People with low English proficiency in the U.K. and around the world usually possess low financial capabilities. They typically find it challenging to understand financial messages that are being communicated to them. Government entities are also finding it challenging to relay COVID-19-related information and services that are available to those who are not proficient in English.
We have provided for you other high-level overview reports that are closely related to this subject below;
- Impact of Divorce on Personal Finances
- Impact of Mental Health Issues on Personal Finances
- Impact of Low Literacy on Personal Finances
- Case Studies & Best Practices: Financial Advice for Vulnerable Groups
Financial Outlook
- Lack of English language skills is one of the main reasons why some UK adults have low financial capability.
- Consumers with limited English-speaking skills also find it challenging to understand the difference between bank marketing campaigns, changes to financial terms, and important notices from banks that require a response from them.
- These consumers are also finding it hard to understand if they need to do something if the bank’s message is complicated and unclear to them.
- These customers are also more prone to abuse as some financial firms might take advantage of their limited understanding. This could make these customers purchase undesirable products or wrongly use them.
Challenges
- Britain will no longer allow non-English speaking and unskilled migrants to enter the country. This policy is similar to the one imposed in Australia.
- In Kentucky, the government and the community are finding it challenging to communicate COVID-19-related information and services to those their residents who are not English speakers.
- Lack of English-speaking skills is preventing Hispanics from owning a bank account. This is also seen as one of the key obstacles towards financial inclusion for more senior Hispanic households.
- Teachers often have lower expectations of students with disabilities who are not yet proficient in the English language.
- Experienced and skilled employees who are not proficient in English are usually given limited responsibilities at work. This scenario greatly impacts their career progression and prevents them from having a stable economic status.
