Lloyds Bank urges customers to come forward for £2,875 each on average

Lloyds has moved to launch a new tool to help eligible customers claim benefits, with £23bn a year going unclaimed. Eight million households across the UK are missing out on £23bn in government benefits each year, working out at £2875 on average, such as Child Benefit and Universal Credit.

Lloyds’ new Benefit Calculator empowers customers to find support they may be eligible for and shows them how to make a claim. Benefit Calculator asks customers six short initial questions about themselves, including household income, number of children and their living situation4. Based on the responses, the Calculator provides an initial estimate of the amount of benefits the customer may be eligible for.

Customers will then be able to use an in-depth calculator, which takes around five minutes to complete. A final summary is provided, listing the different benefits and the estimated amount of financial support the customer could potentially receive, while providing clear links for making a claim.

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Tamara van den Ban, Customer Propositions Director at Lloyds, said: “Billions of pounds of support is provided for those who need it through benefits, but many customers don’t know how to navigate the system or how to make a claim. That’s why we’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for, and providing clear guidance on making a claim. Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes.

“Benefit Calculator is the first of a number of features we’re introducing in our app over the coming months, all designed to help put more money in our customers’ pockets. This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more.”