If we were going to guess which brand made a free Chrome plugin to automatically translate money jargon into plain English, phone network Giffgaff wouldn't be in our top 50.
But we'd be wrong, because it turns out Giffgaff has a finance site for young'uns called Giffgaff Money (news to us) and it has indeed released said plugin.
It's a result of almost half of Brits admitting they have no clue what an APR or an ISA is, and a quarter saying they can't make head nor tail of money lingo.
The plugin is aimed at younger people, but realistically, it would probably be useful for most of us to have a better understanding of the terms that define what happens to our money. How many people on the street could accurately explain an AER? Not bloody many. And that's what Big Finance is counting on.
If you install the plugin, you'll be able to hover over a bit of jargon and get a plain-English explanation. It has 75 terms to begin with, but will be adding more as time goes on.
Hopefully the examples we've been sent aren't final because some of them could do with a bit of rewriting themselves:
The annual cost of your borrowing. It takes account of interest, fees, & frequency of payments, so enables you to compare different loans.
- Standing Order
A payment you set up of a specific amount to be payed [sic] out regularly. Kind of like a subscription.
Total average amount of interest earned over a year.
- Interest Rate
The percentage of [???] that will be paid as interest when you take out a loan.
When you take money out of an account that would cause the total balance to drop below 0.
- Balance Transfer
When you transfer your pre-existing debt from one card to another.
- Tax free saving
A type of saving account where any profits you make on their interest will be tax-free and will have no extra charges when you claim them. [What?]
Well. It was a nice idea.
The plugin is available now on the Chrome Web Store.