Say bye-bye to financial jargon

Ever felt like you need a translator just to understand your bank statement? You're not alone. 

The world of finance can often feel like a foreign language - but now there's a new tool on the block that's about to change all that. It's called 'De-jargoning Money', and it's been created by the good folks at Te Ara Ahunga Ora Retirement Commission. Their mission? To make money talk a whole lot easier for all of us.

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Lost in Translation

Let's face it, financial jargon can be a real headache. With all those fancy terms and acronyms, it's easy to get lost. And when we don't understand something, it's hard to make the best decisions. This is especially true when it comes to managing debt. Now, Te Ara Ahunga Ora is doing something about it.

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Meet 'De-jargoning Money'

'De-jargoning Money' has been put together with the help of experts from across the finance world. They've all come together with one goal in mind: to make money talk simpler and more understandable for everyone.

Importantly, this glossary has been developed for institutions and organisations in finance and insurance, rather than the everyday Kiwi. This means that the work is on the finance company’s shoulders to make life easier for you, not the other way around. We’re super keen on making money more understandable for everyone, so we’re all in favour.

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A Few Examples

To give you an idea, the guide suggests replacing confusing terms with simpler ones. For instance:

• Instead of 'credit', it suggests using 'debt'. 
• Instead of 'interest bearing', it recommends 'including interest'.
• Instead of 'maturity', it proposes 'end date'. 

Simple changes like these can make a big difference in understanding your financial situation, especially when it comes to managing debt.

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Wrapping Up

In the words of the Retirement Commissioner, "More than ever, our language needs to be simple, and it should be driven by the needs of the people we serve." 

By making financial language simpler and more consistent, we can all feel more confident about managing our money. And when it comes to dealing with debt, understanding is half the battle. Money is always mahi, but it’s good that some of the mahi is being done for us!

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