Free Help Is Available For You to Improve Your Numeracy Skills And Teach Your Children How To Manage Finances
- The Penny Pincher Team
- May 21
- 5 min read
Updated: Jun 2
Understanding Numeracy and Its Impact on Our Lives
National Numeracy Day is dedicated to fostering confidence with numbers. Let's face it—most of us could use a little help in this area! It takes place every May in the UK. This event serves as a reminder that enhancing your numeracy skills isn't just important for school children. It can empower you to budget effectively, spend wisely, and take control of your finances. If you've ever felt lost with bills, percentages, or interest rates, now is the perfect opportunity to brush up on your skills.
My Journey with Numeracy
I spend a lot of my time working with numbers. My job in sales requires precise calculations. Inaccuracies could cost my employer a significant amount, which is not ideal.
Numeracy has not always been my strong suit. In school, I struggled with maths, and I often saw it negatively alongside my peers. Many of us could relate; we did not receive effective teaching.
Surprisingly, I just barely passed my exams. Numeracy has been a weak point throughout my life, yet I learn something new every day. Recently, I discovered that I have ADHD. This realisation shed light on my general, lifelong awkwardness with numbers. While it isn't an excuse for my struggles, it does offer some reassurance that there's actually a reason numeracy hasn't been easy for me.
I hope that with treatment, I’ll improve my numeracy skills; however, I would be happy just to become a bit more comfortable working with numbers and figures, as it can be quite stressful.
Numeracy skills are crucial for managing household finances effectively. A detailed understanding of your expenses and income is critical in creating a household budget that actually works! If you don't manage your budget properly, you stand a good chance of spending more money than you intended, or worse still, than you actually have!
The Importance of Tracking Expenses
By accurately tracking their expenses and income, families can make informed decisions about spending and saving. This ensures that bills are paid and that some money is left in the bank at the end of the month. Low numeracy can expose individuals to debt, unemployment, poor health, and fraud.
Key Facts and Figures about Numeracy Skills in the UK
Numeracy and Its Impact
Approximately half of working-age adults in the UK have the numeracy skills expected of a primary school child.*
The UK loses £25 billion annually due to low numeracy. (source)
More than 25% of adults leave school without a Maths GCSE. (source)
35% of adults deal with maths anxiety. (source)
59% of parents find maths the hardest subject to teach their children. (source)
Gender Disparities
Financial Awareness
A third of UK adults (32%) aim to improve their math skills to manage money better, with 34% being women compared to 30% men. (source)
35% of parents cite money management as a motivation for improvemen, this rises to 44% for those with young children. (source)
42% of young people (ages 18-24) seek better numeracy skills for financial management. (source)
Full-time students, the largest group needing numeracy for budgeting, comprise 46%. (source)
National Numeracy Annual Survey, 2024. YouGov Plc. The total sample size was 2117 adults. Fieldwork was conducted between December 19th and 20th, 2024. The survey was online, and the figures are representative of all GB adults (aged 18+)
Different Abilities in Financial Management
Managing a household budget can be easier for some than others. Many families face challenges in this area. I believe a significant number of numeracy issues originate from school, particularly in teaching methods. My own education covered geometry, algebra, and fractions but barely scratched the surface of household budgeting.
Understanding how to budget, read gas bills, and even shop smartly could have greatly benefited me. I missed out on crucial lessons about interest rates and credit card charges.
Sadly, these topics were rarely discussed during my schooling, leaving me naive about budgeting.
Teaching Children About Budgeting
I graduated from school in 1990, a markedly different era. The way budgeting and numeracy are taught today has improved, yet I still see many children struggle with these concepts.
Today's cost-of-living crisis has heightened awareness about household budgeting. My own eight-year-old understands why we need to save. He grasps that sometimes we must sacrifice luxuries, such as new toys or fast food.
We even give him a small budget when purchasing toys. He has learned to make selections based on that budget. This is a step towards numeracy and budgeting that will benefit him in the future.
3 Easy Ways to Inspire Numeracy in Children
Assign a Savings Goal: Set a savings target for your child. If they wish to buy a toy, help them calculate how much to save weekly and how long it will take. This teaches the value of financial goals.
Let Them Help with Shopping: Involve your child when grocery shopping. Teach them to compare prices and read labels. Provide them with a budget of £5 for a meal's ingredients, allowing them to practice staying within that budget. My son did well in this activity, and he actually enjoyed it as well, so it was a win-win!
Give Them an Allowance: An allowance can teach children effective money management. Establish a system where they receive a set amount on a weekly or monthly basis.
Help them create a budget for their allowance. Consider using a service like nimbl for a personal debit card. My son has gained confidence using his card, learning valuable lessons about spending and budgeting throughout the process.
Is It Too Late for Adults to Improve Numeracy?
Mastering numeracy skills can lead to better financial decision-making. Understanding interest rates, investment returns, and loan repayments helps individuals make informed choices regarding borrowing, saving, and investing.
If you're an adult struggling with numeracy, know that you’re not alone! There are resources available. Low numeracy can influence career choices, but it's never too late for improvement.
We learn new things every day, whether through media or online platforms. For instance, many have benefited from the Martin Lewis Money Show, gaining valuable insights into managing their finances. It’s a testament to the fact that learning about numeracy is a lifelong journey.
Celebrating National Numeracy Day 2025
Get involved in National Numeracy Day, happening on May 21st, 2025. It’s organised by National Numeracy, an independent charity dedicated to improving numeracy across the UK.
What Is National Numeracy Day?
National Numeracy Day promotes awareness of numeracy, encourages open conversations about our feelings toward numbers, and challenges negative stereotypes. This day aims to help people understand the numbers involved in various aspects of everyday life.
It's about promoting numeracy in schools, homes, and workplaces. Everyone should feel more confident with numbers.
The National Numeracy Day website provides helpful resources, practical tips, and inspiring stories to enhance numeracy skills.
The available resources cater to all age groups, offering engaging activities for children and providing free downloadable materials to help individuals reach their full potential.
It’s a free, flexible online learning tool to develop the numeracy skills necessary for everyday life, and over half a million people have utilised it.
The National Numeracy Challenge is also available; you can sign up for free to engage in this valuable learning opportunity, which is accessible at your own pace. Over 650,000 participants have benefited from this initiative.
Good numeracy skills are vital for effective household budgeting—from creating a budget and tracking expenses to making informed decisions about spending and managing debt.
By teaching children about household expenses and how to manage their finances, we can better prepare them for a financially stable future. Simultaneously, improving adult numeracy skills lets us reclaim control over our finances, reduce stress, and achieve our financial goals.
