Martin Lewis MSE’s warning to anyone earning under £35k ‘could be owed £6k’ | Personal Finance | Finance
Martin Lewis has issued a warning to Britons earning less than £35,000 per year, as they could be entitled to a payout of nearly £6,000.
The financial guru is on a mission to ensure that workers are aware of the financial aid they could receive from the Government, if any, with Universal Credit providing a critical lifeline for those earning less than the national average, or right on the line.
According to the MoneySavingExpert founder, there are approximately 1.4 million people earning under that £35,000 threshold failing to claim up to £5,800 in basic Universal Credit payments for which they are eligible.
This total is a combination of assistance people can receive for both living and housing costs, and Mr Lewis has warned that median earners are not the only ones missing out.
The MoneySavingExpert website states workers under £35,000 are the most likely to be missing out on payments from the catch-all benefit, but that people earning up to £60,000 may also not be getting everything for which they are eligible.
Households with higher incomes are also eligible for financial aid, provided they have children and may face increased childcare costs.
The money site also cautions individuals on similar or lower incomes might be missing out on other benefits, both means-tested and otherwise, reports Belfast Live.
On Good Morning Britain, Mr Lewis underscored the problem of unclaimed benefits, stating: “Let’s start with Universal Credit. 1.25 million people miss out on an average of around £9,600 a year. Who should be checking if they’re entitled to these benefits?”
He elaborated: “OK, so Universal Credit is the catch-all benefit for people of working age to help with living and housing. Now, the crucial thing to understand here is this is not just for people out of work. 41% of Universal Credit applicants are in work.
“But you could be stretching up to £40,000 a year of family income. If you’ve got children and you’re paying for childcare and you’re paying for rent, you could still be entitled to Universal Credit. So that’s my rule of thumb family income below 40 grand.”
Mr Lewis added: “Get yourself on an online benefits calculator. It will take about 10 minutes. Put your details in and see if you’re entitled to this.
“And even if you checked a year ago because the thresholds went up in April. There are a few people not too many, but a few people who are now eligible who weren’t eligible before.”
He also highlighted that an estimated 2.25 million people are failing to claim £1,500 of Council Tax support per year, and around 530,000 people are missing out on £4,250 of Carer’s Allowance.
He then outlined the eligibility for Universal Credit, stating that those entitled to these benefit payments are typically either out of work, working (including self-employed or part-time), or unable to work due to health conditions or other related issues.
While millions qualify for Universal Credit assistance, not everyone can start claiming immediately as they must first meet certain criteria.
Potential claimants must reside in the UK, be aged 18 or over (with limited exceptions for 16 and 17-year-olds), be below state pension age (currently 66), and have £16,000 or less in money, savings, and investments.
Universal Credit calculators can be accessed by clicking here.
