Martin Lewis, the founder of the newsletter ‘The Money Saving Expert’ has warned households who earn below £40,000 that they are likely missing out on additional financial help.
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Common misconception
Lewis, a well-known finance guru,believes that many people are trapped with a ‘common misconception’ that there are only government benefits for the unemployed, reports WalesOnline.
According to LancsLive, in the latest newsletter, Lewis is urging people to use a benefits calculator to find out exactly what government support is available.
Over the past months, the cost of living has been going up and Lewis thinks that the extra financial support from the Department of Work and Pensions (DWP) is very helpful for weathering the storm.
Lewis points out the different types of government programs available that cover a range of backgrounds:
The main thing to remember is benefits are not just for the unemployed. State support is designed to help those in a range of situations, from those struggling on a low income, to new families, to those with long standing medical conditions. Even someone earning a high salary could be eligible for some help.
On means tested benefits, you may get an extra £900 cost of living payment. Full details: https://t.co/NUEbZqhKp5#MartinLewis
— Martin Lewis (@MartinSLewis) January 10, 2023
Million of households are eligible
According to Lewis, millions of UK households are eligible to receive government support that amounts to billions a year of means-tested benefits:
Government figures show that up to seven-and-a-half million households are missing out on around £15 billion a year of means-tested benefits. That's without including non-means-tested benefits, such as those for people with disabilities, so if you're in need of support it's well worth a 10-minute check.
The benefits eligibility checks can be made throughthe calculator tools on The Money Saving Expert website, via this link.
Lewis frequently shares tips on how to save money especially when it comes to the cost of living.
According to The Sun, last year, a reader who follows Lewis’s updates utilised the tips and received upwards of £550 per month in governmental benefits.
Sources used:
-WalesOnline: 'Martin Lewis' warning to households earning less than £40,000'
-LancsLive: 'Martin Lewis' message to households earning less than £40,000 missing out on vital DWP benefits’
-TheMoneySavingExpert: ‘Tools & Calculators’
-TheSun: 'CHECK IT Martin Lewis money tip made me £6,600 a year better off – all it took was a 10 minute check and you can do it too'
