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Big Zuu serves up ‘Financial Takeaway’ series with Klarna to make understanding money jargon easier to swallow | @ItsBigZuu @klarna

Musician and TV chef Big Zuu is fronting a new campaign with Klarna to help the nation get to grips with financial jargon in a more tasty and digestible way.

It comes as new research reveals millions of UK adults (40 per cent) think mastering money terms is harder than learning to speak a new language – with young adults feeling the pressure most.

The study of 2,000 adults, commissioned by Klarna, the AI-powered global payments network and shopping assistant, found 64 per cent of Gen Z believe picking up basic foreign words is easier than mastering money terms like APR, capital gains and compound interest.

It emerged that Asset Management Company (51 per cent), Annual Equivalent Rate (28 per cent) County Court Judgement (28 per cent), Adverse Credit (25 per cent) and Compound Interest (26 per cent) are among the terms Britons are most confused by.

While 25 per cent of adults felt the language used by their banks was complicated to understand.

According to the research, roughly 6.3 million adults (12 per cent) believe they have experienced financial losses due to not understanding complex financial jargon in the past 12 months – averaging £1,009.40 per person, equating to losses of £6,419,784,000.

 

Campaign ambassador, Big Zuu, said: Deciphering acronyms like AER and APR can be as confusing as reading a restaurant menu in a foreign language.”

“It’s no surprise that talking about finance can sometimes feel as dry as eating biscuits, without a mug of tea. But it doesn’t have to be like that.”

“A trick I use to remember difficult things is linking  concepts  to relatable things, like food; it’s like giving your brain a taste of something familiar – it sticks better and lasts longer.” 

 

As part of Klarna’s commitment to promoting greater transparency in the financial industry, Big Zuu, along with financial expert Bola Sol, have released a short Financial Takeaway series. Developed in collaboration with the AI-powered global payments network and shopping assistant, it aims to simplify financial jargon, making it easier to understand and more digestible for everyone.

 

Big Zuu takes to the kitchen to explain different financial concepts by relating them to food. Using complex terms such as credit, interest rates and AER as metaphors for making tacos, preparing sourdough for pretzels and baking a sprinkle layer cake, Zuu guides viewers through the cooking process in his own imitable style.

 

“I’ve had to learn about finance the hard way, it isn’t something that you’re taught at school. But once I got the hang of it and continued to learn, it’s given me much more confidence to hold my own in conversations with banks, accountants and managers.  Now I have my own businesses and I think if I can do it, anyone can.” added Big Zuu.

 

Klarna Head of Western and Southern Europe, UK and Ireland, Raji Behal, who recently launched Wikipink  to promote transparency in the UK credit industry, added: “We’re on a mission to help Brits better understand financial language so they can make smarter spending decisions.

“We’ve just announced the release of Klarna’s new in-app AI Assistant for example, which speaks over 35 languages and can help you track payment dates and explains financial terms like APR, helping you to make more informed decisions.

“For too long, financial institutions have been using complicated terms to keep their customers in the dark, resulting in billions of pounds lost.

“We want to uncomplicate the complicated, as ultimately, it’s better for everyone.”

 

Coinciding with the survey, Klarna announced it will be releasing a redesigned app featuring an AI-powered shopping assistant. This assistant, fluent in over 35 languages, is a game-changer for helping consumers make purchases, manage Klarna payments, and handle customer service inquiries more efficiently.

 

Earlier this year, Klarna unveiled its refreshed brand, transitioning from a hyper real pink theme to a more mature and refined identity. “We recognise that our earlier branding, although successful in distinguishing us from traditional banks and competitors, may have inadvertently contributed to a general misunderstanding of the BNPL industry.” explained CMO David Sandstrom. “As we’ve grown  as a company and expanded beyond just BNPL, our branding needed to evolve too. Our new brand direction and updated app reflect steps we have taken to help consumers better understand and manage their finances.”

The Big Zuu X Klarna Financial Takeaway Series will air on Klarna UK’s YouTube channel from Thursday 27 June at 10.00.

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