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Research Reveals a Nation of 'Text Speak' Experts but Our Lack of Financial Literacy is Enough to Make Us 'LOL'

Whether you find them irritating or they save you time the likes of ‘LOL’ and ‘OMG’ show no signs of disappearing and have in fact become so widely spread some have even made the dictionary!
Finance, Lifestyle - 8 September 2011   Download IconContent available for download:  
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  News Hooks:

New research has revealed that our language landscape is changing, with LOL and OMG now appearing in the Oxford Dictionary. Unsurprisingly 80% of 18-24 year olds use ‘text speak’ – with LOL and FYI the most popular abbreviations – but over two thirds (69%) of the older generation are seemingly ‘down with the kids’ and confess to frequently falling into using ‘text speak’.

However, where we excel at using colloquial abbreviations, it appears we Brits fall behind when it comes to understanding more practical financial terms and acronyms. Only a third could correctly identify a Faster Payment, despite 83% of online and telephone transfers being made in this way. Shockingly, one in ten were unable to recognise any payment acronyms when challenged with a list of common abbreviations.

It has been revealed that older Brits are more confident when it comes to using various different payment methods, with nine in ten over 55’s (87%) being confident at setting up a Direct Debit while 25% of the under 35s having no idea how to set this up. The older generation comes out on top when it comes to financial knowledge, with 86% of over 55s knowing what a Direct Debit is and over three quarters (77%) correctly identifying a standing order compared to under two thirds (65%) of 18-34 year olds.

. Introduction:

OMG! FYI! The way we communicate with each other in our daily lives is changing as ‘text speak’ has finally entered the Oxford Dictionary. The majority of youngsters admit to LOL-ing, but surprisingly the older generation is also guilty of ‘text speak’. However, despite being experts at this reinvented, shortened form of communication; new research has revealed that financial illiteracy is sweeping the nation. With the older generation faring better than the younger generation – what are the consequences of this lack of financial savvy?

Joining us to explain the importance of financial literacy for our day-to-day lives is Mark Bowerman from the consumer education campaign, payYOURway.org.uk

. Suggested Questions:

What does the research reveal about financial knowledge in our area?

Why are there such big gaps in Briton's payments knowledge?

What are the key terms that people need to be aware of when dealing with every day payments?

Why is it so important for people to be savvy when it comes to financial terminology?

What advice do you have for consumers who are confused by financial terms, acronyms and abbreviations?

Where can we find out more information?