Project description DEENESFRITPL Plain language for financial literacy In the modern world, as the task of taking financial decisions has been transferred from institutions to individuals, there has been an increasing need for financial literacy, the ability to correctly comprehend financial information, among individuals. As this has been recognised as an issue by the EU, many methods have been considered, one of those being the use of plain text and language. Unfortunately, this method has not had consistent results and there is a lack of empirical evidence on whether it will be useful. The EU-funded PLanTra project will tackle this issue by investigating the impact of plain language training on business students and the comprehensibility of the texts. Show the project objective Hide the project objective Objective With the responsibility for financial decisions shifting from institutions to individuals, the ability to understand financial information (known as ‘financial literacy’) is paramount. Having reduced financial literacy results in higher risk of over-indebtedness, and in reduced ability to manage one’s wealth. Text simplification, involving the use of plain language, is one of the strategies adopted to meet the needs of low-literacy readers. The comprehensibility of financial texts has received attention at the European level. An action plan developed as part of the EU policy on consumer financial services lists opaque terms and conditions among the concerns raised by customers when conducting cross-border shopping. Despite plain language efforts, the comprehensibility of financial content has not been increasing consistently. Scholars have therefore emphasised the need to train business (communication) students in text simplification and provided resources to that end. There is, however, lack of empirical evidence on the benefits (or lack thereof) of plain language training. This project aims to address this research gap by investigating the impact of plain language training on: (i) how financial texts are simplified by business students; and (ii) the resulting comprehensibility of simplified financial texts among lay readers with different levels of financial literacy. To do so, I will conduct two experimental studies. For the first study, focusing on the simplification process, I will use keystroke logging, retrospective interviews, and screen recording. For the second study, dealing with the comprehensibility of financial content, I will use multiple-choice questions. This project can identify simplification-oriented revisions that are implemented by business students and that are beneficial for comprehension of financial content. Ultimately, these findings can guide financial institutions in their efforts to meet the needs of readers with low financial literacy. Programme(s) H2020-EU.1.3. - EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions Main Programme H2020-EU.1.3.2. - Nurturing excellence by means of cross-border and cross-sector mobility Topic(s) MSCA-IF-2019 - Individual Fellowships Call for proposal H2020-MSCA-IF-2019 See other projects for this call Funding Scheme MSCA-IF-EF-ST - Standard EF Coordinator UNIVERSITEIT ANTWERPEN Net EU contribution € 166 320,00 Address Prinsstraat 13 2000 Antwerpen Belgium See on map Region Vlaams Gewest Prov. Antwerpen Arr. Antwerpen Activity type Higher or Secondary Education Establishments Links Contact the organisation Opens in new window Website Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Other funding € 0,00
