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BITC Ireland (EBS) - Demystifying financial jargon for all

Added on 22-03-2013

Company

EBS

Network

BITC Ireland

Year

2011

Business challenge

The current challenging economic climate has emphasised the importance of personal finance education. Recent EBS & NALA research on financial education found that 66% of people find financial terms confusing while just 50% create monthly budgets to help them manage their spending. Financial education is an identified need for our customers and the EBS/National Adult Literacy Agency (NALA) Financial Literacy Programme addresses this need.

Description

The EBS/National Adult Literacy Agency (NALA) Financial Literacy Programme started over six years ago, the ultimate aim being to enable people to make informed and relevant financial decisions on a daily basis. www.makingcents.ie is a free online financial education resource aimed at anyone who wants to understand more about managing their money. The site contains 32 short videos covering topics such as budgeting, banking, and insurance, lending tax and managing debt. Each video explains in simple English what people need to know about the topic, it also contains an easy to use budget planner. The EBS NALA ‘A-Z Pocket Guide to Financial Terms’ provides explanations for over 500 commonly used financial terms, each definition is explained using NALA-approved plain English.

Impact

Ensuring all information is jargon free and easy to understand was a big challenge. The NALA plain English tutors assisted EBS in delivering clear information.

Partnering with NALA enabled EBS to benefit from their expertise in the area of education.

Challenges/Lessons learned:

Company Benefits:

  • Providing financial education resources allows EBS to empower customers to ensure they understand their own financial needs and that the products they purchase are suitable for them.
  • By providing clear, unbiased information EBS has been able to build relationships and trust with our customers and the general public.
  • EBS was established by a group of school teachers, this partnership has enabled us to remain connected to our educational roots.

Stakeholder Benefits

  • http://www.makingcents.ie/ provides a free unbiased resource that can help anybody who wants to know more about finances and managing their money.
  • All content produced under this partnership has been developed under the NALA plain English mark to ensure that all terms and explanations given are easy to understand.
  • The A-Z guide provides simple explanations to the most common financial terms that people are hearing in relation to their own finances and in the news.

More information

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