QUIZ: How well do you know your modern acronyms?
- Credit: Sonya Duncan
Do you know what MFW stands for? How about AMC? And could you tell which was financial and which was popular?
People are now bombarded with so much jargon associated with personal finance they are confusing everyday acronyms for financial terms, according to research from Barclays1.
When the bank surveyed people in Norwich it found just under a fifth (18%) mistook ROFL – slang for 'rolling on the floor laughing' – as meaning 'risk of financial loss'.
Meanwhile only 33% correctly identified GOT as standing for popular HBO show Game of Thrones – 18% thought it stood for general ordinance tax, a term that does not exist, while 9% thought it mean Greenwich official time.
The survey also revealed more general confusion about the world of personal finance.
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Although 95% of respondents in the city knew an ISA was an individual savings account, 32% admitted they did not know when the tax year end was and 46% revealed they did not know which tax band they fit into.
Clare Francis, savings and investments director at Barclays, said: 'We know that people struggle to wrap their head around all of the terminology associated with personal finances. However, it's not always as complex as you first think, and if you brush up on the basics you might discover savings opportunities that could make a real difference.
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'Everyone should have the tax year end on April 5 pencilled into their diaries, because it's the last day you can use your ISA allowance. It's also useful to know that the annual ISA allowance is increasing to £20,000 for the 2017/18 tax year, meaning that you'll be able to protect even more of your savings from the tax man.'