Money exams: 'Five million would fail'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.One in 10 British adults would fail a personal finance test equivalent to a GCSE "pass", according to new research.
In a test of more than 1,030 adults, Abbey bank found 10 per cent scored less than 40 per cent – equivalent to a "C" grade – in a paper comprised of past questions in personal finance examinations.
The top five correct answers that people failed to provide were: with credit cards, you have six weeks to pay back a balance before it starts accruing interest (86 per cent got this wrong); the definition of negative equity is where your home is worth less than the mortgage (47 per cent); UC means "unpaid cheque" on a bank statement (44 per cent); failure to repay a "secured"loan means your house could be lost (23 per cent). Some 12 per cent did not know what "hire purchase" means.
"While most people are in the realms of a GCSE pass, almost five million adults would fail," said Steve Shore, head of banking at Abbey. "This is worrying as we selected questions we felt everyone with a bank account should know."
The Government plans to raise the profile of personal finance on the national curriculum by making it a part of basic mathematics GCSE.
Although it is currently part of the curriculum, it is not a compulsory part; it can form part of lessons in citizenship or personal and social health education.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments