COST OF LIVING: WHY IMPROVING NUMERACY SKILLS COULD HELP UK ADULTS TO BECOME MORE FINANCIALLY CONFIDENT

4 in 5 adults in the UK have poor numeracy skills limiting their financial confidence – leading education provider, Acacia Training which delivers government-led Multiply scheme in their region, shares its top tips on helping consumers to feel more money confident

With the UK suffering from the highest rates of inflation for over 40 years, reports show that 86% of people are concerned about day-to-day living costs with over half (54%) stating they are very concerned. Lisa Davies, Chief Sales Officer at Acacia Training, independent education provider, has shared her top tips for increasing financial confidence and helping consumers to navigate the cost of living crisis more effectively.

Create a budget by looking at what you have left over after essential spending

“When it comes to saving money, budgeting is one of the best ways to do this. By keeping track of where you are spending most of your money you can look at ways to limit this for the following month. For example, if you are spending excess money on monthly subscriptions you don’t need, you can look to reduce this by looking at how much you have left over once essential bills have left your account. Through increased financial knowledge which you can gain from doing online and in-person courses this can help you make those small changes which could make a big impact.”

Improve general numeracy skills

“Reports show that 17 million adults in the UK have the numeracy skills of primary school children. These skills are vital for everyday life with numeracy being about applying and understanding numbers in a variety of situations including budgeting, understanding interest rates and pensions. This doesn’t mean knowing complex skills such as algebra, which is often a misconception of improving skills in numeracy. The government funded Multiply scheme is a great example of ways adults can improve their skills and ultimately become better at handling their finances as the programme teaches key numeracy skills”.

To help UK adults improve their maths and numeracy skills, Acacia Training has tenured a contract with Stoke City Council & Staffordshire County Council to help adults within the area to access free skills to help build adult’s confidence in numbers. The Government funded Multiply Scheme, provides adults aged 19 & over who don’t have maths GCSE at grade C (or equivalent) to gain a qualification, and unlock career progression. For more information, head to Acacia Training’s website.