Martin Lewis has issued an urgent warning to UK residents earning less than £35,000 per year, as they could be eligible for a payout of nearly £6,000. The financial advice expert is determined to make workers aware of the potential government financial assistance available to them through Universal Credit, which can provide crucial support for those earning below or at the national average.
According to the founder of MoneySavingExpert (MSE), around 1.4 million people earning under the £35,000 threshold are failing to claim up to £5,800 in basic Universal Credit payments that they are entitled to. This sum includes both living and housing cost assistance, and Mr Lewis has highlighted that it’s not just median earners who are missing out.
MoneySavingExpert, the comparison site founded he founded in 2003, states workers under £35,000 are the most likely to be missing out on payments from the catch-all benefit, but that people earning up to £60,000 may also not be getting everything for which they are eligible.
Households with higher incomes can also qualify for financial aid if they have children and face increased childcare costs. The money advice site also warns that individuals on similar or lower incomes might be missing out on other benefits, both means-tested and otherwise.
Previously on Good Morning Britain, he remarked: “Let’s start with Universal Credit 1.25 million people missing out on an average of around 9600 pounds a year. Who should be checking if they’re entitled to these benefits?
“OK, so universal credit is the catch-all benefit for people of working age to help with living and housing. Now, the crucial thing to understand here is this is not just for people out of work. 41% of universal credit applicants are people who get universal credit are in work.
“But you could be income stretching up to £40,000 a year of family income. If you’ve got Children and you’re paying for childcare and you’re paying for rent, you could still be entitled to universal credit. So that’s my rule of thumb family income below 40 grand.”, reports Lancs Live.
“Get yourself on an online benefits calculator. It will take about 10 minutes. Put your details in and see if you’re entitled to this. And even if you checked a year ago because the thresholds went up in April. There are a few people not too many, but a few people who are now eligible who weren’t eligible before.”
It’s estimated 2.25 million people are not claiming £1,500 of Council Tax support per year, and approximately 530,000 people are missing out on £4,250 of Carer’s Allowance.”
Who is eligible for Universal Credit?
Those entitled to these benefit payments are typically either out of work, working (including self-employed or part-time), or unable to work due to health conditions or other related issues.
While millions are eligible to claim Universal Credit assistance, not everyone can do so immediately as certain criteria must be met. Prospective claimants must live in the UK, be aged 18 or over (with limited exceptions for 16 and 17 year olds), be under State Pension age, and have £16,000 or less in money, savings, and investments.