Fractions are everywhere!
Fractions are used considerably in real life. Examples are cooking, to measure ingredients; construction, to divide land or materials; finance, for calculating interest and investment; and many more situations where ratios are important, for example, mixing substances or making solutions.
Here are some examples:
Cutting a pizza into slices (1/8 of the pie, anyone?)
Following a recipe (2 1/2 cups of flour)
Measuring distances on a map (the scale might be 1 inch = 1/4 mile)
Sharing things fairly (dividing candy between friends)
Representing probabilities (the chance of it raining is 3/5)