Martin Lewis' MSE issues urgent warning to anyone earning less than £60,000

Richard Guttridge & Oscar Fisher

13 May 2024 at 1:50 am·2-min read

Martin Lewis' MoneySavingExpert.com has issued a crucial 10-minute warning to anyone earning under £60,000 per year. The consumer finance website is urging people to take a brief moment to check if they're missing out on extra money.

The MSE team, associated with Martin Lewis, emphasised in their latest newsletter the importance for households earning less than this threshold to verify their eligibility for Universal Credit. "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 comes after The Sun exclusively reported that an estimated £23 billion in means-tested benefits and social tariffs remain unclaimed for the current financial year. Astonishingly, over £8 billion in Universal Credit is being passed by more than 1.4 million eligible individuals.

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According to figures from think-tank Policy in Practice, as reported by Birmingham Live, the average amount of money people are not claiming stands at £5,772 annually. By claiming Universal Credit, individuals may also qualify for additional support, such as free school meals or reduced utility bills through social tariffs, reports Leicestershire Live.

For those not currently claiming benefits, it's worth checking your eligibility as this could result in extra funds and also make you eligible for various cost-of-living payments. Many charities offer benefit calculators to help you find out what you could potentially claim.

Moreover, Money Saving Expert (MSE) provides a benefits calculator on their website, promising a straightforward process that takes ten minutes to complete. Before you start checking, ensure you have all the necessary documents ready, 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 receive.

However, it's important to note that while the new rates are now in effect, most people will not see an increase in their payments until May.

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