Benefits application is an overly complex process where individuals with limited financial literacy need to search for financial information in their bank statements. Moreover, eligibility criteria depend on changing people’s circumstances and financial situation, but the system is not capable to pick-up these changes and is the responsibility of each individual to continuously monitor their eligibility.
As a result, benefits do not always get to the most vulnerable individuals and over £10bn in benefits are unclaimed every year – or £8,030 per household. This problem will only increase during the COVID-19 crisis as benefit applicants will increase to 6 million from 1.3 million and individuals with lower financial literacy are twice as likely to lose their jobs as high earners in the ongoing jobs wipe-out.
Inbest Benefits calculator is a white-label personal financial management application and partner API that helps individuals and advisers to:
Inbest Benefits calculator offers the following benefits over existing solutions: