Fractions are necessary in every day life because everything does not fit into a perfectly defined number. Such tasks as cooking, building, sewing and manufacturing use fractions for measurements that potentially change the outcome of the product. Fractions are also involved with business and the monetary system.
Fractions in recipes are extremely important. A great deal of difference exists in the taste and texture of food when 1 cup versus 1 3/4 cup of an ingredient such as flour, sugar or milk is used. The difference between 1 teaspoon and 1/8 of a teaspoon of salt is potentially the difference between being able to eat something or the end result being too salty to bear.
For everything to fit together perfectly in building projects ranging from houses to pieces of furniture, fractions are necessary. Being "off" by even a small bit is sometimes enough to ruin a project. Fractions allow precise measurements in these tasks. In making items such as clothes or any manufactured product, precise measurement is just as crucial for fit and/or function, and fractions allow for such exactitude.
Businesses and banks use fractions frequently. Interest rates, taxes, discounts, payroll and statistics are all ways in which fractions play an important role in the operation of businesses and financial institutions.