Eight million households in the UK miss out on an estimated £23 billion in unclaimed benefits annually, including Child Benefit, Universal Credit, and Pension Credit. To address this gap, Lloyds Bank has introduced the Benefit Calculator, a new feature in its mobile app that simplifies the process of identifying and claiming eligible benefits.
Tamara van den Ban, Customer Propositions Director at Lloyds, emphasized the tool’s importance: “Many customers struggle to navigate the benefits system. Our Benefit Calculator helps them identify what they’re eligible for and guides them through the claims process, putting more money back in their pockets.”
Personalized and easy to use
The Benefit Calculator is designed to be simple and effective. Customers answer six short questions about their household income, children, and living situation. Based on this information, the tool provides an initial estimate of their potential benefits. For a more detailed assessment, an in-depth calculator offers a comprehensive summary, listing the benefits, estimated financial support, and links for making claims—all in just five minutes.
This tool caters to a wide range of needs, such as young professionals eligible for Council Tax discounts or homeowners seeking grants for sustainability upgrades. The feature is available in the ‘More Money in Your Pocket’ hub for iOS users and the ‘Cost of Living Support’ page for Android users.
A broader initiative to support financial well-being
The Benefit Calculator has already assisted thousands of customers during its pilot phase. It’s part of Lloyds Bank’s broader strategy to financially empower users, complementing existing features like subscription management, credit score monitoring, and card controls. With more tools planned, Lloyds aims to help customers better manage their finances during challenging economic times.
