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Financial language confuses consumers

25/07/2008

People are confused by financial terminology and language should be simplified to allow proper money management, National Savings and Investment (NS&I) has said.

According to NS&I`s research, 35 per cent of people find terms such as "tax" and "inflation" confusing when considering financial options.

Spokesperson for the provider Gill Stephens said: "I think it`s probably quite common that people are confused by the language in the financial industry, but [with] some of that language it is important that people do get to grips with."

Ms Stephens added people are trying to manage their savings well but "find financial jargon annoying".

She recommended savers familiarise themselves with financial language to enable them to make informed decisions.

People putting money aside for an uncertain future may be interested in the recommendation, as will anyone facing debt problems, or worried about managing their debt or even bankrutpcy.

NS&I is a government department that reports to the Chancellor of the Exchequer.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according