What does numeracy add? Exploring financial literacy, numeracy and other skills amongst low-income adults in Canada and the UK

Atkinson Adele, Buckland Jerry and Harle Emily
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Atkinson Adele: Professor of Practice in Financial Literacy and Wellbeing, Centre for Household Assets and Savings Management (CHASM), University of Birmingham, U.K.
Buckland Jerry: Professor of Economics and International Development, Redekop School of Business, Canadian Mennonite University, Canada.
Harle Emily: Research Assistant, Department of Social Work and Social Care, University of Birmingham, UK.

International Review of Financial Consumers, 2024, vol. 9, issue 2, 29-44

Abstract: There has been surprisingly little research about the role of numeracy in adult financial literacy, and the few existing studies available lead to contradictory findings. This paper takes a qualitative approach to explore the extent to which low-income adults in high-income economies use financial literacy and numeracy in their financial lives. Financial literacy is assessed in terms of three domains -- ‘keeping track’; ‘making ends meet’ and ‘staying informed’ -- via semi-structured interviews and background information on participants. Participants are also categorised into three groups based on discussion about their numeracy: ‘formally capable’, ‘informally capable’, and ‘uncomfortable’. Some participants exhibit elements of financial literacy but little or numeracy. There is no evidence that numeracy is essential, but having a variety of skills to draw on, potentially including numeracy, appears to be beneficial for low-income adults. The research contributes to the literature in two ways. It provides deeper understanding of the role of numeracy and also identifies two additional skillsets which appear to benefit low-income adults: digital skills and the ability to communicate clearly and advocate for oneself.

Keywords: Financial literacy; Numeracy; Low-income; Digital skills; Self-advocacy (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:irfinc:v:9:y:2024:i:2:p:29-44:n:1003

DOI: 10.2478/irfc-2024-0007

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