Money Wellness
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calendar icon08 Apr 2024

Universal credit rate increase- what does it mean for you?

Today, universal credit is increasing by 6.7%, giving people an average monthly boost of £39. This equates to £470 over the next financial year.

Every year, benefits rise in line with inflation, usually taken from the rate of the previous September. 

How much universal credit will I get?

  • £311.68 per month for single people aged under 25 (up from £292.11)
  • £393.45 per month for single people aged 25 and over (up from £368.74)
  • £489.23 per month for joint claimants both aged under 25 (up from £458.51)
  • £617.60 per month for joint claimants both aged 25 and over (up from £578.82)

 The government said: "In 2024/25, around 5.5 million universal credit families are forecast to benefit from uprating with an average annual gain for a family on universal credit estimated to be £470 (equivalent to an increase of around £39 per month), however gains will vary depending on the elements received by different family types."

Universal credit claims stop when you both reach state pension age.

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

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