Inbest and MaPS launch New benefits calculator
In collaboration with Scottish fintech firm Inbest, the Money and Pensions Service (MaPS) has introduced a benefits calculator.
The tool, which is free of charge, will be integrated into the MoneyHelper website of MaPS to assist individuals in determining the benefits and social tariffs for which they may be eligible.
Entitledto.co.uk claims that there may be billions of pounds in unclaimed benefits across the United Kingdom. By entering their basic information, users will be able to conduct a quick search and receive results in less than a minute.
The calculator will then request that they complete a more detailed search to verify their eligibility for any potential claims. MaPS emphasizes the importance of identifying other sources of income and any available assistance to help individuals manage their money and pensions, given the rising cost of living.
This initiative was launched after MaPS launched a new campaign in the previous month to increase awareness of the free help and advice available.
Michael Royce, Senior Policy and Propositions Manager at the Money and Pensions Service, said:
â€œThe most common reasons why so much goes unclaimed in benefits is that people are unaware of what theyâ€™re entitled to or assume that they arenâ€™t eligible.
â€œWe look forward to working closely with Inbest and hope that making their benefits calculator available through our MoneyHelper website helps millions of households who are currently missing out to maximise their income.â€
Manu Peleteiro, founder and CEO at Inbest, said:
â€œWe are thrilled to partner with MaPS and power their MoneyHelper benefits calculator. Working with MaPS colleagues is a fantastic learning experience, and their input is crucial to continuously improve our calculator and shape our product roadmap.
â€œWe are looking forward to working with MaPS and contributing to the delivery of the UK's Strategy for Financial Wellbeing by helping people access the benefits, grants and social tariffs they are eligible for.â€