Common banking terms and services confuse over three quarters (76%) of consumers according to the research, with 86% admitting that the jargon means they cannot make informed decisions about their money.
A majority (94%) of British consumers believe that banks should use simpler language, according to research released by Tandem Bank.
Common banking terms and services confuse over three quarters (76%) of consumers according to the research, with 86% admitting that the jargon means they cannot make informed decisions about their money.
Ricky Knox, founder and deputy chief executive of Tandem Bank, said: “Many high-street banks aren’t making it easy enough to comprehend the real financial implications of their products and are leaving most people in the dark.
“Tandem will be as accessible and understandable as possible, ensuring customers have clear explanations of the information they need to make informed decisions about their finances.”
Ruth Handcock, chief customer officer of Tandem Bank, added: “There’s a significant amount of stress and anxiety tied to understanding finances, which can affect vulnerable customers the most.
“Banks must ensure they are consistently seeking out new ways to engage with customers to explain how their whole financial world is pieced together.”
