DWP to pay £2,212 to households earning under £60,000
Millions more households will now be able to claim extra cash from the Government to help towards their weekly bills. It follows changes to Child Benefit thresholds which will allow more parents to claim support or keep more of the money.
People earning up to £60,000 will now be able to keep the whole benefit, up from £50,000. Those earning up to £80,000 will be able to keep some of it, up from £60,000. It begins to be taken away for those earning between £60,000 and £80,000.
Child Benefit is worth up to £1,331 a year for the first child and £881 for each additional child. That means for parents with two kids, it would bring in an extra £2,212.
READ MORE: Nationwide, Lloyds, Santander and NatWest customers to get £275 in bank accounts
Get our best money saving tips and hacks by signing up to our newsletter
Households earning between £50,000 and £60,000 will now keep the whole amount. It means many more parents are now eligible for support. It comes as research suggested millions of parents were struggling with costs related to their children.
Finance firm Lowell found 54% of parents it surveyed were using credit cards or loans to cover school costs. John Pears, CEO of Lowell, stated, "For many families across the UK, associated back-to-school costs such as uniforms can be difficult to afford, meaning many parents across the UK can find themselves worrying about their finances.
"Though credit can be a tool for helping to spread these costs, many credit products have high interest rates, and if unforeseen expenses occur, keeping up with credit repayments can become increasingly difficult."