The Ongoing Financial Struggles Faced by Low-Income Families in the UK
Recession Confirmed with Rising Inflation Rates
The UK has officially entered a recession by the end of 2023, with inflation holding steady at 4 per cent, surpassing expectations despite falling short of the government’s target of 2 per cent.
Cost of Living Crisis Grips the Nation
Amid this challenging economic climate, the cost of living crisis rages on, with high bills, food prices, and rents making it difficult for millions to make ends meet.
Impact on Low-Income Families
Research from the Joseph Rowntree Foundation revealed that 73 per cent of low-income families on Universal Credit faced food insecurity towards the end of last year, with one in six resorting to turning off their fridge or freezer to save money.
State Financial Support Overview for March 2024
Here is a breakdown of the financial support available to low-income families in March and the payment dates for various benefits:
Regular Benefits Payment Schedule
The usual benefits and pensions payments will be disbursed as scheduled in March. These include Universal Credit, State pension, Pension credit, Disability living allowance, Personal independence payment, Attendance allowance, Carer’s allowance, Employment support allowance, Income support, and Jobseeker’s allowance. Note that payments scheduled for Good Friday will be released a day earlier.
Cost of Living Payment Updates
Despite the persistent financial challenges, the government has not extended the cost of living payment scheme beyond February 2024. Eligible recipients are expected to receive the final cost of living payment of £299 between February 6, 2024, and February 22, 2024.
Local Support and Charitable Grants
As the cost of living payments conclude, low-income households can explore assistance from local councils through the Household Support Fund until March 31. Additionally, charitable grants are available for various circumstances, and energy providers like Scottish Power and British Gas offer support for energy bill payments.
Energy Price Cap Projections
The Energy Price Cap currently stands at £1928 as of January 1, with forecasts suggesting a decrease to £1,660 in April and further reductions in the following months, reflecting changes in wholesale energy costs.
Benefits and Pensions Updates for 2024
Benefits and state pensions are poised to increase in April 2024, with a 6.7 per cent rise for benefits and an 8.5 per cent increase for state pensions. However, concerns persist regarding the benefits cap and its implications for individuals already struggling with the cost of living crisis.
FAQs
What support is available for low-income families in the UK?
Various benefits including Universal Credit, State pension, and Disability living allowance are provided to support low-income families in meeting their financial needs.
How can individuals access local council assistance?
Low-income households can visit their local council’s website to explore support options such as cash grants, supermarket vouchers, or energy bill assistance.
Are there charitable grants available for those in need?
Yes, charitable grants are available for individuals facing financial challenges due to circumstances like disability, illness, bereavement, unemployment, and more. Organizations like Turn2us offer tools to search for applicable grants.
Which energy providers offer assistance with energy bills?
Energy suppliers such as Scottish Power, EDF, and British Gas provide support programs to help customers struggling with energy bills. Eligibility criteria may apply, and individuals are encouraged to inquire directly with their energy provider.
