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A recent study of UK adults reveals that seven in ten feel puzzled by financial jargon, while three-quarters don\u2019t understand the concept of \u2018the economy\u2019[1]. Those aged 18-24 are the least likely age group to be confused by financial terms, with only 52% feeling puzzled compared to 69% across all age groups.<\/p>\n
Most at a loss <\/strong> The study revealed that younger people are also less likely to have heard of financial products and terms, which could explain why those aged 18-24 are the least confused by financial jargon. The survey also found that only 61% of 18-24s have heard of the term \u2018pension\u2019 compared to 97% of respondents aged 55 and above.<\/p>\n Financial terminology <\/strong> The results suggest that although younger respondents may not be as confused by financial terminology as other age groups, they may lack understanding when it comes to some key financial products and money management skills.<\/p>\n Lack confidence <\/strong> Many people find financial matters confusing and it can be easy to avoid the things we don\u2019t understand. However, once these matters become clear, it can lift a huge weight off our shoulders.<\/p>\n Source data:<\/strong> 7 out of 10 adults are puzzled by financial matters lingo Being informed about financial matters is essential to making sound decisions and staying in control of your money. Unfortunately, many people feel confused by the jargon used in financial discussions and services.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/posts\/4197"}],"collection":[{"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/comments?post=4197"}],"version-history":[{"count":0,"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/posts\/4197\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/media?parent=4197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/categories?post=4197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pksassociates.co.uk\/news\/wp-json\/wp\/v2\/tags?post=4197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nHowever, younger respondents admit to being the most at a loss when it comes to managing money. 58% of those aged 18-24 confess they are perplexed by this task, compared to only 23% of people aged 55 and over.<\/p>\n
\nIn addition, only a quarter (25%) of 18-24s know about \u2018contents insurance\u2019 whereas almost all (92%) of those aged 55+ have heard this phrase. Furthermore, less than three-fifths (57%) of 18-24s recognise the term \u2018inflation\u2019.<\/p>\n
\nDespite having heard of some key investing terms, many people lack confidence in understanding what they mean. Just 43% of those who have heard the term \u2018gilt\u2019 know its meaning and only 59% of those aware of an \u2018annuity\u2019 feel confident in its definition. Similarly, 61% of people who have heard of an \u2018ESG fund\u2019 are comfortable with its meaning.<\/p>\n
\n[1] The research was carried out by Ipsos UK on behalf of Aviva. Ipsos UK interviewed a representative quota sample of 2,379 adults aged 18+ in the United Kingdom using its online i:omnibus between 1\u20133 November 2022.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"