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Money Box

Money Box Live: Missing Out on Financial Support?

Nov 13, 2024
Rachael Walker, Research and Policy Director at Policy in Practice, sheds light on the staggering £23 billion of unclaimed financial support available in the UK. The discussion reveals the types of benefits many overlook, such as pension credit and carer’s allowance, often due to lack of awareness. Personal stories illustrate challenges faced by caregivers navigating the system, emphasizing the importance of seeking help. The conversation also tackles the stigma around applying for financial assistance, encouraging listeners to recognize their rights to support.
28:41

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • A staggering £23 billion in welfare benefits goes unclaimed each year, largely due to a lack of awareness and understanding.
  • Tax-free childcare support is significantly underutilized, highlighting the need for better communication and community outreach regarding eligibility.

Deep dives

The Unclaimed Benefits Crisis

A staggering £23 billion in welfare benefits is reported as unclaimed, with £12 billion attributed to national benefits like universal credit and pension credit. Many individuals, including those who have experienced significant life changes, remain unaware of their entitlement to these crucial funds. The lack of awareness results from not knowing what benefits are available as well as the complexity of the application process. Stigma and fear surrounding the act of claiming benefits also deter many from seeking the support they need, as society often equates benefits with failure.

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