Financial jargon is driving customers away from banks and building societies, new treasury backed research has found.
Three-fifths (60%) of consumers said they are likely to stop saving with a particular bank or building society if they cannot understand the way they explain their terms and conditions, according to the study by National Savings and Investments (NS&I).
More than half (54%) said confusing language would make them consider switching their custom to another firm.
Call centre staff were responsible for 41% of consumer confusion, while almost half (49%) said terminology in application forms had left them baffled.
Jargon used on company websites had also confused 50% of those polled. One quarter (25%) said they had stopped saving with a particular bank or building society as a result of website jargon.
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