Martin Lewis warning: 294,000 people are missing out on £4,400 free cash

Martin Lewis has sounded the alarm over pensions, revealing that nearly 300,000 individuals over the age of 66 are failing to claim £4,400 in free cash. In his weekly email, the Money Saving Expert delved into the £23 billion in unclaimed benefits, which include attendance allowance and council tax support.

He highlighted the housing benefit, stating that 294,000 people aren't claiming an average of £4,400-a-year in rent assistance. For those over 66, support for housing costs is included in Universal Credit but not for those of State Pension age, reports the Express.

Renters who are eligible for Pension Credit or on a low income are likely missing out. If you rent your home and receive any amount of Guarantee Credit, you are entitled to the maximum Housing Benefit from your local authority.

When applying for Pension Credit, you can usually apply for Housing Benefit simultaneously. If you already receive Pension Credit, apply through your council.

You may not receive the full amount if there are non-dependants in your household or, for instance, if your rent is deemed too high. Martin Lewis also listed other unclaimed benefits, including up to £5,800 a year in universal credit, £3,700 a year in attendance allowance, £3,900 a year in pension credit, and free school meals.

He emphasised that claiming benefits is "often a gateway to other discounts", such as broadband social tariffs, so if you have success claiming, check if you're eligible. Simply being on a low income could qualify you for a water social tariff, so check that too, even if you're not eligible for benefits.

This news arrives as the government announces the inflation figures used to calculate next April's benefit increases, with it dropping to 1.7% this month, a figure lower than those seen in recent months.