Wealth Wizards newly launched Benefits Calculator has helped users to identify over £1m of annual benefit entitlements within the first week of going live.
The fintech, founded on the principle of making financial advice and guidance affordable and accessible to everyone, launched the Benefits Calculator on its My Eva workplace platform on 13 March 2023.
Within the first week, 52% of users were able to see one or more annual benefits to which they were entitled. The average entitlement per user was over £3,000.
The Benefits Calculator enables employers to introduce a whole new level of support for their employees. It is free to use in MyEva and checks over 30 different benefits available in the UK, including support for those:
• Expecting and bringing up a child
• Struggling with energy and water bills
• Caring for loved ones
• Experiencing a bereavement.
Some of the many benefits entitlements highlighted in the first week were: Employment support allowance, child benefits, council tax discount, disability living allowance, personal independence payment, attendance allowance, caring allowance, free school meals, school clothing costs, warm home discount, winter fuel payment, discretionary housing payment, funeral support payment, support for mortgage interest loan, help to save.
For employees, the calculator can help them find the benefits to which they are entitled, which they may not have known about, and show how to apply for them.
For employers, the calculator can help alleviate cost-of-living and wage pressure for their employees and reduce this external stress factor in the workplace.
Commenting on the data, Mark Kiddell, Chief Commercial Officer, Wealth Wizards, said: “This is a fantastic result for our new Benefits Calculator, which shows just how much can be claimed by the people who need it.
“It is estimated that around £15billion of government benefits are not being claimed in the UK. Our calculator can show employees where they may be missing out on annual benefits and help put the pounds into their pockets at a time when they need it most.
“It is our ethos to help individuals better understand their finances. We can help show them how they can manage their money, what they are entitled to, and how to plan for their financial future.”
Zoe Semmens, Business Development Manager for My Eva, said: “There is a misconception that if you are in full time employment you are not entitled to government support. The My Eva Benefits Calculator shows workers that isn’t true and exactly what they are entitled to claim. In the current economic environment that can make a big difference to people’s lives and financial wellbeing.
“We are very excited by this prospect and what it can do for employees and employers using the My Eva platform.”