Four hundred years after his death, Shakespeare is still as relevant as ever, while modern-day financial jargon is confusing consumers, according to new research by Sun Life.
The Bard's 'Good riddance' and 'Eaten out of house and home' make sense
The Bard's phrases like 'Good riddance', 'With bated breath' and 'Eaten out of house and home' make sense to more than nine in ten of us while 'whole of life', 'interest payment' and 'fixed-interest rate' leave most of us flummoxed with less than two thirds being able to explain the meanings. For five of the fifteen terms – level term, Consumer Price Index, Annual Equivalent Rate and Non-disclosure - less than half of those questioned could explain them.
This means, 43 per of us are more likely to understand Shakespeare phrases from 1616 than terms they will come across in financial documents today!
Ian Atkinson at SunLife says: "Our research shows that financial services terms are just too complicated. We shouldn't be in a situation where less than two thirds of people understand terms that are being used frequently in the documents for insurance products they are buying.
"You should never buy a financial product if you don't understand it, and if you do have questions, you should ask the provider to explain clearly exactly what their documents mean, preferably in writing."
Shakespeare terms with % of people that could confidently explain meaning
- Fancy Free - 79.90%
- Foregone conclusion - 86.44%
- For goodness sake - 79.11%
- Good riddance - 91.58%
- Neither here nor there - 88.91%
- Mum's the word - 89.11%
- What's done is done - 93.17%
- Break the ice - 91.98%
- Level term - 26.83%
- Eaten out of house and home - 88.61%
- With bated breath - 79.21%
- A wild goose chase - 89.80%
- Dead as a doornail - 83.56%
- Not slept a wink - 90.89%
- There's method to my madness - 86.73%
- All of a sudden - 91.09%
Financial terms with % of people that could confidently explain meaning
- Assured - 56.24%
- Claimant - 85.15%
- Net Premium - 55.35%
- Policy - 86.44%
- Cash-in value -76.83%
- Consumer Price Index - 44.85%
- Fixed interest rate - 83.27%
- Insurance premium tax - 56.73%
- Indemnity - 44.46%
- Whole of life - 65.05%
- Annual Equivalent Rate - 46.24%
- Non-disclosure - 49.21
- Capital payment - 52.77%
- Interest payment - 82.18%
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