Weak Math Skills Linked to Default -- borrowers with poor Math skills were three times more likely to go into foreclosure.
This article starts off "If you can't divide 300 by 2, should you qualify for a loan?"
The survey led by a Columbia University prof, Stephan Meier, had five questions -- only two were in the article -- the one listed above and "How much is 10% of 1000?"
16% of the respondents got one of these 2 questions incorrect.
Financial education is heavily based on Math education and personal finance is an excellent application of understanding numbers and how they affect life. In addition, practicing problem-solving can build the mental skills and perseverance that can help people to read the fine print on a mortgage.
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