Whilst buzz words about sex, drugs and rock'n'roll - such as shagtastik, bootlylicious and noisenik - are among the 5,500 new words to be added to the Collins English Dictionary, the insurance industry is leading a move to take confusing phrases out of existence.

The move, spearheaded by the insurance industry's Raising Standards Quality Mark Scheme, is more than simply an exercise in linguistic purity. With the UK needing to save more, jargon is one of the main reasons why so many people are put off financial services, some to the point of dreaming of retirement instead of planning.

Findings from a nationwide poll released today by Raising Standards reveal that 92% people agree that financial phrases should be put into clear English. Further, going by the language that has been common in the past on pension and investment statements, more than one in three people do not understand phrases which tell them the basics about how their pension or investment works - how to start one, top one up or reduce payments.

These findings follow research undertaken earlier this year, which revealed that:

• 44% of people are baffled by the language used in their pension statement.
• Many people felt complex products such as pensions (33%), mortgages (11%) and investments (11%) were in most need of quality marks to make them easier to understand.

The 11 insurance companies accredited to the industry's Raising Standards Quality Mark Scheme are set to send their new look financial statements to 11 million policyholders by the end of 2003. These use clear, simple English.

The industry's Quality Mark Scheme therefore asked 2,000 people nationwide which - from a list of traditional financial phrases – they thought should be replaced by clear and simple English.

Over the last two years, the Raising Standards Scheme has been working hard to eliminate confusing words and phrases and customers are now reaping the benefits, says the Association of British Insurers.

Martin Shaw, Director Raising Standards Quality Mark Scheme commented:

"To most people, financial planning is not an exciting pastime. But it is important if we are to avoid the prospect of millions of today's workers sleepwalking into retirement poverty.”

“In the current economic climate, the public need to be given a reason to take financial planning more seriously and our move to eradicate confusing phrases with simple clear English is a move in the right direction.”

“With 11 million policyholders receiving clear English statements this summer, many will now be in a better position to take control of their financial affairs and to make informed financial decisions."

Andrew Black Pensions Marketing Manager, Standard Life said:

"There's a lot of words and phrases that need to be consigned to the rubbish bin. The days when the financial services industry can indulge in its unique passion for obscure language are well and truly behind us.”

“Customers rightly deserve literature to be clear and understandable. As a company who's been awarded the quality mark, at Standard Life we know that Raising Standards provides an ideal way of achieving this."

The Raising Standards-accredited brands are: Co-operative Insurance Society; Eagle Star Life; Friends Provident; Norwich Union; Police Mutual; Prudential; Scottish Equitable; Scottish Widows; Unum Provident; Standard Life; Zurich Life.