Tax codes confusing for one in six

Financial terms are too confusing for many Britons to get to grips with. A new guide has been launched by learndirect to help people handle their finances better. One in six people do not know how to read their tax code or check that they are paying out the correct level of tax on their earnings, according to a new survey. Learning and skills organisation learndirect polled 3,000 people and found that two thirds of participants are too confused to make the right choices when it comes to their money with many struggling to manage their cash. It also found that over a quarter of respondents cannot work out how to get the best value on mobile phones, television packages and even gas and electricity. One if four people said they find it tough to understand small print and technical jargon while 10% of participants sign up to services and products that are not right for their needs.