New research by advisory firm HUB Financial Solutions has discovered that nearly half of homeowners over the age of 65 have never checked if they are entitled to claim any benefits from the Department for Work and Pensions (DWP) beyond their State Pension.
With living costs rising sharply, many struggling pensioner households could be missing out on thousands of pounds in financial support they are entitled to receive.
The survey of more than 1,000 over-65s found that 46 per cent of homeowners had never checked if they were entitled to extra benefits, nearly double the 25 per cent of those living in rented homes who had never checked.
And only 12 per cent of homeowners had checked their eligibility for benefits in the last year, compared to more than a third (35%) of renters.
Commenting on the findings, Simon Gray, Managing Director of HUB Financial Solutions, said: “With energy and food costs rising, it is important that people struggling for income take up their benefits entitlement.”
Although house prices have risen giving the average homeowner more wealth, the incomes they rely on to pay the day-to-day bills may have been outstripped by inflation.
Somon continued: “State pensioners received a 3.1% rise in April but the Consumer Prices Index rose 7% over the year to the end of March and many - including the Office for Budget Responsibility, the government’s own fiscal watchdog - are expecting further cost increases.
“Benefits are made available to help people in a wide range of circumstances, whether they are struggling for income, having to care for a relative, have an illness or disability, or are entitled to a reduction in Council Tax.”
Research based on real client data collected by equity release advisers from HUB Financial Solutions revealed that nearly half (49%) of homeowners eligible for benefits were failing to claim any benefit, missing out on £1,197 a year on average.
A further two in 10 (21%) were underclaiming the correct amount, missing out on £1,220 extra income.
Simon added: “Our concern is that the system is seen as complicated and inaccessible, particularly to older people, however, there are a range of resources and sources of support available to people to help them find out whether they could be entitled to additional benefits and how to claim.
“We would encourage everyone to make use of this help on offer to see if they are missing out.”
What is an online benefits calculator?
Online benefit calculators quickly work out if you are missing out on any benefits and best of all, they are completely free, independent and confidential to use - so there’s nothing to lose.
In just a few minutes you could find out how much you may be able to claim in extra support, just by entering details about yourself, your residential status, your working status and any savings you have.
You can use an independent benefits calculator to find out:
- What benefits you could get
- How to claim
- How your benefits will be affected if you start work
Where to find help
Advice Direct Scotland
This online tool is the first to fully integrate devolved benefits, including the Scottish Child Payment.
It provides a free and impartial assessment of entitlement to a range of benefits such as Universal Credit, crisis grants and support payments.
Turn2us
Information on income-related benefits, Tax Credits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work or change your working hours.
Policy in Practice
Information on income-related benefits, Tax Credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit, how these are calculated and how your benefits will be affected if you start work or change your working hours.
entitledto
Information on income-related benefits, Tax Credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work.
What you will need
You will need accurate information about your:
Savings
Income, including your partner’s
Existing benefits and pensions (including anyone living with you)
Outgoings (such as rent, mortgage, childcare payments)
Latest Council Tax bill
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