The survey, conducted on behalf of the Payments Council, revealed those aged over 55 are more likely to be aware of terms that may be used to describe features of their bank account or credit card, as 86 per cent of those questioned correctly defined a direct debit and 77 per cent were able to identify a standing order.
However, younger individuals were less knowledgeable, as seven per cent could not explain popular terms such as Pin, ATM and Bacs.
The research was carried out in support of the Pay Your Way campaign - which aims to educate individuals on various banking methods - and Sandra Quinn of the initiative said terms such as standing orders "should be in everyone's payment vocabulary".
Homeowners may have to become more familiar with the various payment offers available to them in order to keep on top of outgoings, as Ark Financial Planning director Phil Perry noted living costs are rising at present.
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