In a bid to make financials much more accessible, Te Ara Ahunga Ora Retirement Commission has unveiled a new booklet that offers easier-to-grasp alternatives across the insurance and financial sectors.
Titled De-jargoning Money, the booklet was developed with the country’s financial sector as well as regulators over the past 18 months. The Retirement Commission said that it’s a glossary for various organisations working across different financial lines that will be useful in explaining personal finance terms in their published materials.
In a news release, Retirement Commissioner Jane Wrightson said that it’s well-known that the language of money can both be inconsistent and confusing for Kiwis.
“De-jargoning Money is the result of the collective effort from our partners from across the finance community, and beyond, working together to help New Zealanders understand money. I’m so grateful to those who have helped with this ambitious project,” Wrightson said.
Wrightson stressed the importance of standardising industry language, removing jargon, banishing outdated terms, and trying to avoid the many acronyms.
“We know that many terms are not readily understood by New Zealanders and this is a chance to reshape and demystify our customer and consumer-facing language,” she said. “While this is not a legally binding document, the more organisations that adopt it, the better off consumers will be.”
Consultation on the booklet involved representatives from all major banks, insurance providers, investment firms, government agencies, legal departments, financial mentors, and other community groups. The Retirement Commission also conducted customer testing with more than 1,500 ASB customers, and financial education platform Banqer took charge in testing it with 960 school students aged 13-15 years old.
“More than ever, our language needs to be simple, and it should be driven by the needs of the people we serve,” Wrightson said. “By using more consistent language and less jargon, it will lead to improved financial wellbeing outcomes and make it easier for people to engage with their money and with those of us that protect and help them grow it.”
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