Financial literacy

Financial jargon such as APR, equity and compound interest are difficult at the best of times to understand but for somebody with low literacy levels it is a real barrier to money matters.  We have been involved in many projects to address this issue. They include conducting research, publishing a plain English guide to financial terms, supporting a series of awareness raising events and publishing tuition material, all kindly sponsored by EBS Building Society.

NALA has three websites dedicated to providing learning and support around Financial Literacy

www.makingcents.ie – This site provides simple answers to basic questions about money. There are seven money-related topics on the site. When you click on a topic you will be brought to a list of questions with answers in video format.

www.financialliteracy.ie – This site provides learning content around content suggested by the Financial Competencies Framework created by the National Steering Group on Financial Education. This content covers topics such as Saving Money, Opening an Account, Understanding Tax and Knowing Your Rights.

www.writeon.ie – This is a website providing for the award of national qualifications at Levels 2 and 3. Users of the site can complete the Managing Personal Finances award at Level 3 and get a national certificate from Quality and Qualifications Ireland. Learners need to create a free account on the site and then select this award from Write On 3. If you would like more information on how to use this site, please give us a call on 1800 20 20 65.

Financial terms are difficult to understand.
Check out www.makingcents.ie
Financial literacy website
Facts

Lots of people are not able to:

  • read and understand letters from their financial services company;
  • work out the details on a pay or social welfare benefit slip;
  • fill in a loan application form;
  • follow signs or promotional posters in a financial services company’s offices;
  • understand a gas or electricity bill; or
  • plan for their future financial needs.

Research shows that the majority of people would prefer if banks used less financial jargon and more plain English in their communications. The research found that over a fifth of respondents would switch financial institution if they provided their information in a more user-friendly manner. Read more here.

News

Research shows that the majority of people would prefer if banks used less financial jargon and more plain English in their communications. The research found that over a fifth of respondents would switch financial institution if they provided their information in a more user-friendly manner. Read more here.