Consumer Vulnerability is an increasing problem in the UK. The recognition that poor numeracy affects approximately half of working-age adults is still very low – and effective practical action to address this vulnerability is therefore rare.
The Plain Numbers Project seeks to change this. It set out to find organisations that were already leading the thinking in this area and wanted to contribute to a cross industry initiative to bring about positive change. The Bank of England and five market-leading firms - ClearScore, Thames Water, Octopus Energy, Atlanta and Direct Line have worked with Plain Numbers in the first half of 2021 to show that seemingly small changes can massively increase comprehension among customers.
What is the Plain Numbers Approach?
The Approach builds upon over a decade of work supporting people who struggle with numbers and combines this knowledge with insight from fields of behavioural science and psychology. To find out more about the trials and results visit the Plain Numbers website.
The Bank of England were delighted to be a strategic partner and to host this event and Governor Andrew Bailey said: “We are delighted to see the results of the Plain Numbers trials. To see such consistent outcomes across a variety of industries and forms of communication reveals the beneficial impact that changing the ways we communicate can have for people. I would encourage organisations to take heed of these findings and think about how they can help their customers to better understand the information they are presented with, and thereby make more informed choices.”
The report launch included the results of the trials, and the implications for these (and similar) organisations. The recordings of the sessions can be accessed below.