Nationwide has partnered with social purpose organisation, Plain Numbers Project, to improve its communication with members who struggle with financial terminology and numbers.

The society said its three-year partnership is a commitment to helping members understand their finances and make informed decisions for their financial wellbeing.

Data from the Financial Conduct Authority revealed that poor numeracy is the single most common customer vulnerability, with just under half the adult population in the UK having the everyday maths skills expected of an 11-year-old.

Combining insights from behavioural science with Plain Numbers’ knowledge of supporting people who struggle with numeracy, Nationwide colleagues will receive training that will enhance the way the society communicates key financial information, to ensure it’s displayed clearly and consistently.

Director of member propositions at Nationwide, Louise Prior, said: “Millions of adults across the UK struggle to understand numbers. As a member-owned financial services organisation it is our job to try and make things easier to understand and help where we can.

“By improving the way we explain important financial information we aim to ensure all our members can fully understand their financial situation and are able to make better decisions for their finances and the challenges that life may throw at them.”

CEO and co-founder of Plain Numbers, Mike Ellicock, added: “We’re delighted to welcome Nationwide as a Plain Numbers Partner. We see the work we are doing to support customer understanding and Nationwide’s commitment to supporting its members as a perfect fit.

“We know we can help millions of people get a better understanding of key financial information through this partnership, which means that members can make the decisions that work best for them and achieve their financial goals.”

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