How did the study work?
During the study, 1,700 Experian customers agreed to complete a series of everyday maths questions using National Numeracy’s online assessment, and then submitted their results to be cross-checked against their Experian credit score.
It’s worth noting that the 1,700 people had all volunteered to take part and they may not necessarily be representative of the UK population.
What is a credit score?
A credit score is basically a rating that you have which determines your creditworthiness to lenders.
Firms, such as those which provide credit cards and loans, use credit scores to evaluate the potential risk posed by lending money to you.
See Martin’s 15 things you need to know about credit scoring for more information about what a credit score is and how you can keep yours high.
What does Experian say?
Experian’s head of consumer affairs James Jones said: “These initial findings suggest that lacking confidence with everyday maths can have a very real impact on your finances.
“It might not come as a huge surprise that there’s a relationship between numeracy and creditworthiness, but we believe it’s the first time this will be fully analysed in this way.”