Martin Lewis' urgent warning to anyone earning under £60,000 over '10 minute check'

Joseph Wilkes

14 May 2024 at 10:49 am·2-min read

Martin Lewis' Money Saving Expert has issued the advice — -Credit:No credit

Martin Lewis' MoneySavingExpert.com has sent out an urgent money check instruction for anyone earning less than £60,000. The financial guru's site has advised people to conduct a speedy review to ensure they're not missing out on potential additional funds.

The MSE team wants to emphasise that individuals with yearly earnings below this figure should confirm their eligibility for Universal Credit. Martin Lewis' experts brought attention to this advice in their most recent newsletter, specifying: "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 guidance follows not long after shocking revelations of an unclaimed £23 billion in means-tested benefits and social tariffs during this fiscal year. Amazingly, over £8 billion in Universal Credit is failing to reach more than 1.4 million potentially eligible individuals.

Data from the think-tank Policy in Practice reveals that the average amount left unclaimed each year is £5,772. Access to Universal Credit might also open doors to further assistance like complimentary school meals or lowered 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, reports the Mirror.

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.

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