Media comment: JRF literacy and numeracy analysis

Tuesday 30th August 2016

Caroline Rookes, Chief Executive of the Money Advice Service comments on Joseph Rowntree Foundations literacy and numeracy analysis

“It is concerning to see that so many adults are lacking basic literacy and numeracy skills. This can also have an impact on their financial literacy and their ability to manage their money effectively. Our Financial Capability Survey highlighted around four out of ten adults are not in control of their finances. 22% cannot read a bank statement and 36% cannot calculate the impact of a 2% interest rate on £100 in savings. We all need to work together if we are going to tackle these difficult challenges. That is why we have developed the financial capability strategy which brings together organisations from across all sectors to work together to raise financial capability. Collectively, we can seek to help more people develop numeracy and literacy skills by using practical examples of the day to day financial decisions people might make to engage them.”

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