We have partnered with financial inclusion technology company Inbest, to integrate their Benefits Calculator into our Personal Financial Management platform.
The inflation rate in the UK is falling in 2023, but still remains high. The cost of living crisis doesn’t look set to ease any time soon, and it’s hitting lower-income households the hardest. People without any financial safety net such as savings are choosing between heating and eating with inflation outpacing salary increases.
The UK government increased the support available for low-income households by providing £37bn in emergency support for people already receiving benefits, but this extra support is not getting to everyone who is entitled to it.
Unclaimed benefits in the UK
According to Policy in Practice around 8 Million households in the UK are missing out on £19 billion in benefits every year. This works out at around £5k per household, every year - a potential lifeline for low-income households.
In 2021, in the wake of the Covid-19 pandemic, Welfare at a Social Distance found that the most common reasons why people miss their benefits is that they are unaware of the welfare benefits they are entitled to or assume that they are not eligible.
The main reasons people are not taking up benefits they are aware of:
Group A: 42% Wrongly assume they are not entitled
Group B: 39% Unaware of the range of benefits they could be entitled to
Group C: 19% Don’t apply because they are overwhelmed by the process, or find the stigma difficult to deal with
How does the Benefits Calculator within Moneyhub help consumers?
The Benefits Calculator can help those in Groups A and B to find out which benefits they are eligible for and the boost to their income they could receive.
It’s fast, easy to use, and directly accessible through the Moneyhub app or whitelabel platform for a seamless user experience.
Users are asked a simple set of questions and the calculator then identifies what additional benefits they may be entitled to - from state benefits to grants - and points them towards where they can apply.
By incorporating the Calculator into the full whitel abel financial management platform, we can better serve Group C through personalised nudges and support articles to help minimise overwhelm and guide them through complex applications.
The Benefits Calculator is available as part of our full Personal Financial Management platform, or as a widget that you can incorporate into your own app. Just get in touch with us to find out more →