Nationwide Building Society has introduced a groundbreaking new tool designed to help customers potentially secure an additional £560 per month in unclaimed benefits. This innovative initiative aims to support thousands of households across the UK in accessing vital financial assistance they are entitled to but may have missed due to systemic complexities.
Revolutionising Benefits Access
The free 'Better Off' calculator, developed in collaboration with social policy data specialists Policy in Practice, represents a significant step forward in financial inclusion. This tool enables individuals to discover which Department for Work and Pensions (DWP) benefits they might be eligible for, potentially identifying approximately £75 million in unclaimed support for around 11,000 households nationwide.
Addressing Digital Exclusion
What makes Nationwide's approach particularly noteworthy is its dual-access system. As the first financial provider to offer such a service, Nationwide provides both online and telephone-based options, ensuring that people who cannot or prefer not to use digital platforms are not excluded from this valuable resource.
Kathryn Townsend, Nationwide's Head of Customer Vulnerability, emphasised the importance of this development: "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."
Calling for Systemic Change
The building society has used this launch as an opportunity to call upon the Labour Party government to implement meaningful reforms to the benefits system. Nationwide is advocating for simplified processes, increased public awareness campaigns, and efforts to reduce the stigma that often prevents people from claiming the support they deserve.
Ms Townsend further explained: "That's why we're calling on the government to simplify the system, raise public awareness and help challenge the stigma that still prevents too many people from seeking the support they're owed. By removing these barriers, we can ensure that vital financial help reaches every household that needs it."
Universal Accessibility
Importantly, this calculator is available to everyone, not just Nationwide customers, reflecting the organisation's commitment to broader social responsibility. This comes at a crucial time when an estimated £24 billion in benefits goes unclaimed annually across the United Kingdom, highlighting the scale of the challenge and the potential impact of such initiatives.
Making a Meaningful Difference
The calculator transforms what can often be a daunting and confusing process into a more accessible experience. By helping people navigate the complexities of benefits entitlement, Nationwide aims to ensure that financial safety nets function as intended, providing crucial support to those who need it most.
"We encourage anyone to take a moment to explore what they may be entitled to," Ms Townsend added, "so they don't miss out on support that could make a meaningful difference to their lives."
This initiative represents a significant development in financial services' role in social support, demonstrating how institutions can actively contribute to addressing pressing societal challenges while helping individuals improve their financial wellbeing.
