Money is not meant to control people, rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer

I’m no mathematician, but I can’t believe anyone got any of these wrong

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

Thanks for the videos. I really enjoy them. Related to the comments ... pedantically, (1+0.02)^5 ~ 1.10408, thus actually rounds to a factor of 1.1041, and so when applied to £100 it gives approximately £110.41

So 80% of people can’t answer these simple questions? That is worrying…

All three correct. £110.40 to 2 decimal places, and there is a vowel in Abrdn.

Regretfully far too many people have absolutely no idea about financial matters but if they would but take some time to become familiar with this they would reap huge rewards.

All 3 correct... Thanks Diane

I didn’t think the questions were hard. If the success rate on it was poor then that does surprise me.

Diane, great video. I got all 3 correct, and I am not good at Maths, but am motivated by understanding how money works, and our psychology surrounding it. At school,i found maths very difficult, but when you are immersed into mortgages, retirement planning, etc etc. it becomes far more fascinating and compelling.

Oh thank you Dianne Sullivan and Sally Bundock. All that screen watching has not been in vain. 😎

That is very worrying - the first two are primary school maths! Oh and they didn’t get rid of all the vowels 😉

What is financial literacy? I am certain that anyone earning between the living wage and the median wage would be far more able to provide a workable family budget using that income than any high-wealth individual, who would probably be far more knowledgeable about investment options and approaches. It all depends on your priorities and proportion of disposable income.

I got all three right but I wouldn't attempt the add on question you posed on compound interest without an online calculator.

I love maths. I wish I had learned more about investing. Its quite the topic. Thank you for another thought provoking video.

I was rather shocked with Aberdeen findings the three questions you / they asked whilst maths questions are as much common sense and very basic. As a former Trustee of a pension scheme we always tried to give annual reports to members in a simplistic form and with pictorial graphs to get the message across with the words. Pensions can be complicated and governments over the years have made many changes that have made pensions complex so it’s no wonder to laymen they are confusing and almost taboo. GMPs are a great example of this with rules that often work against the recipient.

Hello Diane, 1=a 2=c 3=b After 5 years the £100 @ 2% investment should have £110.40, unless you were shafted with a simple interest account, although 40p is only worth anything in the right shop. Maths is fun, even most IFAs don't understand the basis of the 7-10 rule, or something called the 72:100 rule (?)

When I was at comprehensive school we had pupils who had very poor reading skills as we had a room with the Janet and John books in them which most of us had used at primary and junior school. I actually thought this room was a nursery type room for children of the teachers and was amazed that it was for pupils at the school aged 11-16. Some of these kids obviously could not handle any of the other subjects at the school as they could hardly read. Yet these same kids were able to play truant and put bets on, and guess what they could work out what they should be winning even though the horse odds were fractions. People forget the simple maths benefits of games such as darts, board games using 2 or 3 dice where you are adding / subtracting. I remember explaining to my younger son about income tax, and wage deductions after I had got a nice wage rise and explained I would only see a fraction of the money, he was 11-12. He said that’s not very fair. He’s now a qualified financial advisor 😂

I worry for humanity if less than 99% of over 10 year olds got 3 out of three.

1) £110.40 so a, more than £102, 2) c, 3) b. But people who watch your videos will have above average knowledge.

I got all 3 right, but the most shocking thing to me was how easy those questions were. Given the results, I was expecting them to be much harder.

The final question is about investing and should have had preliminary questions about "what is a fund?" or "what is the difference between a fund and stocks/shares? Secondly, "have you ever invested outside of a bank or building society savings account?" I wouldn't mind betting that the vast majority of people would answer "no" to that final question, despite the fact that in the majority of cases, their mandatory pension 'savings' are invested in funds and in which case Q3 is superfluous and should not even be asked.

1 = A 2 = C 3 = B

1a, 2c, 3b

Thanks for the questions. Yes all 3 correct. The supplementary £100.00 after 5 years at 2% is either £110.00 using simple interest of 2% or 🎉about £110.40 compounded annually at 2%. It gets more fun if you have 2% pa compounded at shorter periods such as monthly , 3 monthly or 6 monthly. 2/12% compounded monthly would get you £110.51 according to my calculation ( 1.0166666667 ^ 60 ). 1.01667 = (100 + 2/12) and you get 60 months in 5 years. So the shorter the compounding interval the better the deal. Mathematically there is a limit called the force of interest…..where interest us paid continuously. I haven’t found a bank that would offer continuous interest though!!!!

I find it worrying people can’t answer these questions correctly. I do also think budgeting, saving, credit, APR, working out bulk buy values, etc. should all be taught in school, with focus on ‘complex’ maths taught later if you are that way inclined. I know some very ‘smart’ people who are financially illiterate! My lad’s girlfriend had no idea how to budget and save, we helped her and now her relationship with money is completely different and doesn’t live pay cheque to pay cheque. Not rocket science but people don’t get taught this stuff.

