Adult literacy week focuses on finance

National Adult Literacy Awareness Week runs from September 20 to 26.

The theme of this year's awareness week is financial jargon, which prevents many people with literacy difficulties from understanding and managing money.

The Financial Services Regulator says it is working to ensure that all consumers have access to information on financial services and products that is clear, consumer-friendly and explains complex financial terms.

An event to mark Literacy Awareness Week will be held in the Consumer Information Centre on September 22.

Consumer Director Mary O'Dea said: "We are pleased to support National Adult Literacy Awareness Week and play our role in highlighting this issue to industry.

“The financial services industry itself has a vital role to play in ensuring that people are given information that clearly explains financial products and services.

“Our research shows the need for independent information in plain English.

“The lack of plain English in written information about financial products is one reason why people are not more informed about their choices."

Research commissioned by the Financial Services Regulator has revealed that 75% of people find information on financial products confusing and most consumers (92%) said they would read more informationon financial products if it was written in plain English.

The research showed 63% of people do not shop around because they do not fully understand what they should look for in a financial product or service and 80% of consumers find it hard to get truly independent information on financial products and services.