OMG! Text Speak Conquers Financial Jargon

| Filed under

More adults understand text speak such as OMG (Oh my God) and LOL (Laugh out loud) than financial jargon dating back decades, according to a survey.
Nationwide asked 2,000 people whether they understood common abbreviations such as APR and ATM - and said it found the results "alarming."
Only half knew that APR stands for Annual Percentage Rate - with more than a third admitting to 'nodding' along when discussing such terms because they didn't understand what was being said.
The building society said 79% of those questioned correctly interpreted LOL, slightly ahead of OMG.
In the financial world, the most understood acronym was PAYE (Pay As You Earn), with 66% getting that right.
There were just 36% who got AER, Annual Equivalent Rate - used to help people compare savings accounts.
Andrew Baddeley-Chappell, Nationwide's head of mortgage and savings policy, said: "Organisations such as banks, building societies, insurers have been using abbreviations for many years, but it's alarming to see that people still don't have a grasp of the basic financial terminology.
"It's important for people to take some time and understand all the acronyms when applying for products, such as a mortgage, savings account or credit card.
"After all, a lack of understanding of text speak is not going to cost you financially, but not knowing financial terms will."


يتم التشغيل بواسطة Blogger.