Universal Credit: Savings are linked to entitlement to claim benefit worth £500 a month | Personal Finance | Finance

This boost could be provided via the Department for Work and Pensions (DWP) for those claiming Universal Credit.

Universal Credit provides low-income Britons with monthly payments to help make ends meet, which can greatly vary depending on their circumstances.

As the cost of living crisis continues, this extra cash could be vital for families on low income feeling the squeeze.

Universal Credit mainly takes into account one’s expenses and income to decide the rate they will receive.

To claim, Britons must meet all of the below criteria:

  • Live in the UK
  • Aged 18 or over
  • Under the state pension age
  • Have £16,000 or less in money, savings and investments.

Meeting these specific requirements and sticking to one’s claimant commitments could see Britons receiving over £6,000 every year.

Claimants living with their partners will need to make a joint claim for the entire household regardless of whether their partner is eligible.

This means that the amount claimants receive is also impacted by their partner’s income and savings.

If only one person in a household has reached the state pension age they must still claim Universal Credit as a couple although the claim will stop when both parties reach the state pension age.


EU, EEA or Swiss citizens staying in the UK may need settled or pre-settled status under the EU Settlement Scheme to get Universal Credit.

Under the system, people receive different monthly amounts depending on their circumstances:

  • single and under 25 – £292.11
  • single and 25 or over – £368.74
  • living with partner and both under 25 – £458.51 (for them both)
  • living with partner and either are 25 or over £578.82 (for them both)

The average family on Universal Credit will see an increase of around £470 a year from April 2024. This is the equivalent of an increase of around £39 per month.

Claimants can get extra amounts depending on their situation.

Having children will increase the amount claimants receive.

The rate of which depends on circumstances such as when the child or children were born.

An additional amount is added for any disabled or severely disabled child regardless of when they were born or how many other children one has.

Some may get more on top of their standard allowance if they are eligible.

However, people should be aware their earnings could impact their payments.

For more information, people can visit the Government website.

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