UK Money News
25th July 2008
Financial jargon use should be limited, NS&I claims
The amount of financial jargon used by financial institutions should be kept to a minimum, it has been claimed.
A spokesperson for National Savings & Investment (NS&I), Gill Stephens, argued that different financial terms can intimidate certain people.
"In order to make things simple the use of jargon needs to be restricted," Ms Stephens said, adding that the sector is already making moves to cut down on the amount of financial language used in publications.
Indeed the industry realises that people will perhaps not consider new personal finance products as they are being scared off by the terminology used by different institutions, she said.
A survey undertaken by NS&I found that some 35 per cent of respondents were confused by terms such as inflation and tax in relation to their savings.
Further to this, ten per cent of respondents said they did not know what the term inflation meant.
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