The sum of all fears: number-phobia is holding Britain back
One in three people say numbers make them feel anxious. That’s damaging their financial well-being and the nation’s prospects for economic growth. So this National Numeracy Day, let’s celebrate numbers, says Bina Mehta
For far too many people, the mere prospect of ‘doing maths’ evokes a sense of absolute dread. And while some might be tempted to brush off any unease by joking about their lack of numeracy skills, it’s no laughing matter – nearly half of the UK’s working population have the numeracy levels expected of a primary school child. And evidence shows low number confidence disproportionately affects disadvantaged communities, driving deeper inequity in our society.
Research commissioned by KPMG has revealed many unwelcome truths, including that a third of people feel anxious and a fifth feel physically sick by the sight of numbers. In our latest study, a fifth of adults say their ‘number-phobia’ has been hindering their financial wellbeing too – from calculating discounts and negotiating prices, to understanding the terms of a loan.
Numeracy is not about being a fully-fledged mathematician – it is about having the basic skills required to navigate daily life, and the current cost of living crisis has put that need sharply in focus. A quarter of people admit that stronger numeracy skills could have helped them manage their money better – from anticipating price increases to budgeting more effectively – while a fifth say they rely on others to manage their finances due to their lack of number know-how.
Worryingly, those with poor numeracy skills may find themselves more vulnerable to debt, unemployment and even fraud. Beyond the sobering impact on individuals, poor numeracy also costs our economy a staggering £25bn a year too. This is an issue the whole of our society should care about.
Today marks the seventh annual National Numeracy Day, founded by KPMG and the charity National Numeracy. It’s a prime opportunity to recognise the importance of numbers in everyday life – whether you’re looking to get a better grasp of numbers at work or to manage your money more effectively.
That journey starts with individuals challenging themselves, facing up to their fears and brushing up on their skills. And numeracy is just that, a skill like any other, with practice helping to build confidence at any age. National Numeracy have a range of tools and resources available for children and adults alike.
The National Numeracy Leadership Council, which I’m a member of, brings together a range of experts to tackle our nation’s numeracy crisis. Financial literacy has been at the forefront of our recent meetings, recognising the crucial role it plays to help the UK become a more productive, financially inclusive, and socially mobile society.
I recently hosted a panel with Andy Haldane, former chief economist at the Bank of England, Charles Randel, former chair of the Financial Conduct Authority and commissioner to the Financial Inclusion Commission, and financial journalist Iona Bain. Central to our discussion was just how inherently linked numeracy skills are to economic growth, the impact low number confidence has on people finances while navigating our increasingly complex economy, and how numeracy skills often define the life decisions we make – impacting not just our financial but physical and mental health too.
The cost to society of being an innumerate nation is undeniable, but inspiring a more positive attitude towards numbers is no small task either. There might be no quick fixes, but if we want to lay the foundations for a healthier and more inclusive economy, addressing our nation’s relationship with numeracy is the crucial first step. It requires action from us all – as individuals, businesses, policy makers as well as education leaders. Together we can make it count.
Bina Mehta is chair at KPMG UK