When it comes to navigating the world of financial services, there’s one barrier that many people struggle to overcome – the jargon. Unless you’re an expert or you have experience in the industry, you likely won’t go far before coming across a term that you don’t understand.
Whether it’s an acronym you haven’t seen before, a product with a name you’ve never heard of or a reference that just doesn’t make sense, you’re far from alone. Three in ten adults find financial products and services confusing, due largely to financial jargon and complex terminology, the first TSB money confidence barometer revealed in June.1 This is a key reason why more than a third of UK adults have little or no confidence in their financial abilities, according to TSB.
1 TSB money confidence barometer, TSB, June 2021 (Based on a survey sample size of 5,000)