Being good with numbers ‘can make you rich’November 10th, 2010 - 5:49 pm ICT by ANI
Washington, Nov 10 (ANI): Couples who score well on a simple test of numeracy ability are more likely to earn more wealth by middle age than those who score poorly, suggests a study.
Researchers found that when both spouses answered three numeracy-related questions correctly, family wealth averaged 1.7 million dollars, while among couples where neither spouse answered any questions correctly the average household wealth was 200,000 pounds.
Numeracy is the ability to reason with numbers and other mathematical concepts, and are skills typically learned during school.
“We examined several cognitive skills and found that a simple test that checks a person’s numeracy skills was a good predictor of who would be a better family financial decision maker,” said James P. Smith, of the Labor Markets and Demographic Studies at the RAND Corporation, a nonprofit research organization.
Researchers found that choosing the wrong person as a family’s primary financial decision maker can have consequences.
While families choose the less-numerate spouse less than 20 percent of the time, when this does happen total household wealth is lower.
Researchers said the skills needed to make successful investment choices are among the most cognitively demanding that a family has to make, especially as they get older and assume greater control of decisions about their wealth, pensions and health care.
The findings were published in the Economic Journal. (ANI)
- Regular exercise improves overweight kids' math skills - Feb 11, 2011
- Study reveals that 'Modern Men Prefer Brains to Looks' - Sep 10, 2012
- Intuitive thinking may explain greater faith in god - Sep 21, 2011
- Cataract surgery improves mood, sleep in Alzheimer's - Oct 26, 2011
- Parents' poor math linked to medication errors - Apr 29, 2012
- Financial woes upset parent-child bond - Dec 08, 2011
- Freedom to choose leisure activities benefits autistic people - Mar 02, 2011
- Myth: Video games sharpen brain - Sep 16, 2011
- Brain size linked to early Alzheimer's risk - Dec 28, 2011
- 'Sweet 16' tool could rapidly identify cognitive impairments - Nov 09, 2010
- Age doesn't dent one's ability to make sound decisions - Jun 02, 2010
- Indian millionaires will see wealth grow fastest over next decade - Aug 17, 2011
- Half of US homes own Apple products - Mar 29, 2012
- Simple tests can tell who can drive after a stroke - Feb 22, 2011
- How poker players keep their heads in the game - Aug 20, 2010
Tags: , , , , , , , , , , , , , , , , , , ,