Numeracy Is Only a Fraction of the Story: A Mixed Methods Study Exploring the Role of Numeracy and Other Skills Among Low-Income Participants in Canada and the UK

77 Pages Posted: 9 Sep 2024

See all articles by Adele Atkinson

Adele Atkinson

University of Birmingham; Independent Consultant

Jerry Buckland

Menno Simons College; Canadian Mennonite University

Emily Harle

University of Birmingham

Date Written: August 02, 2024

Abstract

Financial literacy is the knowledge people have about their finances that enables them to capably manage their household finances. There is considerable literature on how to conceive and measure financial literacy (Lusardi and Mitchell 2023). But the indicators and measurement of financial literacy for people with low-income is contested (French & McKillop 2016). This is partly because the standard indicators of financial literacy (the 3 or 5 standard questions) involve certain types of numeracy skills. Some argue that numeracy is irrelevant to financial capability (French & McKillop 2016). Others argue that competency with numeracy is a critical ingredient in financial literacy (Skagerland et al. 2018). By using the financial diaries methodology and qualitative interviews in Canada and U.K., this project seeks to address this tension in the literature by considering these questions: Is numeracy important for participants’ ability to manage their finances? If so, in what ways? Are there other complementary or competing skills that people with limited means use to manage their finances?

Suggested Citation

Atkinson, Adele and Buckland, Jerry and Harle, Emily, Numeracy Is Only a Fraction of the Story: A Mixed Methods Study Exploring the Role of Numeracy and Other Skills Among Low-Income Participants in Canada and the UK (August 02, 2024). Available at SSRN: https://ssrn.com/abstract=4914401 or http://dx.doi.org/10.2139/ssrn.4914401

Adele Atkinson

University of Birmingham ( email )

Edgbaston, Birmingham B15 2TT
United Kingdom
07828976934 (Phone)

Independent Consultant ( email )

London
United Kingdom

Jerry Buckland (Contact Author)

Menno Simons College ( email )

520 Portage Ave.
Winnipeg, Manitoba R3C 0G2
Canada
204-953-3859 (Phone)

HOME PAGE: http://https://www.mscollege.ca/about/faculty/515

Canadian Mennonite University ( email )

520 Portage Ave.
Winnipeg, Manitoba R3C 0G2
Canada
204-953-3859 (Phone)

HOME PAGE: http://https://www.mscollege.ca/about/faculty/515

Emily Harle

University of Birmingham ( email )

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