How to Write About Finance? A Checklist for Authors
Finance today is an open sea with a lot of undercurrents: budget, savings, investments, mutual funds, loans, taxes, digitalization, banking products, etc. The media, like a compass and a map, help to set the course, giving explanations to readers. The author of texts on finance should not only understand the topic, but also not confuse the audience.
Three Pillars of Financial Text: Laying the Foundation
Before approaching a topic, the author must ask himself three main questions: what am I writing, who am I writing for, and why am I writing? For financial texts, the answers to these questions are especially acute.
The first one – what am I writing? – will determine the format. An article for a magazine? Instructions for a thematic resource? A blog post? The content, level of disclosure and presentation of the material depend on this. In fact, the format is the skeleton of the financial text.
Example. An instruction was ordered for blog X. The customer liked the clear description and the algorithm of actions and they were useful for the audience, but… for some reason the subscribers did not read the instruction. It turned out that the blog was based on information and entertainment content. I had to write a story to start the conversation, only then the audience paid attention to the material. Although the instruction format was chosen at the customer's insistence, in fact, a blog post with instructions inside was needed.
The second question – who am I writing for? – will determine the target audience with its characteristics. This will affect the language, style, depth of the topic. Business bigwigs do not need instructions – they dictate the rules of the game themselves. Lengthy posts are also out of the question. Slang – in the trash. But a professional view, an overview of the latest financial market developments and legislative initiatives – that's for them. A narrow field, but also a unique audience.
It's a different matter for mid-level entrepreneurs. They want to master new markets, understand the situation, learn how to build algorithms in industries that are new to them. Instructions, life hacks, advice from “those in the know”, seasoned with financial terms – this is for them.
Beginning entrepreneurs and the self-employed want to understand what is going on and how to work with it. For them, everything needs to be presented in an accessible way, and you can even entertain them in passing.
The age of the audience is an important marker. Young people are great at perceiving English words, but people over 40 need translation. Banking and financial sector employees need specialized terms like air, but for the average person, it's untranslatable gibberish.
Example. The bank ordered an informational and advertising text about the financial products of the institution for a magazine popular among housewives. The bank's specifics are working with large entrepreneurs, but they decided to change the policy. The technical task specified services using banking terms, which should be emphasized in the publication. As a result, the customer was dissatisfied with the text – it practically did not contain banking terms. But after a conversation between the author and the customer, it was possible to convey the editorial position – the audience simply would not have been able to understand what was written in the text. As a result, the text was approved, and the bank's management began to think about the need to train managers to work with private clients who do not have a command of specific financial terminology.
The third question – why am I writing this? – will determine the methods of revealing the topic and the useful effect of the article, post, news, etc. Why do people write about finances: to inform, teach, introduce new products, explain, protect, convince or sell. The list is not complete, but each text has a goal. It is one thing when you just need to tell about a new service, and quite another to convince to use it. And if we are talking about protecting from ill-considered actions by pointing out existing risks, then this is a completely different story.
Example. The city prosecutor's office prepared a press release for placement in the media on the prevention of financial fraud. The release is based on official language and dry facts. But journalists asked the department for additional information about real cases. For the department, the main goal is to report on the work done to inform the population, and for the media – to show the reader the importance of the topic and protect them from the tricks of criminals. Live stories attracted the attention of readers, helped to correlate their behavior with the behavior of the heroes and showed how important it is to follow the recommendations of the prosecutor's office employees.
By missing these important points at the preparation stage, the author risks failing the task.
Dive into the topic and not drown: preparation and collection of material
For publications in the field of finance, you will have to brush up on your basic knowledge. Here it is important to focus on flagship thematic information resources to avoid mistakes. You need to start small – dictionaries and glossaries. Our list includes:
Mass financial education has given rise to the development of quality information and reference resources. Below are those created by the expert community:
All current information and latest changes are reflected on the official websites of ministries and departments.
Government information resources:
Monitoring: from general to specific
We check search engines. What they give out for a particular request, how correct are the answers, what resources the search engine promotes. Here we will understand what an inexperienced reader will receive in response to their request. At the same time, we must understand that there is no point in working if the reader can find a comprehensive answer himself in a couple of clicks.
It is necessary to cover the topic and everything written about it, first of all, in the circle of “related” publications. If these are blogs – monitor the blogosphere, if the article is for a magazine – explore the circle of thematic publications, etc. A close information ecosystem will give an answer to how brothers in the pen presented and developed the topic. This will help to avoid repetitions and write better.
Expand your circle: turn to specialized publications and blogs of experts on the topics. The deeper the author digs, the more interesting aspects of the topic he can reveal. Sometimes a hackneyed topic can shine again if you choose a new facet.
Example. The topic of mortgage payments is considered by many from the perspective of inflationary benefits. Today, the interest rate on payments due to inflation will seem insignificant in 10-20 years, and during this time the amount of borrowed funds will decrease and, as a result, the borrower will be the winner. This is what experts say in the media and blogosphere. The author of the text also considered this aspect from the point of view of prices for secondary real estate, which a new mortgage building will turn into in the same 10-20 years. It turned out that not everything is so rosy. The topic, presented from a new angle, caused a resonance.
Where to get the numbers that decide everything?
Finance is numbers. A number can serve as a topic for a story, can become a sensation, or simply illustrate a publication. Working with numbers is a big responsibility. You need to understand the relevance, significance, and authority of the source.
