Martin Lewis has issued urgent Universal Credit advice as millions of people face a £20 cut.
The money saving guru recommended anyone affected by the Universal Credit changes to explore if they are eligible for alternative benefits.
The £20 weekly payment increase that was introduced during the pandemic was halted on October 6th.
His warning comes as millions of people’s energy costs are rising due to an increase in the energy price cap, and the furlough scheme that has now ended. Martin recently shared a vital tip for those worried that their gas provider would go bust.
Speaking on the drastic financial changes Martin wrote online, “The £1,000 a year boost that’s provided vital cash to many in and out of work ends today.”
credit card statement with bank account, calculator on desk.
The exact day you’ll notice the cut will be determined by when your Universal Credit instalments are paid in. Meaning, benefit payments for low-income families will decline by roughly £80 each month, or £1,040 over the course of a year.
According to new study from poverty charity Turn2Us, £15 million in benefits went unclaimed last year because families were unaware they were eligible.
With the end of the Covid support schemes, increasing inflation, and the energy crisis, many low-income families are facing a difficult winter.
Martin explained, “If you’re worried, do a 10-min benefits check-up to see if you’re entitled to owt else.”
Recent government statistics show that about six million people claim Universal Credit.
Woman with coins in hand with white leather purse.
Martin encourages families earning less than £30,000 a year to use the government’s calculator to see if their eligible for benefits or a ‘hidden’ pay rise.
If you care for someone on a benefit for more than 20 hours a week, you may be eligible for Carer’s Allowance for up to £67 per week, and if you’re caring for someone with disabilities for more than 35 hours a week , you can collect Carer’s Allowance for up to £67 per week.