Economics is baffling to half the population
JUST 48 per cent of UK adults understand how the economy works, according to a new poll out today.
International research has uncovered an economic literacy gap that leaves the UK lagging behind many of its competitors around the world; especially when it comes to understanding how our spending decisions impact the local economy.
Steve Wyler, chief executive of Locality and spokesperson for the Social Economy Alliance who conducted the research, said localism can have a real impact on markets in the UK but only if people understand their role.
“The economic literacy gap must be tackled to rebalance our economy and put power in the hands of the people. Economics is everybody’s business,” he added.
The report found that 48 per cent of UK adults understand how the economy works, while 56 per cent understand how their spending decisions can affect their local area.
Researchers are now calling on the chancellor George Osborne to do more to educate people about the economy and how it works, so that they have a say in how government money is spent, ahead of his Budget statement this week.