Nationwide Building Society has introduced a groundbreaking free service that could provide customers with an additional £560 each month. This innovative tool is designed to help individuals uncover benefits they may be entitled to but have not yet claimed.
A Practical Solution for Financial Support
The 'Better Off' calculator, developed in collaboration with social policy data specialists Policy in Practice, represents a significant step forward in financial accessibility. Remarkably, it is the first benefit calculator of its kind to be offered both online and over the telephone, ensuring wider reach across different demographics.
This service comes at a crucial time when an estimated £24 billion in benefits remains unclaimed annually across the United Kingdom. The calculator is available to everyone, not exclusively Nationwide customers, making it a valuable resource for the broader public.
Substantial Impact Since Launch
Since its introduction in June of last year, the calculator has already made a substantial impact. Over 18,000 people have completed calculations, with more than 11,000 households discovering they could be eligible for additional financial support.
The average monthly increase identified stands at £560 per household, which translates to an impressive £75.3 million in potential annual support that could be accessed by those who need it most.
Expert Endorsement and Real-World Application
Kate Underwood, Founder of Kate Underwood HR and Training based in Southampton, has praised the initiative for its practical approach. She emphasised that unclaimed benefits are not merely supplementary but can be crucial for individuals facing challenging circumstances.
"The people who need this support most aren't always sitting at a laptop with the headspace to wrestle forms," Underwood noted. "In real life, it's often someone on long-term sick leave, on maternity leave, caring for a loved one, or dealing with a sudden family emergency."
Beyond Financial Assistance
Underwood further highlighted that financial stress can significantly hinder recovery and performance in both personal and professional contexts. She described tools like the Better Off calculator as "financial first aid" that can help stabilise difficult situations.
"When staff can cover basics, they're more likely to recover, return, and stay," she explained. "That's good ethics and good business."
How the Calculator Works
The calculator does not approve claims directly but serves as an essential first step in the process. It helps users understand what benefits they might qualify for and directs them to the appropriate channels to make formal claims.
This ensures that proper checks and balances remain in place while making the benefits system more accessible to those who might otherwise struggle to navigate it.
Nationwide's initiative demonstrates how financial institutions can play a constructive role in supporting community welfare beyond traditional banking services. By helping customers and non-customers alike access entitled benefits, they contribute to broader financial wellbeing across society.
