Brits have more grasp on text speak than personal finance terms, says Nationwide research

Lack of knowledge on banking terminology has a 'knock-on effect' which leads to financial trouble, says Nationwide

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OMG, r u ny gd @ txt spk? Well, according to research undertaken by the world’s largest building society, we really are.

Nationwide has revealed some surprising results after polling over 2,000 adults to discover Brits actually have more of a grasp on text speak than financial terms – and the knock-on effect is that 14 per cent have found themselves in financial trouble because they weren’t clear on money-related terms.

While only small numbers were able to tell the poll what personal finance terms such as ERC (7.5 per cent), LTV (17 per cent), and AER (36 per cent) meant, a staggering 79 per cent were able to understand the text speak terms LOL and OMG (77 per cent).

Nationwide’s head of mortgage and savings policy, Andrew Baddeley-Chappell, described it as alarming to see how people still don’t have a grasp of basic financial terminology – despite banks using abbreviations for years.

Highlighting how text speak will not cost people money – whereas financial terms will – he added: “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.

“Nationwide has a range of guides available via its website that can help people demystify financial jargon.”

So, how good is your financial lingo versus text speak? Take the quiz and to find out: