JOIN USAccording to the survey in Britain, abbreviations, popular with youngsters in text messages, are now used by 69 per cent of those aged 35 to 54 years and 50 per cent of older people, the 'Daily Express' reported.
LOL, standing for laugh out loud, is Britain's favourite acronym with 54 per cent of people using it regularly. It is followed by OMG, for oh my God, and BTW, for by the way.
While those aged 34 years and under are still the most prolific users of such abbreviations, the survey has found that two-thirds of all adults now use them; and they are no longer confined to text messages, with seven in 10 saying they use them in emails as well.
But while common acronyms have been incorporated into everyday language, a poll by Payments Council's campaigning arm, 'PayYOURway.org.uk', found most Britons don't know the most often used financial abbreviations.
Only a third knew APR (annual percentage rate) was a financial term while 31 per cent did not know what ATM (automated teller machine) or PIN (personal identification number) stood for.
In response, PayYOURway.org.uk has launched a glossary so people can check on shortened phrases.
The group's Sandra Quinn said: "Text speak has become a way of life and it’s possible to have a whole conversation just using acronyms and abbreviations.
"No matter what age you are, you're likely to be using text speak to some extent. But it is a concern to see just how little we, as a nation, know about the acronyms that really matter to us -- the APRs, ATMs and PINs."