Martin Lewis has issued a 10-minute money check warning for anyone earning under £60,000. The financial guru’s site is urging people to take a quick review to ensure they’re not missing out on extra cash.
The MSE team is highlighting that those with an annual income below this threshold should double-check if they’re eligible for Universal Credit. Martin Lewis ‘ experts flagged up the advice in their latest newsletter, stating: “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 alert comes hot on the heels of a report which uncovered a staggering unclaimed £23 billion in means-tested benefits and social tariffs for this financial year. Astonishingly, over £8 billion in Universal Credit is going unnoticed by upwards of 1.4 million individuals.
According to figures from think-tank Policy in Practice, the average amount people are failing to claim each year is £5,772. By getting on Universal Credit, you might also qualify for additional help like free school meals or reduced utility bills.
If you’re not currently claiming benefits, it’s worth checking your eligibility. Not only could this result in extra cash, but it could also qualify you for various cost-of-living payments Many charities provide benefit calculators to help you find out what you might be able to claim.
Additionally, Martin Lewis’ MoneySavingExpert.com offers a benefits calculator on their website, promising a simple process that takes just ten minutes. Before you start, make sure you have all the necessary paperwork, including bank statements and any information on pensions or existing benefits.
Benefit payment rates saw a 6.7% 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 extra you might get.
However, it’s important to remember that while the new rates are now in place, most people won’t see an increase in their payments until May.
