APRs, SSIAs, P/E ratios and return on capital. And that's before we get to the world of pensions, where areas such as annuities and funding levels can be so complex that even the experts are confused never mind the lay person. Or the corporate jargon du jour which includes such jewels as "visibility going forward" and where everything is an "issue".
Little wonder, then, that National Adult Literacy Week, to take place from September 20th -24th, has taken "financial jargon busting" as its theme. Plans for the week are being announced today by the National Adult Literacy Agency (NALA) and EBS Building Society, which is sponsoring the initiative.
The aim of the week "is to help staff and management from financial services companies, money advisers, government, regulators and utility companies to provide a more client friendly service for adults with literacy difficulties," according to a statement from the organisers. Financial jargon can have a considerable impact on the day-to-day lives of a quarter of Irish adults with the lowest level of literacy, it says.
Many of these people may not be able to understand letters from financial services companies, work out the details on a pay or social welfare slip, fill in a loan application form, understand bills properly or plan future financial needs, according to the NALA. For this reason it is undertaking a three-year campaign, supported by EBS, to address this area. The week, which will kick off the campaign, will involve a national conference, media coverage and the distribution of printed material and practical advice, including "The plain English guide to financial terms".
NALA says that as well as helping customers, improvements in this area could benefit financial services firms by easing communications with clients, avoiding mis-selling and increasing customer satisfaction.
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