‘I am concerned!’ Martin Lewis issues warning to every household earning under £30,000
Martin Lewis offers advice on NHS prescriptions
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During last night’s The Martin Lewis Money Show Live (March 8, 2022), the financial expert sounded the alarm that households earning less than £30,000 a year should take note. Mr Lewis covered a variety of topics on the programme which are either affecting or predicted to impact consumers. While on air, the money expert answered questions from members of his studio audience and the British public via social media and emails.
Many of the people who asked questions were concerned about how they will make ends meet with inflation, hiking prices and energy bills on the rise.
Specifically, Mr Lewis noted that those earning less than £30,000 annually will need to take action.
According to GoSimpleTax, this accounts for around half of the UK as the median income in 2020 was £30,800.
As a result of this, the financial expert called on households to use a benefits calculator to see what support they could potentially be entitled to.
Various benefit payments are available through the Department for Work and Pensions (DWP) which could provide a much needed boost to working families and pensioners.
Furthermore, schemes such as the Cold Weather Payment and Warm Home Discount could further help households mitigate rising costs.
Mr Lewis explained: “If you have an income of less than £30,000 and you are struggling, it is worth spending 10 minutes on a benefits calculator to see what you are entitled to.”
Outside of the benefits calculator, the television programme host offered other advice on how people can save on their utilities and important expenses.
This included encouraging people who claim more than 12 paid prescriptions per year to get an annual prescription certificate or a Pre-Payment Certificate (PPC).
A PPC costs £110.80 for a single year and is a singular payment which covers all prescription charges over that period.
As well as this, Mr Lewis warned people about overly relying on payment methods, such as buy now, pay later.
He believes the practice pushes people into unnecessary debt and should be avoided at this critical moment in time.
On this payment method, the financial journalist : “I am very concerned about buy now, pay later.
“It is a debt even if it is debt free. If you cannot pay it back, it’s difficult.”
Next month, households are set to experience a dramatic increase in the cost of living as energy bills soar to new heights.
Earlier this year, Ofgem confirmed that energy bills are expected to rise by £693 in April.
On top of this, Russia’s invasion of Ukraine is predicted to hike energy bills up even further, making life even more difficult for most households.
Tom Selby, AJ Bell’s head of retirement policy explained: “More than 22million households will have to fork out that extra £693 a year on average from April, meaning that collectively, the nation’s energy bills will rise by more than £15billion.
“The increase also means more than a quarter of households in the UK are estimated to be in fuel poverty from April, where more than 10 percent of their budgets are spent on fuel bills, according to the Resolution Foundation.
“The increase means that many households, beyond the poorest, will now find it a struggle to pay their bills each month.
“The rise will especially affect older people, who spend a larger proportion of their income on energy, with 40 percent of pensioner households now expected to be in fuel poverty as a result of the hike, according to the Resolution Foundation.
“Those living on the state pension will find the bill increase hardest to stomach, as they will see a fairly modest inflationary increase to their pension in April, at the same time as facing a far larger hike in their energy costs.”
The Martin Lewis Money Show Live is available to watch on the ITV Hub.
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