10 things we get wrong about money

We aren’t as in-the-know as we’d like to be when it comes to certain aspects of our finances, according to a study by VoucherCodesPro.co.uk. Statutory sick pay, inheritance rules and bus passes, frankly leave us scratching our heads!

Almost one in seven of us are surprised to learn that statutory sick pay does not maintain the recipient’s standard wage while off sick, 65 per cent had no idea that student debt gets cleared after 30 years and 61 per cent were unaware that there is an annual gift allowance, where a person is only permitted to receive £3,000 from family and friends during a year period - or face paying tax.

Respondents were provided with numerous financial statements and told to select all those that they were surprised by. The top ten financial statements that Britons weren’t familiar with are as follows:

  1. Statutory sick pay is a fixed amount (£88.45 per week), not your regular wage - 68%
  2. Any outstanding balance on student loans gets wiped after 30 years - 65%
  3. The annual gift allowance (for family/friends) is £3,000 – anything above is taxable - 61%
  4. Some inheritance does incur tax - 53%
  5. You incur a customs tax on orders from outside of the UK (not included in the cost with the sender) - 51%
  6. Pregnant women are entitled to free NHS prescriptions and for 12 months following the birth - 47%
  7. All parents/guardians are entitled to Child Benefit (children’s allowance) - 39%
  8. You get a free bus pass when you reach pension age - 37%
  9. Your tax codes tell you how much you can earn before being taxed, per year - 32%
  10. You can claim Jobseeker’s Allowance when you’re unemployed, while looking for a new job - 19%

George Charles from VoucherCodesPro.co.uk, said: “It’s alarming that so many Brits aren’t aware of some of the financial basics. OK, so some may never come into inheritance or found themselves unemployed, but the majority of these statements really are common sense. Free prescriptions, free bus passes, financial aid when unemployed – you’d think that it’s too good to be true, but we are really lucky here in the UK that we get assistance when we really need it. Hopefully some people can take a lot away from this, and hopefully some will benefit.”