Martin Lewis has issued a 16 day warning as people could miss out on £301 from the Government.
The consumer champion shared the advice on Wednesday's episode of Good Morning Britain. Martin issued financial tips to help viewers navigate their way through the cost-of-living crisis for this week's edition of Wallet Wednesdays.
It comes as around a million people have just over two weeks to access a benefit that means they'll be entitled for Cost of Living support from the Department for Work and Pensions (DWP).
READ MORE: DWP warning as people asked to submit passports
Martin said: "Pension Credit is a top up benefit that helps those of State Pension age who are not getting enough income. Now, I've long been saying there are one million pensioners in the UK eligible for it who do not claim it. It's an absolute tragedy.
"They've paid into the system for all of their lives and they're not getting this important top-up."
He also said it is a "really crucial" time at the moment. Martin continued: "While the current Cost of Living payment has already started being paid out and for most people the eligibility period is over, Pension Credit can be backdated, so what this means is if you are eligible you will get that £301 and you've got until the 19th of May in order to claim.
"Simply by claiming Pension Credit, even if you're only entitled to a small amount, you will get the £301."
Pension Credit is often referred to as a "passport" benefit aimed at supporting people over State Pension age on a low income by providing around £3,500, on average, each year in financial support. It also acts as a gateway to Council Tax, housing and NHS discounts along with free TV Licences for the over-75s.
Good Morning Britain airs weekdays from 6am on ITV and ITVX
Receive newsletters with the biggest and breaking TV and showbiz news by signing up here
READ NEXT:
I'm A Celebrity viewers issue Toff demand after Janice Dickinson comments
'Seek help immediately' warning to anyone with a garden
Melanie Sykes quits TV after comment from MasterChef's Gregg Wallace
Gardener says Sainsbury's 21p item will stop snails and slugs eating plants
HMRC issue urgent benefit warning to anyone who receives Tax Credits
