One in Four UK adults are ‘silent savers’

A quarter of adults in the UK are ‘silent savers’, preferring to keep financial matters private and rarely discussing savings or investments with others, according to new research by KPMG UK and the charity National Numeracy.

The study of 2,000 UK adults which also found that 18 per cent identified as ‘cautious calculators’, who carefully plan and analyse their financial decisions. Moreover, one in 10 identified as ’casual conversationalists and are more relaxed in their discussions about money.

These findings land ahead of the eighth National Numeracy Day on Wednesday 21 May. This year's theme, 'The Money Edition,' emphasises numeracy's crucial role in managing personal finances. The research lays bare the extent to which confidence with numbers impacts everyday financial decisions.

Although a large majority of adults (88 per cent) say they are confident in their ability to work with numbers, the reality is different. Around half of working age adults in the country have the numeracy level expected of a primary school child. Three in five of those polled believe being able to better understand numbers on their bills would improve their finances. In addition, 35 per cent find themselves short of cash at the end of each month.

Typical reasons included unexpected costs (38 per cent), high bills (33 per cent) and not enough income to see them through (29 per cent).

However, a lack of savings, bad budgeting and money mismanagement equated to 28 per cent of reasons why.

Over a third also struggle to understand financial documents due to numerical complexity.

Bina Mehta, Chair at KPMG UK, which commissioned the research, said:

“Number confidence can have a significant impact on our lives, especially when it comes to understanding ‘everyday’ numbers like mortgage or credit card interest rates.

Good numeracy skills can improve confidence with financial decision making, enhance job prospects, and even guard against vulnerability to fraud and debt, all of which contributes to a healthier and more inclusive economy.”

Almost half of Brits are comfortable speaking to partners about money, but only one per cent would openly discuss it with a work colleague.

Typical reasons for avoiding discussions about money included how they were raised, avoiding the discussion in case of financial gaps and the idea that discussing money comes across as greedy.

When it came to parents, almost half said they discuss finances openly with their children to prepare them for the future and help them understand the value of money.

Sam Sims, Chief Executive at National Numeracy which runs the National Numeracy Day campaign, added:

“This research highlights just how deeply personal our relationship with money is—and how confidence with numbers shapes our financial decisions. While it’s encouraging that so many people feel confident with numbers, the reality is that millions are still struggling with budgeting and understanding bills and financial documents.

At National Numeracy, we know that boosting numeracy isn’t just about being better at maths—it’s about building the confidence to face everyday financial challenges and make informed decisions. That’s why National Numeracy Day exists: to inspire people to feel good about numbers and take that first step towards improving their skills. Because better numeracy can lead to better opportunities, and brighter futures for everyone.”

When provided with 10 personality approaches to money, only three per cent considered themselves an ‘oversharing optimist’ and four per cent a ‘competitive comparer’.

Speaking in collaboration with KPMG UK and National Numeracy, psychologist and broadcaster, Dr Linda Papadopoulos said:

“The research has shown a real mix of confidence when it comes to finance and dealing with money.

And confidence is key – this isn’t just about maths; numeracy is all around us in every way. We’re always dealing with numbers in some form in our lives.

The good news is, many do rate their understanding, but as soon as things get a little complex, confidence levels drop.

Talking about numeracy and financial topics more frequently would absolutely help people to build the confidence, hearing whether other people thrive or struggle; and enabling one another by listening and lending a helping hand.”