No. of Recommendations: 2
Here are the questions that were asked.

The 2002 ELSA questionnaire asked respondents up to five basic questions involving successively more complex numerical calculations.6 The six possible questions are presented in Appendix 1. Answers to all questions are entirely unprompted (i.e. respondents are not given a
menu of possible answers to choose from). Each respondent initially receives questions q2, q3 and q4. If all of these are answered incorrectly the respondent receives question q1 and that is the
end of their numeracy module. Otherwise the respondent receives question q5. If the respondent reports a correct answer to any (or all) of questions q3, q4 and q5, they receive the final and most
difficult question q6 that requires an understanding of compound interest. Since more able individuals receive more questions in this design the number of questions answered correctly is a straightforward measure of numerical ability that can be derived simply from this module. This is the measure summarised by Steel et al (2003) in their initial descriptive analysis of the ELSA data.

Box 1a. Numeracy items in ELSA questionnaire

q1) If you buy a drink for 85 pence and pay with a one pound coin, how much change should you get?

q2) In a sale, a shop is selling all items at half price. Before the sale a sofa costs £300. How much will it cost in the sale?

q3) If the chance of getting a disease is 10 per cent, how many people out of 1,000 would be expect to get the disease?

q4) A second hand car dealer is selling a car for £6,000. This is two-thirds of what it cost new. How much did the car cost new?

q5) If 5 people all have the winning numbers in the lottery and the prize is £2 million, how much will each of them get?

q6) Let’s say you have £200 in a savings account. The account earns ten per cent interest per year. How much will you have in the account at the end of two years?


Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.