Martin Lewis’ Money Saving Expert has issued a warning to anyone earning less than £60,000 annually.
The team strongly recommends conducting a brief 10-minute revision to ensure you don’t miss out on significant savings.
Those at MSE are advising households which falls under this income threshold to double-check whether they qualify for Universal Credit.
In their newsletter, the team wrote: “Who’s likely missing out? Households with lower incomes, up to roughly £35,000 a year, though if you’ve kids, high childcare costs and rent, it could be £60,000.”
This advice, following an exclusive report by The Sun, unveiled a staggering £23 billion worth of means-tested benefits and social tariffs unclaimed this financial year.
A shocking total of more than £8 billion in Universal Credit remains unnoticed by over 1.4 million people.
According to insights from policy think-tank Policy in Practice, the average annual amount individuals are potentially overlooking is £5,772.
By claiming your due Universal Credit, you might also be entitled to other aids like free school meals or access to social tariffs, reports Leicestershire Live.
For those not currently on benefits, it’s worth checking your eligibility as this could not only provide extra cash but also qualify you for various cost-of-living payments.
Many charities offer benefit calculators to help you find out what you might be able to claim.
Additionally, MSE provides a benefits calculator on their website, promising a simple process that takes just 10 minutes.
Before you start, ensure you have all necessary documents ready, including bank statements and any information on pensions or existing benefits.
Benefit payment rates saw a 6.7 percent increase on April 8, in line with the consumer price index (CPI) level of inflation for September 2023.
Here’s a comprehensive list of the new benefit rates for 2024-25 so you can calculate how much more you might receive.
However, it’s crucial to remember that while the new rates are now in place, most people will not see an increase in their payments until May.
- Universal Credit is paid monthly and is determined by your circumstances each month.
- Standard allowance (per month).
- Extra amounts for children.
- Extra amounts for limited capability for work.
- Additional amounts for carers.
