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Some 42% of UK finance workers are embarrassed to admit they don’t understand terminology at work, with many turning to tech for the answers rather than asking their workmates, new research from the AAT has revealed.
The research revealed that some 63% use Google and just 45% use AI/ChatGPT for answers, finding it faster and less embarrassing than asking colleagues. A further quarter regularly opt to simply pretend they understand.
The top five financial terms that finance workers find most challenging to explain are EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) (19%); liquidity ratio (19%); leverage ratio (18%); accrual accounting (17%); and treasury management (15%).
It’s not just making errors that concerns finance workers – nearly half (47%) are worried that a lack of terminology understanding will result in them losing their current job. Over half (57%) wish it was easier to discuss gaps in financial knowledge with their colleagues or managers, 54% wish their workplaces provide better resources and 50% felt their workplace lacks training.
Anthony Clarke, business development manager of employers at AAT, said: “This data clearly shows that financial language, terms and phrases are a confusing minefield for thousands of finance workers.
“What’s worrying is that the majority feel a sense of taboo around reaching out to their workplaces for help, due to fear of embarrassment or running the risk of losing their job, meaning employers are in the dark and can’t remedy the situation.”
He added: “What’s ironic is that for even the most seasoned of finance professionals, undertaking continued professional development to build on the skills they already have ensures they remain relevant and competitive.”