Knowing that people would write the answers in the comments, I wrote them on a piece of paper...To be honest, I hadnt expected the questions to be so simple given the fact that only 20%of English people got them all correct,however on reflection , the people watching this item wouldn't be average and are already interested in the subject matter.£110.40 allowing for the bank disregarding the fractions of pennies in their favour every year.

Very interesting and worrying that so many people don't have a basic understanding of financial literacy. Perhaps this explains why so many people remain poor.

I got all 3 questions correct

In the UK , "The State will provide" A=True , B = False , C=I don't know

Q1) ..., a, Q2) ...c, Q3)... b.

All correct here, but come on, they weren’t exactly hard! Just shows how much change is required in the education system. There should also be a drive to educate adults in the basic such as pensions, ISA’s and investing, not sure how that could be achieved though.

A-C-B , I felt that this was more of a math questionnaire than financial

They were easy questions. My question is when is it best to buy real gold, from today July 21st 2024

I wish I’d invested in Nvidia (a single stock) rather than a global index, but this is purely with hindsight. So the last question is less of a math question like the first two and a statistical probability as it’s really hard to choose the right company to invest in.

1A, 2C, 3B

Cannot believe people couldn’t answer these questions correctly. If correct it’s scary,

All 3, it is very sad that some people still have such a block when it comes to finance

I think Q1 is £110.41 rounded up to two decimal places

Got all 3 correct but I am alarmed but not surprised at the results. Compound interest will give you between £110.41 & £110.51 depending on when interest is paid out. The minister is correct about standard of maths but this isn't maths it's financial eduction (or lack of). Most students will not need quadratic equations, calculus etc. unless they are going into a scientific career. Sunak's idea of doing maths until 18 was a dumb idea, far better to educate them in real world financial issues eg. budgeting, mortgages, loans, tax, interest, savings, ways to invest, portfolio diversification, their attitude to risk. I have even heard somebody thought that an APR of 27% on a credit card was a good thing! From an active experienced financial investor/trader.

Well, if the interest is only compounded once per year. Also if, the money had been in United States dollars, I calculated $110.41 (smile ... smile).

I’m shocked that any adult would get these questions wrong…..but on second thoughts maybe I shouldn’t be surprised. I think the level of financial literacy and the ability to do even basic maths in the U.K. is appallingly bad. I’ve witnessed this first had in some of the evening classes I’ve taken, where the class would literally grind to halt, as soon as any maths were introduced.

Now I want to do the Glsgw test 😉

Rounding down to the nearest penny its £110.40. Statistically you would win £4.40 a year if that £100 was invested in Premium Bonds so thats £22 over five years. Problem is that the minimum prize is £25 so actually you would not win anything as you cannot win anything less than £25. At six years you statistically should have won the minimum £25 prize. The £110.40 would have risen to £112. 60. I would still have the Premium Bonds if it was £100 you could forget about.

What people did they survey. Toddlers in Nursery

Maths After a session with my granddaughter in which I worked through the trigonometry to calculate the number of roof tiles needed on a typical roof truss (by computing the length of the rafters), precipitated because she said "why do I have to know all this stuff"? Her father made a separate comment indicating that some practical reasoning behind why anybody might want to do any maths had also been missing from his education. It is a conundrum. I also likened my granddaughter's elementary work with triangles to learning A,B,C before she could read. Fortunately she loves reading so that worked. However it occurs to me that, as I have suspected for a while but not really explored the process, the people teaching maths to youngsters do it because they have to and do not themselves find the subject particularly interesting. This "lack of interest" bleeds over into the students and therefore they learn little and have even less interest.

All 3 correct, but I suppose not really surprising for most of us who watch financial channels.

For most people their biggest lifetime expense is Tax. When children leave school they don't even understand what a personal allowance is or have a clue how the tax system works. Education isn't about grades and passing exams.

1 £110.40

A,c,b

3. B

Q2=C

Thanks Dianne, i think maths is the most important of all the subjects taught in school and proves the most useful in life.....

A-C-B

1. A

Q1=A

2. C

Are you interested in short form content script?

Yes, all correct but I do spend too much time on KZfaq listening to smarter people than I. :)

£110.40

I think that we are going to find out that the labour party has a bit maths and economics problem. They can figure out that a million unskilled immigrants added to the economy each year places an ever growing burden on the resources and makes people poorer.

£110.08

3 b

23 00 your subscribers 100% surely

The amount of time spent in school’s on finance with totally inadequate and inexcusable.

2 c

1 a

Question 1 does not provide inflation rate and does not tell us to disregard inflation. Hence the correct answer is we don’t know

Not quite all its vowels...!

This is why people believe an old person who hasn't retired yet that's making KZfaq videos on finance and pensions is right and should be trusted. 😅😂

A. More than 102 C. Less than today B. False

shocking

1 = A 2 = C 3 = B