Financial Numeracy

Basic financial numeracy is the foundation for financial literacy and, with it, the road to financial inclusion. Financial Inclusion Insights (FII) measures and tracks basic financial literacy in all countries, assessing the degree to which the population is numerate, as well as the connectivity between numeracy, literacy, and desirable financial mechanisms.

Measuring basic financial numeracy captures the ability to complete basic mathematical functions including addition, division, and savings and loan interest. Answering all of the questions correctly places the respondent in the high range, answering half or more correctly comprises the middle range, and less than half equals the low range.

There are large differences in financial numeracy levels across FII countries. In India, two-thirds of adults (65%) have a high level of numeracy, compared with only one in five adults (23%) in Uganda. Uganda is particularly troubling, with two in five adults (40%) having a low level of numeracy; Tanzania follows with 14% of adults having a low level of financial numeracy. All other countries have less than 10% in the low category. Demographic breakdowns follow the same patterns as financial inclusion overall—with female, rural, and below-poverty-line groups having lower numeracy abilities than their counterparts. Education and technology are the two major avenues to increasing the ability to navigate the way to financial inclusion.

Financial Numeracy

Total Population
65% of people in India have high financial numeracy.

Financial Numeracy and Financial Inclusion

FINANCIAL NUMERACY
Just 28% of Ugandans who have basic literacy have high financial numeracy.

Financial Numeracy, Gender, and Poverty

By Gender
By Poverty

True or false

Nigeria has almost the same percent of rural and urban individuals with a high understanding of financial numeracy.

True (47% of rural residents in Nigeria have a high understanding of financial numeracy, compared to 48% of urban residents)

Among the financially included in FII countries, which country had the largest number of individuals with a moderate understanding of financial numeracy?

A. Indonesia
B. Tanzania
C. Bangladesh
D. Uganda
B. Tanzania (57%)

In Indonesia, what percentage of individuals under the age of 35 have low financial numeracy?

A. 38%
B. 12%
C. 20%
D. 2%
D. 2%

What percentage of Tanzanians are in the low financial numeracy category?

A. 40%
B. 21%
C. 14%
D. 9%
C. 14%

True or false

Among the South Asian FII countries, Bangladesh has the lowest percentage of men with a low understanding of financial numeracy.

True (only 3% of Bangladeshi men have a low understanding of financial numeracy)

In which country do more than three-quarters of mobile phone owners have high financial numeracy?

A. Bangladesh
B. Tanzania
C. India
D. Nigeria
C. India