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Financial jargon is hindering savers
24 July 2008
Consumers need to understand financial terms in order to help them save more appropriately, according to a savings and investments provider.
According to the National Savings and Investments (NS&I), a lack of knowledge about finance could be hindering how some consumers save as their research revealed that nine per cent of people said they did not know what inflation was.
Gill Stephens, spokesperson for NS&I, said: "I think it's probably quite common that people are confused by the language in the financial industry, but some of that language it is important that people do get to grips."
As the credit crunch squeezes peoples savings more needs to be done to educate people about the economy, claims NS&I.
"We really need to make it easier for people to understand what products offer what, and what products are suitable for them, or not suitable as may be the case," said Ms Stephens.
Research by Nationwide revealed that only 50 per cent of consumers save on a regular basis.
