'41% of adults' stumped by basic finance test

More than one third of adults are unable to answer basic questions about savings, the cost of a loan and tax, according to research.

Over 2,000 adults from all walks of life were tested by the Open University Business School (OUBS) on questions of a GCSE level, which involved them making calculations to work out items such as which savings accounts paid the most.

Calculator and money.
Just 3% of people managed to get all seven questions correct. Credit: PA Wire

Across all seven multiple choice questions they were asked, an average of 41% of adults were unable to come up with the right answer.

Just 3% of people questioned managed got all seven questions correct - the same proportion of people who got one question right out of seven.