Older homeowners of State Pension age struggling with rising living costs urged to check for DWP benefits

dailyrecord.co.uk:

New research by advisory firm HUB Financial Solutions has discovered that nearly half of homeowners over the age of 65 have never checked if they are entitled to claim any benefits from the Department for Work and Pensions (DWP) beyond their State Pension.

With living costs rising sharply, many struggling pensioner households could be missing out on thousands of pounds in financial support they are entitled to receive.

The survey of more than 1,000 over-65s found that 46 per cent of homeowners had never checked if they were entitled to extra benefits, nearly double the 25 per cent of those living in rented homes who had never checked.

And only 12 per cent of homeowners had checked their eligibility for benefits in the last year, compared to more than a third (35%) of renters.Commenting on the findings, Simon Gray, Managing Director of HUB Financial Solutions, said: “With energy and food costs rising, it is important that people struggling for income take up their benefits entitlement.”Although house prices have risen giving the average homeowner more wealth, the incomes they rely on to pay the day-to-day bills may have been outstripped by inflation.Somon continued: “State pensioners received a 3.1% rise in April but the Consumer Prices Index rose 7% over the year to the end of March and many - including the Office for Budget Responsibility, the government’s own fiscal watchdog - are expecting further cost increases.“Benefits are made available to help people in a wide range of circumstances, whether they are struggling for income, having to care for a relative, have an illness or disability, or are entitled to a reduction in Council Tax.”Research based on real client data collected by equity release advisers from HUB