Money Saving Expert has 10-minute warning for anyone earning less than £60,000

A financial warning has been issued to anyone earning under £60,000 a year by the Martin Lewis-affiliated MoneySavingExpert.com.

Experts at the website, which officers vital personal finance advice, say a 10-minute check could prevent Brits losing out on much-needed cash. The team at MSE has underlined that households earning beneath this cut-off should confirm their eligibility for Universal Credit. The experts affiliated with Martin Lewis pointed out the issue in the most recent newsletter.

"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 an exclusive report by The Sun, which revealed an estimated unclaimed £23 billion in means-tested benefits and social tariffs for the current financial year. A shocking amount of over £8 billion in Universal Credit is being overlooked by more than 1.4 million people.

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As per data provided by the think-tank Policy in Practice, the average annual sum individuals are missing out on is £5,772, reports Birmingham Live. On availing Universal Credit, you may find yourself eligible for other forms of assistance such as free school meals or access to social tariffs.

For those not presently claiming benefits, it is, indeed, worth examining your standing as not only could this result in supplementary funds, but also make you eligible for various cost-of-living disbursements. Numerous charities offer benefit calculators to assist you in finding out what you could potentially claim.

Furthermore, MSE offers a benefits calculator on their website, promising a straightforward process that takes ten minutes to complete. Before you begin checking, make sure you have all the necessary documents at hand, including bank statements and any information on pensions or existing benefits.

Benefit payment rates experienced a 6.7% rise on April 8, in line with the consumer price index (CPI) level of inflation for September 2023. Here's an exhaustive list of the new benefit rates for 2024-25 so you can work out 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.