Money Talk: The Secret Language of Finance
25th January 2018
If you've ever tried talking to a traditional accountant or other “money person”, you know it's like trying to win an argument with a cryptic crossword puzzle. They just don't know how to speak your language. You're not alone, either. According to a YouGov poll, pretty much everyone outside the banking and finance fields is in the dark with you.
We all speak “money talk” to one extent or another, of course. YouGov's survey shows that hardly anyone's confused about what a savings account is, for instance. Other terms that UK adults are pretty confident with include:
- Cash ISA (78%)
- Building society (74%)
- Fixed mortgage. (72%)
Once we get out of the easy stuff, though, people get a lot less sure of their footing. “Fixed-rate savings bonds” and “final salary pensions” confuse almost half of us, for example. The same goes for things like “tracker mortgages”, “compound interest” and “Stocks & Shares ISAs”. These are all pretty standard terms in financial circles, but if you don't understand the language its incredibly easy to get tangled up.
At the bottom end of the scale we get into the really murky stuff. Only 1 in 6 of UK adults is confident about what a “spread betting account” is. Only 1 in 5 understands “Self-Invested Personal Pensions” or “peer-to-peer savings accounts”. Like basically every language there is, money talk gets bigger and broader every year. “Bitcoin” and other “cryptocurrencies” are shouldering their way into the financial dictionary, and even the experts haven't completely agreed about them yet.
The point is that you really don't have to be an expert in money talk to keep yourself safe and comfortable in the finance world. You just have to know one. At RIFT, we never try to baffle you with “defined benefit pensions” or “tracker funds”. We've tossed out all the jargon so we can speak your language, even when the taxman can't or won't. When HMRC starts throwing strange, alien words at you, get in touch. We'll explain exactly what they're trying to say, and what you have to do about it. We're always happy to translate for you, or teach you if you want to learn yourself.
On the other hand, having RIFT on your team means you're never forced to deal with the taxman's nonsense yourself. Our tax experts have years of training under their belts. Why not put it to use for your next tax refund or tax return? We'll blast through the jargon and put the cash you're owed back in your pocket. Just give us a call, or check out our free tax rebate calculator to get an instant estimate of how much tax you could be owed.