Nationwide, the UK’s largest building society, has unveiled a new program designed to assist Britons in claiming financial support they may be eligible for, which could provide up to £550 in additional monthly income. The service, which is available for free, includes a telephone-based benefits calculator intended to guide users through the process of understanding and accessing the financial support they qualify for.
According to GBNews, the initiative aims to help individuals who may be unaware of the benefits they can claim. The program reveals limited details but emphasises Nationwide’s commitment to simplifying access to financial assistance for those in need.
How the ‘Better Off’ Calculator Works
The newly launched ‘Better Off’ calculator allows both Nationwide customers and non-customers to check their eligibility for unclaimed benefits. This tool has been developed in collaboration with Policy in Practice, a social policy data expert. By using this calculator, users can discover financial support they may not have known they were eligible for. According to Policy in Practice, an estimated £23 billion in benefits go unclaimed annually in the UK due to a lack of awareness and other barriers.
The calculator aims to address these issues by simplifying the process, helping people access support that could significantly improve their financial situation.
The Success of the Service
In the first month since the calculator’s release, 2,229 households found they were eligible for an average of £554 in extra monthly support. This resulted in a total of £1.2 million in benefits, showing the significant impact the service has had on the financial wellbeing of households across the UK. This amount is roughly equivalent to the monthly costs of typical household bills, including energy, council tax, and essential services.
In fact, the average monthly support could cover essential utility bills for a typical UK household:
- Energy (gas + electricity): £143.25
- Water & sewerage: £50.25
- Council Tax (Band D average): £190.00
- Home insurance (combined): £20.00
- TV licence (colour): £14.54
- Broadband: £30.84
- Mobile phone contract: £26.36
- Waste collection & recycling: £5.95
- Streaming / landline services: £47.98
These figures highlight how much financial relief can be provided through the calculator, particularly in covering basic living expenses.
Barriers to Accessing Benefits
Despite the potential for significant financial support, Nationwide and Policy in Practice have identified several barriers preventing people from accessing benefits. These include a lack of awareness about what benefits are available, the complexity of the system, and the stigma associated with seeking assistance from the government or charities.
As a result, many people miss out on support they are entitled to.
Kathryn Townsend, Nationwide’s Head of Customer Vulnerability & Accessibility, emphasized the importance of simplifying the process for people to access these benefits. She stated,
Millions of people across the UK are missing out on vital financial support they are entitled to simply because the system is too complex to understand and access.
Our partnership with Policy in Practice means more people, including those who perhaps can’t or prefer not to use digital services, can get the help they need to increase their income.
A More Inclusive Service
To ensure that those who are digitally excluded can still benefit, Nationwide has also provided a dedicated phone line for people who prefer not to use online services. This initiative reflects a growing demand for more inclusive and accessible support services, particularly among vulnerable groups.
By offering both online and telephone access, Nationwide is making it easier for people to claim support.
Deven Ghelani from Policy in Practice added,
Every year £23 billion in benefits and support goes unclaimed because people don’t know what they’re eligible for, or they struggle to access online services.
Digital exclusion often goes hand in hand with wider social and economic disadvantage. By partnering with Policy in Practice to offer an inclusive service, Nationwide is not only helping those most in need, it’s also meeting the growing expectation of customers and setting a benchmark for responsible banking.
The Call for Government Action
Nationwide’s success with the calculator has spurred the company to call on the UK government to make accessing benefit support easier for everyone. As the calculator’s usage increases, Nationwide is urging the government to address the issues of complexity and access that continue to prevent many people from receiving the help they are entitled to.
The initiative sets a strong example for responsible banking and demonstrates how institutions like Nationwide can play a role in improving financial inclusion.
