A UK bank’s calculator just uncovered £75 million in benefits that 11,000 households had no idea they were entitled to
Banking group Nationwide says it has helped uncover £75 million a year in unclaimed benefits through a free eligibility calculator it launched just seven months ago.
The ‘Better Off’ calculator, the first to be offered over the telephone as well as online, helps people understand what benefits they may be entitled to. The update comes as research released yesterday from the Money and Mental Health Policy Institute surfaces the barriers preventing millions from checking their eligibility.
The calculator – available to anyone, not just Nationwide customers – was launched in partnership with social policy data experts Policy in Practice, at a time when an estimated £24 billion in benefits goes unclaimed each year.
By offering both an online option and a telephone-based service it ensures that more people, including those who can’t or would rather not use digital services, can access the support they need to boost their income – making what can be a daunting and confusing process easier.
Since launch last June, over 18,000 people have submitted a calculation, with over 11,000 households discovering they could be entitled to an average of £560 extra per month – totalling £75.3 million annually in potential support.
You can access the calculator here.
“Millions of people across the UK are missing out on vital financial support they are entitled to – simply because the system is too complex to understand and access,” said Kathryn Townsend, Head of Customer Vulnerability for Nationwide.
Nationwide is now calling on the government to simplify the system, raise public awareness and help challenge the stigma that still prevents too many people from seeking the support they’re owed.
“By removing these barriers, we can ensure that vital financial help reaches every household that needs it and make the safety net work as it was intended,” Townsend said.
“We encourage anyone to take a moment to explore what they may be entitled to, so they don’t miss out on support that could make a meaningful difference.”
