One in three adults in the UK, according to new research from Barclays, are not confident in assisting children with their maths homework. The study found that 32% of Brits feel uncertain about helping with maths, while nearly 40% express a desire to improve their numerical skills.
This lack of confidence extends beyond academics and affects financial management. Approximately 27% have faced financial issues or avoided financial tasks due to their discomfort with numbers. Moreover, 43% believe that better number skills would strengthen their current financial situation.
The research highlights that half of the respondents see potential improvements in money management if they had stronger numerical abilities. Key areas include understanding interest on credit cards, loans, and savings (19%), making informed financial choices (16%), and planning for the future (16%).
Young adults aged 18-27 show significant concern regarding their numerical skills and finances. A striking 76% think their finances would benefit from improved number skills, with 80% acknowledging the importance of basic numeracy for informed decision-making. In this age group, 61% wish to enhance their number skills compared to the national average of 39%.
The findings underscore the importance of learning these skills early, as 80% of adults believe that increased resources for practical numeracy education in schools will boost financial confidence later in life.
In response, Barclays LifeSkills has teamed up with National Numeracy to launch an initiative aimed at enhancing number confidence among over 13,000 children, parents, and teachers across more than 60 primary schools. This partnership will train 'numeracy champions' and provide free resources accessible via the Barclays LifeSkills platform.
Vim Maru, CEO of Barclays UK stated: “We know that people’s relationship with money starts to be formed around the age of seven so it’s crucial that we are providing children with the number confidence to help them manage and grow their finances in later life."
Sam Sims, CEO of National Numeracy added: "Having the confidence to use numbers in daily life is a vital skill - whether for work, helping children with homework, or managing money... Our new partnership with Barclays will help thousands of people build that confidence."