Brits 'scared off' saving way out of debt by jargon
Brits 'scared off' saving way out of debt by jargon
Friday 25th July 2008
A spokesperson for National Savings and Investments (NS&I) said that the industry recognises that it needs to simplify its use of terminology and admitted that the use of financial terms is daunting for some consumers.
Over a third of people (35 per cent) surveyed by National Savings and Investments (NS&I) said they were confused by terms like 'inflation' and 'tax'.
More than a quarter of respondents said they had no idea how tax affected their savings and one in ten said that they had no idea at all what the term 'inflation' meant.
Gill Stephens, spokesperson for NS&I, said the industry is trying to cut down on the use of terminology for customers.
She said: "I think the use of terminology does scare people off. People don't seem to be interested in savings enough as it is. It tends to be a little bit boring sometimes. In order to make things simple the use of jargon needs to be restricted."
Recent research from Yorkshire Building Society found that the majority of Britons only have enough savings to last 52 days if they are unable to work.
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