Martin Lewis urges anyone earning under £60k to do a 'ten-minute check'

Anyone earning under £60,000 has been urged to do a ten-minute money check to see if they're missing out on extra cash. The Money Saving Expert team, fronted by Martin Lewis, said anyone with an annual income below this threshold should double-check their eligibility for Universal Credit.

The financial guru's site flagged up the advice in the latest newsletter, stating: "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."

The reminder follows a report which revealed there was a staggering £23 billion in means-tested benefits and social tariffs unclaimed during this financial year, the Mirror reports. More than £8 billion in Universal Credit is going unnoticed by upwards of 1.4 million individuals.

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Figures from think-tank Policy in Practice showed the average amount people were failing to claim each year was £5,772. Those in receipt of Universal Credit, may also qualify for additional help, such as free school meals or reduced utility bills.

Many charities offer benefit calculators to help people find out what they could claim. Martin Lewis' MoneySavingExpert.com also has a benefits calculator on the website, promising a simple process that takes just ten minutes.

On April 8, benefit payment rates increased by 6.7 per cent, in line with the consumer price index (CPI) level of inflation for September 2023. However although the new rates are in place, most people won't see an increase in their payments until May.