A Study Into The Value Of Everyday Language To Empower More People To Be More Confident & Engaged In Financial Contexts

This study focuses on the use of ‘everyday’ language and literacy in financial contexts. The aim of the research was to understand how uses of everyday language in a marketing campaign conducted by a credit union could encourage more people to use its financial services.

Qualitative research methods were applied to better understand literacy and linguistic practices of key stakeholders such as housing associations and the Department for Work & Pensions (DWP), and to inform the co-produced designs of marketing materials. A total of nine individuals participated, three men and six women, who ranged in age from 20 to 60. All but one, a social entrepreneur from West Yorkshire, lived in South Yorkshire. The other eight consisted of three officers from the credit union, three members of the public who use the credit union, a senior DWP officer and a vastly experienced housing association officer. The data collected was both quantitative (e.g. actual changes in credit union service adoption during a six month live marketing campaign) and predominantly qualitative data which was assessed using a theoretical thematic analysis approach.

Findings highlight the relationship between Power, Identity, Debt and Language Use in financial and public service contexts. In doing so the study could provide a framework for ways, through the inclusive capability and use of Everyday Language, to better engage and encourage people to consider using financial services and support. To achieve this the study wishes to inform the relevant authorities to consider how to promote financial capability as a required life skill into the school and college curriculum. Also its findings if shared with other public and third sector agencies will assist them in their educational and advocacy programmes.

The study is not just about some participants considered on the fringes of society becoming engaged and contributing. It is also about those at society’s centre receiving them positively, aided through the use of everyday language and the common understanding it brings. This has therefore implications for way that financial education is currently and should be provided in the future, the role of credit unions, and for wider pecuniary policy direction.