Lloyds Bank has rolled out a new feature within its app that could help millions in the UK to find out if they're missing out on benefits. The bank's calculator starts with a quick six-question survey about your household, income, and living situation to give an initial estimate of potential benefits you might claim.
For a more detailed summary, users can then access a comprehensive calculator, which takes about five minutes to complete. If results indicate eligibility, the app provides necessary links for claims.
The tool is part of Lloyds' "More Money in Your Pocket" hub, accessible via the "Everyday" page on iOS or the "Cost of Living Support" page for Android users. With an estimated £23 billion in benefits like Universal Credit and council tax support going unclaimed annually in the UK, this calculator not only identifies possible benefit entitlements but also points out opportunities for free home improvement grants and energy efficiency aid.
Some households could be missing out on up to £5,772 per year in unclaimed benefits, according to recent analysis. Figures from Policy in Practice show as many as eight million households across the UK are currently missing out on valuable Government support.
Since its introduction a few weeks back, Lloyds reports that the calculator has already aided thousands of customers in identifying support for which they may qualify.
Tamara van den Ban, Customer Propositions Director at Lloyds, announced: "Billions of pounds of support is provided for those who need it through benefits, but many customers don't know how to navigate the system or how to make a claim. That's why we've launched Benefit Calculator, helping customers to identify the benefits they may be eligible for, and providing clear guidance on making a claim. Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes.", reports the Mirror.
"Benefit Calculator is the first of a number of features we're introducing in our app over the coming months, all designed to help put more money in our customers' pockets. This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more."
Other benefit calculators
For those not banking with Lloyds, other benefit calculators are available that could help determine entitlement to support. These include:
These tools require information about your living situation, employment status, any savings you have, and if you currently already receive any benefits. If these calculators indicate potential eligibility for support, claims can be made for the relevant benefit independently, or assistance can be sought by contacting Citizens Advice.
