This disconnect is compounded by a language barrier that AIA Australia openly concedes, acknowledging that the language the finance industry uses can discourage people from engaging. We need to make a conscious effort to address current barriers and pain points including:
- the legal tone of documents,
- use of jargon,
- the lack of visuals and a clear checklist,
- lack of reliable calculator tools,
- having too many options, and
- long lists of terms and conditions.
It all adds up to a perfect storm. Young people fail to get a financial education at home or at school, only to enter the workforce and find they must make financial decisions with institutions that seem to be speaking in a foreign language.
As an industry, we need to better engage with young people, using clear, simple language and suitable means of communication. We’ve begun this journey through the simplification of our letters and policy documents, and the development of the ADVISE and EDUCATE components of LIFEapp 2.0 (our online underwriting tool), however there is more to be done.
If you’d like to learn more about ‘The Lab’ findings, contact your Client Development Manager or Strategic Partnership Manager.