Data from the Financial Conduct Authority shows that poor numeracy is the single most common customer vulnerability; and just under half the adult population in the UK have the everyday maths skills expected of an 11-year old[1].
At a time when members are struggling with the rising cost of living, Nationwide’s three-year partnership with Plain Numbers is a commitment to helping members understand their finances and make informed decisions for their financial wellbeing.
Combining insights from behavioural science with Plain Numbers’ knowledge of supporting people who struggle with numeracy, Nationwide colleagues will receive training that will enhance the way the Society communicates key financial information to ensure it’s displayed in a way that is clear, consistent and easy to understand.
Louise Prior, Director of Member Propositions at Nationwide Building Society said: “Millions of adults across the UK struggle to understand numbers. As a member-owned financial services organisation it is our job to try and make things easier to understand and help where we can. By improving the way we explain important financial information we aim to ensure all our members can fully understand their financial situation and are able to make better decisions for their finances and the challenges that life may throw at them.”
Mike Ellicock, CEO and Co-Founder of Plain Numbers said: “We’re delighted to welcome Nationwide as a Plain Numbers Partner. We see the work we are doing to support customer understanding and Nationwide’s commitment to supporting its members as a perfect fit. We know we can help millions of people get a better understanding of key financial information through this partnership, which means that members can make the decisions that work best for them and achieve their financial goals.”
-ENDS-
