Two in five adults say they left school feeling that they were ‘not good at maths’, and this is impacting their finances, experts say.
As many as a quarter say their experiences with maths at school has put them off using it as an adult, according to data from Barclays.
As a result, people’s understanding of their finances and ability to manage them is suffering as they find it difficult to follow complex concepts, and many avoid trying to do so.
Half of people said they think their money management would be better if they improved their number skills.
Even so, more than a third of people say they struggle to understand the practical application of the maths that they learned while at school.
This includes 19 per cent who said they think they could better understand credit cards, loans and savings, 16 per cent who said it would help them make more informed financial decisions, and 16 per cent who said it would help them plan for the future.
Lucy Bronze, who has partnered with Barclays, says she uses maths on the football pitch
Sam Sims, chief executive of National Numeracy, said: ‘Low confidence with numbers can hold people back from achieving their potential… with the right support, we can all become confident with numbers, helping to create opportunities throughout our lives.’
Despite this, research from Barclays indicates that people do engage with numbers in circumstances when they are engaged and focused on something not related to maths.
Almost half of Britons said they feel more confident using maths outside of a classroom scenario, such as when it comes to sports like football.
Some 52 per cent of football fans say that they use numbers to enjoy football, but only a third say it is skill they need for the game.
Vim Maru, chief executive of Barclays UK, said: ‘Far from being a skill that stops at the school gates, numeracy plays a key role in all our daily lives, from how we analyse sporting games right through to managing our money.
‘We want to support people to feel more confident with numbers so, in turn, they can feel more confident with their money.’
Barclays says 19 per cent use their numeracy skills when calculating pitch formations, 17 per cent to track player and team statistics and 17 per cent when considering ball possession stats.
England football player Lucy Bronze, who has partnered with Barclays for number confidence week, said: ‘I’ve always loved maths, and numbers play a huge role in how I perform on the pitch.Â
‘Whether it’s analysing how stats like how many tackles or passes I’ve made, calculating the odds in a penalty shootout, or making split-second decisions based on risk – being confident with numbers gives me an edge.’
She added: ‘And it’s not just in football – being comfortable with numbers is just as important off the pitch too, especially when it comes to managing my finances and making smart decisions.’
‘Most people don’t realise just how often they use numbers – in sport, in work, and in everyday life.Â
‘Numbers are always there and making them your friend isn’t just useful – it sets you up for success.’
Diana French, chief commercial officer of retail distribution at Triple Point, said: ‘There is more to financial confidence than being good at mathematics – it’s about understanding what matters most to your finances.Â
‘This means asking the right questions, for example, do you have an up-to-date will? Are you making the most of your tax free allowances.Â
‘A good financial adviser can help make those conversations easier and turn the answers into a clear plan.Â
‘The result is peace of mind and confidence that your money will do what you intend for the people you care about.’
Bronze will speak to hundreds of thousands of primary school children on Wednesday via a video message as Barclays and National Numeracy aim to boost number confidence among children through a live assembly.
Some 1,000 schools will take part, with 150,000 set to join the live event. Schools and homeschooled students can still sign up to watch the live assembly, which will be hosted by education youtuber and children’s producer Maddie Moate.
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