrity ambassadors and see thousands of individuals, organisations and schools get involved by taking part in numerous activities and engaging with various resources, all aimed at promoting the importance of everyday numeracy. 
 
Meanwhile, over 500,000 people have signed up to the National Numeracy Challenge, our free online tool which uses everyday maths questions to help improve number skills and confidence.

Businesses can invest in numeracy
 

There are a variety of ways businesses can invest in numeracy to help their staff, many of whom may lack confidence with numbers or feel embarrassed to ask for help.

Improving numeracy can help people get into or on at work and National Numeracy offers training courses and workshops designed to improve people’s number confidence.

Numeracy is inextricably linked to financial literacy, both essential everyday skills. It is National Numeracy’s aim to help everyone in the UK to improve their number skills and confidence in order to be able to get on at work, home and school.

Find out more:
 

National Numeracy's Partnerships Team is dedicated to creating purposeful relationships that meet shared goals, tailored to an organisation’s strategic priorities, Environmental, Social and Governance (ESG) targets and Corporate Social Responsibility (CSR) aims. Partners can expect bespoke support, unique opportunities and high impact.

If you are interested in partnering with National Numeracy, contact the Partnerships team at: partnerships@nationalnumeracy.org.uk Find out more at: www.nationalnumeracy.org.uk

This article was first published in Society Matters magazine.
 

You may also be interested in...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

Risk, regulatory, audit and accounting seminar

After a successful in-person event in 2024, and responding to delegate feedback, this year's annual update will once again take place in Birmingham. ...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

What Labour’s Autumn 2025 Budget means for financial services

A free webinar hosted by BSA Associate, MHA With Chancellor Rachel Reeves set to unveil Labour’s Autumn 2025 Budget in November, this promises to b...

BSA Card
  • BSA.Event Event
  • Mortgages & Housing

Shaping the Future of the Mortgage Market: Insights on DP25/2

Join PwC and the Building Societies Association for a timely discussion on the FCA’s recent Future of the Mortgage Market discussion paper (DP25/2). ...

BSA Card
  • BSA.IndustryResponse Industry Response
  • Conduct Risk & Regulation

BSA responds to FCA CP25/17 - Targeted Support

The BSA welcomes the opportunity to respond to this consultation, which gives a use case of consumers with significant savings held in cash, and some ...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

HMRC 3rd party data reporting requirements

A free webinar hosted by BSA Associate, PwC We will provide an update on the 3rd party data consultation that was announced in the Spring Statement...