The study linked to below shows that poor numerical skills can partly explain why people defaulted on their subprime mortgages. The result accounts for social background and also the type of mortgage product, so those on the same product was more likely to default if their basic maths was poor. One explanation offered is that people with good basic maths skills are better at planning their finance and possibly being aware that in the good times you must save to prepare for the bad. I remember that Gordon Brown admitted that his maths was not very good. I also remember that Gordon brown spent loads of money when times were good and denied that the bad times would return.
http://abdistri.net/typo/fileadmin/user_upload/0000_named_list/20100515_Financial_Literacy_and_Subprime_Mortgage_Delinquency.pdf
