Drafting the accessibility of financial services in the light of empirical research

The purpose of this article is to present the main conclusions of the 2024 survey of respondents' level of understanding of the content of financial contracts.On the basis of these conclusions, directions for supporting people with special needs in the area of using financial services such as personal accounts or cash loans are formulated.Design/methodology/approach: The research was conducted using CAWI (Computer Assisted Web Interview) and CAPI (Computer Assisted Personal Interview) methods on a group of 600 respondents.This included 300 so-called 'average customers', 150 older people 65+ and 150 people with disabilities.In addition, focus groups were conducted with 11 deaf people assisted by two sign language interpreters.Findings: The main finding of the research is the falsification of the hypothesis that simplifying the language in which financial contracts are written will significantly increase the level of understanding by respondents.In the light of the research, it turned out that the level of understanding of the content of these contracts, as tested by a specially designed test, is not correlated with the degree of simplification of the language in which these contracts are written.No statistically significant differences in the form of correct answers to the test questions were noted between the groups of respondents: a) those reading the contract in its original version (the level of vagueness of the text scored 14 on the Gunning Fog Index), b) those reading a simplified version of the contract with a FOG level of 10, c) reading a simplified contract up to FOG level 8.The lack of differences applied to all groups of respondents.Practical implications: This paper therefore outlines other ways to make financial services accessible than simply simplifying the language in contracts.Among these are: a) simplifying contracts as much as possible in terms of their layout and content, b) using technology to help focus the reader's attention on the key points of the contract, c) extending support to the entire process of using an account or repaying a loan, and not just the point at which the contract is signed, d) enhancing the role of education in the financial area.Originality/value: The findings of the research falsified the common and intuitive belief that simplifying the language used in the content of financial contracts will significantly improve understanding of contracts among respondents.This finding directs efforts to ensure the accessibility of financial services to the other areas characterised above.