I often listen to money programs and read articles about money and the one thing that always gets to me is all the jargon. As a client of some financial institution, the documents provided to you are also built on financial jargon. Sometimes, I even must do some research on the acronyms used in documents and proposals to make sense of the information provided to clients.
The problem, for human beings in general, is that we do not like reading documents that we do not understand, or we read them with such a low level of comprehension that we never really understand what is explained to us and what we sign for.
Whilst financial service providers are aiming to make great strides in trying to, as they call it. “plain language” their documents, there is still a lot to be done. As a financial planner and life coach, I have realized that people trust easily, and sometimes the explanations are not always as forthcoming as they should be. It will also lead to you not understanding what you are buying. The problem is when you need a financial product to solve a need, it is then when this creeps up on you and you have no where to turn to.
Introducing the Jargon buster for financial services.
For consumers that follow us on social media, we will be helping you to decipher (to a point) the jargon used in financial documents and schedules. We will weekly post a specific term, its commonly known “alias’ as well as a short explanation. In doing this, we are trying to equip you to read financial documents with a bit more comprehension.
As the great Arnold Glasow said: “An idea not coupled with action will never get any bigger than the brain cell it occupied”, we will also recommend an action for you to take concerning the specific term. Not only will this help you remember the meaning better, but it will also empower you to make better decisions with regards to your money. After all, it is not how much money you have, it’s how you make your money work for you that will help you gain financial control.
We have also created a Jargon Buster dictionary, that will be regularly updated. You can view the Jargon Buster here.
Got a term that you need help with?
Click on the Contact Us page, send us your request and we will add it to our Jargon Buster.