Multiply to tackle poor financial literacy
Half a million adults with low financial literacy will benefit from Multiply, a new maths programme from the government


The government plans to improve financial literacy with a new maths programme, Multiply, that will see half a million adults in the UK receive personalised maths coaching. The chancellor is expected to announce this in the Budget (opens in new tab)this week (27 October).
Around eight million adults in England have numeracy skills lower than those expected of a nine year old. And by the age of 30, people with poor numeracy skills are more than twice as likely to be unemployed as their peers.
Improving your numeracy skills can increase your pay cheque by 14%, and reduce unemployment by half.
“Better maths can mean a better job and a bigger pay packet. Multiply will help people develop new skills and create opportunities,” chancellor Rishi Sunak said in a statement.
The £560 million Multiply programme aims to help improve basic numeracy skills through free personal tutoring, digital training and flexible courses.
How Multiply will help with financial literacy
Multiply will launch in the Spring, giving those who don’t have at least a GCSE grade C/4 or equivalent in maths access to free new flexible courses to improve their maths.
There will also be a website, offering bitesize courses and free one to one online lessons.
“Low numeracy blights lives, holding millions of people back from fulfilling their potential and it comes at a huge cost to the economy. We need solutions that reach and engage people with low numeracy to build confidence with numbers as well as skills, as a stepping stone to further learning and opportunity,” Sam Sims, chief executive of National Numeracy said.
The programme will be funded through the new UK Shared Prosperity Fund (UKSPF), which replaces the EU’s Structural Funds.
Funding for the UKSPF will increase to £1.5bn per year. The Multiply scheme is the first step of the new Fund, with further investment provided for Scotland, Wales and Northern Ireland.
More details are expected later this week in the formal Budget and Spending Review announcement.
Kalpana is the Editor of The Money Edit.
She’s an award-winning journalist with extensive experience in financial journalism. Her work includes writing for a number of media outlets, including national papers and well-known women’s lifestyle and luxury titles, where she was finance editor for Cosmopolitan, Good Housekeeping, Red and Prima.
She started her career at the Financial Times group, covering pensions and investments.
As a money expert, Kalpana is a regular guest on TV and radio; appearances include BBC One’s Morning Live, ITV’s Eat Well, Save Well, Sky News and more.
She was also the resident money expert for the BBC Money 101 podcast and co-author of the e-careers personal finance course.
A well-known money and consumer journalist, Kalpana also often speaks at events.
She is passionate about helping people be better with their money, save more and be smarter spenders.
Follow her on Twitter and Instagram @KalpanaFitz.
-
-
The £150 disability cost of living payment: who will get it and when?
Six million disabled people will get £150 as part of the Chancellor’s £15 billion cost of living support package. Here’s what you need to know about the £150 disability payment and when it will be paid.
By Sue Hayward • Published
-
How to contest a will
There will be times when contesting a will is the right thing to do. But how do you go about challenging the contents of a will?
By Sue Hayward • Published
-
The £150 disability cost of living payment: who will get it and when?
Six million disabled people will get £150 as part of the Chancellor’s £15 billion cost of living support package. Here’s what you need to know about the £150 disability payment and when it will be paid.
By Sue Hayward • Published
-
How to contest a will
There will be times when contesting a will is the right thing to do. But how do you go about challenging the contents of a will?
By Sue Hayward • Published
-
National Insurance: What’s happening in July and what does it mean for your pay packet?
Millions of workers can expect an income boost from 6 July as the change to the National Insurance threshold comes into force. We explain what it means for you
By Sue Hayward • Published
-
Should you buy extended warranties?
Which? brands extended warranties ‘worthless’ - we explain why it’s not worth paying for them when buying gadgets and electrical goods
By Sue Hayward • Published
-
How to cut working from home costs
With many of us now working from home for at least part of the week, we highlight the simple steps you can follow to save money when working from home
By Ruth Jackson-Kirby • Published
-
Flight cancellations: what are your refund rights?
Strikes by airline workers look set to cause a summer of flight cancellations and chaos at airports across the country. We explain your rights, how to claim a refund and compensation
By Ruth Emery • Published
-
Inflation hits 9.1% - what it means for you
Prices hit 40-year high, adding more pressure to household budgets as food, energy and fuel costs continue to go up
By Kalpana Fitzpatrick • Published
-
What is travel insurance and why you need it
Planning a holiday? Travel insurance is a crucial safety net to protect against something going wrong with your trip. Here’s our guide on everything you need to know about getting the right cover for you
By Katie Binns • Published