Financial jargon is the bane of my life

There are many banes, admittedly. The recent Sutton BinGate episode is just a case in point, where elderly people queued for hours outside B&Q one sweltering Saturday to collect new recycling bins, only to find out there were none. 

The scenes of chaos that ensued - curses, moaning, queue-jumping - were chronicled in the annals of Surrey history. 

But another bane of our lives is financial jargon. Last week, I chaired a panel debate on Smart Investing for Women, organised jointly by IP Global and the Australia-United Kingdom Chamber of Commerce.

Women of all ages, backgrounds and professions were there, discussing why they have been put off investing, what they would want to feel confident about investing, and how to grow and protect their wealth.

Which genius thought a 'Default Fund' would be a good name for something that is supposed to help you meet your retirement goals?

Helena Morrissey, head of personal investing for Legal & General, former chairman of the Investment Association and founder of the 30% Club - which aims to improve boardroom diversity - suggested the amount of sales talk and jargon that is employed in the financial services industry can be exceptionally offputting. 

She's not wrong. 

For example, a woman in her 60s or 70s may not have contributed to a workplace pension scheme and may never have dealt with the household finances as she was not the breadwinner. But she may suddenly find, through the loss of a spouse, that she has to get to grips with investment portfolios fast.

A young woman just out of college, suddenly presented with a form from her employer asking whether she was happy to be in a default fund, is likely to be confused by words such as 'default'.

Ask someone what default means, and they will most likely say 'to fail'. Would YOU want to be in a fund that sounds like it's about to fail? I mean, which genius thought a 'Default Fund' would be a good name for something that is supposed to help you meet your retirement goals?

'IHT' sounds like a hormone therapy, 'Innovative Finance Isa' sounds like you're making up new currencies and 'pension' sounds like a nice little house in France. 

You know what these terms mean, and so do I, and so do your clients. But what about your clients' families? What about the general man on the street? Or, indeed the woman on the street?

Firing off jargon at a woman (or a man for that matter) and expecting her to understand what you're talking about is not only demeaning but also financially damaging.

We have to stop with the jargon.

Slightly tangentially, we also have to stop the terrible, terrible questions that women who are financially savvy get asked all the time. Every time I am at a dinner or a meeting in the financial services industry, the woman always gets asked: "How do you find the time to be a mother and a business woman?"

Or (one of my favourites): "I expect you will give up work when you have a child. Will your husband support you?" This is usually met with a sweet smile, full teeth, but eyes shooting invisible death rays. 

A woman is either a Career Woman or a Mother. If she's both, she's either a Superwoman or vilified by the press. But a man who is a dad and a career man is not hailed as a superman or vilified. He's just Dave. Why are we not just Sarah? 

Men do not get asked stupid questions. When was the last time a business contact asked a male CEO: "How do you manage to balance being a father and a CEO?" Was a man ever asked: "Are you a career man?" I'm going to start doing variations on these to all the men I come into contact with and see how it is met, and chronicle it later. 

If women are to be financially literate, people working with us have to stop the dumb questions that have already pigeonholed us before we even start the advice journey. Moreover, don't throw jargon at us. Be clear, engaging, encouraging.

I know an IFA in his 50s who has made so many of his older female clients feel valued and respected they introduce him to all their friends and contacts that his firm now specialises in advising wealthy members of the 'Blue Rinse Brigade'. He is now in a position where he can take on more staff and grow his business.

I am sure there are many advisers who are exactly like him, but the wider financial services industry really needs to take stock. Give us an environment where we feel comfortable asking questions without fear of being talked down to and I promise you'll have valued and valuable clients for life.

simoney.kyriakou@ft.com