Mensa, the world’s largest IQ society, has created a set of 10 questions designed to raise shoppers’ awareness on spending habits and help them understand more about how to save money while doing the weekly shop.
Through trials, only 25% of participants passed The Mensa Savvy Shopping Survey with a score of 80% or above, indicating that three-quarters of shoppers could improve on their weekly budgeting. The ability to fully understand and compare promotions and deals proved to be one of the biggest challenges faced by shoppers.
“We usually devise puzzles to test the logic and speed of thought of people in the UK, so it was both interesting and challenging for us to create a test that could gauge the shopping savviness of the nation,” Mensa chief executive Cath Hill said.
As a result, the discount retailer has worked with financial advisor Emmanual Asuquo to establish the School of Aldinomics – an online portal where shoppers can find tips and advice to help them become more aware of their spending habits and potentially save up to £600 a year.
The news comes during the cost-of-living crisis where food prices have seen a 5.4% rise in inflation rates. Coupled with stagnated salaries and low Statutory Sick Pay, higher volumes of people have turned to foodbanks instead of supermarkets amid the highest inflation rate in three decades.
While it’s not a blanket solution, the School of Aldinomics offers insight on how “simple decisions can make a big a difference to everybody’s budget.”
“With just over a quarter of people being deemed ‘financially savvy’ by the Mensa test, it’s clear that there’s work to be done and that’s why I’m working with Aldi to create the School of Aldinomics, to show how simple decisions can make a big difference to everybody’s budget,” commented Asuquo.
“Whilst many are willing to put the time and effort into making savings on ‘big ticket’ purchases, they don’t apply the same logic to their day-to-day shopping, and this is where they’re wasting money.”