It can be easy to forget when talking to clients that their level of understanding of the terms used in financial planning is not always as good as that of your colleagues. The jargon barrier is just one of the many reasons members of the public can be turned off financial planning for the future.
In fact, research conducted in 2017 by Aviva showed that two in five people ignored financial information due to their not understanding the jargon it contains.
The lack of understanding surrounding pensions has led to people not saving enough for their retirement, research suggests. For example, around half of the public believe that the minimum auto-enrolment contributions of 8% of annual salary is enough, but the reality is that they should be contributing around 13%, according to financial experts.
Financial education has …