Statistical data – “Rosstat-Finances”
Public opinion polls – VTsIOM, FOM
Monetary and financial statistics – Central Bank
Financial and economic indicators of the Russian Federation – Ministry of Finance
Taxation – analytical portal of the Federal Tax Service
You can find that very cherished figure using a search engine. Here you need to monitor the first-tier media: they have their own correspondents who attend briefings or interview leading experts. It is in such media that you can find figures that do not appear in reports, analytics, bulletins and press releases. This data is obtained first-hand.
An important source of information can be articles in scientific journals. If there is no special subscription, it will help scientific electronic library.
Stages of working with numbers:
· choose an authoritative source of information;
· check the data received from experts;
· ensure that they are interpreted correctly (separate facts from opinions);
· Be sure to provide a link to the source.
Example. After the publication of the release of the analytical center A, some media outlets disseminated information about the level of financial literacy of Russians. However, the publications did not inform how exactly the financial literacy measurements were conducted. In fact (the analytical center did not hide the information), it was an online survey on a special platform. It would be extremely reckless to make generalizations for the entire country.
Working with experts
Experts can be conditionally divided into four categories:
officials – representatives of the banking sector and business community;
scientists, leading specialists of large institutions with specialized knowledge;
media personalities (write columns in the media, public figures);
self-proclaimed experts (hosts of thematic blogs, channels, etc.).
The last two categories require special attention from the authors. Popularity and media coverage are no guarantee of professional awareness. The findings of such experts need to be verified. It is important to get a second opinion on a question or problem if there is even the slightest doubt. The only exception is experts at the highest echelon of power. Rarely will anyone challenge their judgments. Here, it is better to refuse a second opinion altogether. By the way, even if you are not going to publish it, it will not be superfluous “for internal use” – a second opinion will help clarify important points and remove doubts.
Example. A well-known representative of a public organization in the field of consumer protection was very pleased to give an expert opinion on the topic of banking services. The author of the text asked the head of the department at the bank for clarification, and it turned out that the expert was completely ignorant of the topic of banking services. It was necessary to look for a more qualified specialist.
When you need a lawyer: life hacks, instructions, tips and forecasts
Advice and forecasts are the most difficult category. But readers are waiting for them. How, having invested a conditional 100 rubles, to get a million in a month? Some representatives of the infobusiness disperse the magical thinking of the audience, claiming that money appears out of thin air, you just need to want it.
Unambiguous forecasts or specific advice on where to invest funds can harm readers. Having believed in the idea, people can go to extreme measures and even mortgage their only home. Here the author should be vigilant and warn the expert against too ultimatum statements.
It is not a bad idea to get confirmation from an expert that he said exactly what the author wrote, otherwise the speaker can at any moment retract his words, blaming everything on the author’s unprofessionalism.
Life hacks and instructions also require legal expertise. How to process a payment, get a bonus, conduct a bankruptcy procedure – such topics always touch on the legislative aspect. If the author is not a practicing lawyer with the appropriate education and cannot guarantee the authenticity of what is written with his professional qualifications, you should contact a specialist. Legal expertise of the text is necessary if we are talking not only about legislative acts, but also about any actions that should lead to the desired result. Such expertise should be organized by the customer of the text or the agency.
The text signed by a lawyer after the examination will remove all claims against the author. All questionable moments will disappear from the material: ambiguities, inaccuracies or incorrect interpretations. Otherwise, interested parties may accuse the author, and the proceedings risk moving to the judicial plane.
Example. An economic expert discussed the family budget. He suggested a mixed budget as the best option, where each spouse is responsible for their own category of expenses. He insisted that it is the wife who should provide for household needs (food, utilities, education, health care), and the husband – for large purchases. At the same time, the expert kept silent about the fact that in such a situation the husband can register large purchases to third parties and in fact withdraw these purchases from the family budget. The lawyer pointed out this important point and advised expressing the idea more correctly.
Writing: Tone, Style, Terminology
Obviously, any text should catch the eye, but it is better to do without empty promises. Tricks in the lead: “the best”, “reliable”, “risk-free” – reduce trust in the text. Moderation of information resources or social networks may not pass such a test due to a complaint. In addition, such text is not always perceived by the search as relevant.
The style, tone and pace of the narrative depend on the audience and the media. The mini-format will not reveal the global topic, the maxi will drown the topic in water “in two paragraphs”. A blog can provide for confidential communication, but financial topics are not tolerated in familiarity even here. In other cases, you should be neutral. Importunity with advice and lecturing even from the lips of an expert is irritating, as is vocabulary over-salted with terms.
Terms. No reader wants to feel like a fool, so financial terminology should be used correctly, simplified, but in moderation. Exceptions are a narrow professional audience. Here the author himself should make sure that the terminology is used correctly – otherwise, they will laugh at him.
Readers should not get bored. The academic tone of the narrative should be removed, otherwise they will not make it to the middle. Explanations are best made in inserts (although typography and the beauty of the presentation are a completely different story). You can play with words, add metaphors or comparisons, but the main criterion is relevance.
Example. “Distinguishing a Margin from a Walrus: Profit and Asset Freezing” – a play on words attracts attention, but the text is addressed to economists (margin is the difference between revenue and expenses, in fact – profit). “PIF-bang: why mutual investment funds are dangerous” – the text is addressed to a wide range of readers, the author played on a children's counting rhyme in the title.
Conclusion is important, but not always possible. For long texts that contain expert reasoning, calculations and are addressed to a wide audience, it is important to provide a summary at the end of the text. If the audience is highly qualified, it is better to refrain from conclusions, but the narrative should be looped. In instructions and life hacks – follow a clear sequence that should lead to the result stated at the beginning.
In conclusion, it is necessary to accompany the text with a list of sources and references used. It is not required for publication, but will help the editor in his work. Important data is best presented as a hyperlink for the convenience of readers.
