Only a quarter of UK shoppers are ‘savvy’ according to the Mensa Savvy Shopping Test
New School of Aldinomics launches to help nation save more at a time when the cost of living continues to rise
Britain’s shoppers can now find out just how good they are at household budgeting and navigating supermarket aisles to spot the best deals – after Mensa has joined forces with the UK’s lowest priced supermarket, Aldi, to create a new unique savvy shopper test.
In its first ever partnership with a supermarket, the world’s largest and oldest IQ society has helped create a set of ten questions that will help Brits understand more about how to save money by becoming more aware of their spending habits.
The Mensa Savvy Shopping Test is free and goes online today. In trials, only a quarter achieved 80% (the Mensa pass mark), demonstrating a real opportunity for people to improve their everyday financial know-how and save money on their weekly household budgeting.
It’s part of the supermarket’s new School of Aldinomics campaign, which is supported by TV money expert, Emmanuel Asuquo. With a decade of financial expertise, Emmanuel has provided tips and advice via the newly launched online portal to help shoppers save up to £600 a year, a figure that will make a huge difference to many as the cost of living continues to rise, with inflation at a 30-year high.
The initiative by Aldi was prompted by research that showed when it comes to grocery shopping and budgeting, the nation could do with a little savvy know-how. 45% of us go to the same supermarket we have always visited out of habit, with only 24% of Brits researching which is the cheapest, and even fewer (16%) bothering to use their phones to compare prices whilst in the supermarket.
So, as experts in efficiency and passing on savings, Aldi has worked with finance advisor Emmanuel Asuquo to create the School of Aldinomics, an online portal that aims to help people adopt the Aldi way of thinking into their everyday lives and save money by becoming more efficient and more aware of their spending habits.
Emmanuel Asuquo commented: “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. Whether it’s budgeting advice or simple swaps, I will help the UK apply the Aldinomics way to their everyday personal finances and as a result, save up to £600 a year.”
The Mensa Savvy Shopping Survey revealed that the ability to take in and fully understand promotions and deals whilst in the supermarket proved to be one of the biggest challenges, with less than 1 in 4 people (23%) correctly answering the question:
If a 1L bottle of juice, normally costing £4, is reduced by 25%, and the 500ml bottle of juice, normally costing £3 is reduced by 1/3, what is the cost of the best value juice?
This suggests that even simple things like using the calculator on a smart phone to assist when doing the shopping would make a big difference, as only 8.5% of respondents currently claim to do so!
Cath Hill, Chief Executive of British Mensa, said: “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. Life is about learning and improving so we hope that this test and the School of Aldinomics will enable the UK to upskill itself and become more Aldinomical.”
Despite the results of the Mensa Savvy Shopping Test, it’s not all doom and gloom.
Additional research of over 2000 people, commissioned by Aldi, found that on average, respondents claimed they made savings of over £230 every year on big ticket items as a result of their savviness, with 51% using comparison sites and 28% seeking voucher codes and discounts via third party sites.
Emmanuel continued: “Whilst many Brits 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. By following my tips and becoming more like Aldi in their day-to-day thinking and spending, everyone can save. That’s Aldinomics.”
Aldi’s School of Aldinomics launches today and will help Brits adopt the supermarket’s Aldinomical ways of thinking. The free online platform offers users advice and practical tips to help them be savvier with their time and money.
Want to see just how savvy you are? Take the Aldinomics test here and check out Emmanuel Asuquo’s top tips on how to improve savviness and save money.