Suppose, a litre of cola costs US$3.15. If you buy one third of a litre of cola, how much would you pay?
The above may seem like a rather basic question. Something that you would perhaps expect the vast majority of adults to be able to answer? Particularly if they are allowed to use a calculator.
Unfortunately, the reality is that a large number of adults across the world struggle with even such basic financial tasks (the correct answer is US$1.05, by the way).
Unfortunately, the research only describes the problem adults have with basic math, and the article doesn’t offer any insight into why this is or what solutions.
I test fast food workers a lot when I pay for a meal. For example, on a $4.72 bill I’ll pay $5.22 so I can get two quarters back. It really baffles some of them, to the point where I say, type it in to the register and you’ll see why.
This is also an issue when people are looking at smartphones. “I bought an iPhone X because it’s only costing me $49.91 a month.” No, you’re paying $1,197.84 over the next 24 months for a $999 phone….