The Money and Pensions Service has responded to the Government’s announcement that parents on Universal Credit will receive more money for childcare costs and won’t have to pay it up front.

Nick Hill, Senior Advice Manager at the Money and Pensions Service, said: 

“Receiving help with their childcare costs up front is a double dividend for many parents. Not only can they stop having to find the whole amount in advance, which left some in a cycle of debt, but they can also plan their finances much more easily. 

“The significant increases in how much they’re entitled to will also make a massive difference to household budgets at a time when some will need it the most.  

“If you’re struggling financially, or things are heading that way, it’s crucial to check for any benefits you’re eligible for and aren’t yet claiming. Our free calculator at MoneyHelper.org.uk provides a very quick answer on what you might be missing out on, so I’d urge everyone to log on today.” 

–ENDS–   

About the Money and Pensions Service   

The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits, and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through MoneyHelper, which recently brought together legacy services the Money Advice Service, The Pensions Advisory Service and Pension Wise.   

MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.

MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).

For further information visit the Money and Pensions Service website: www.maps.org.uk The public can get free guidance about their money and pensions: www.moneyhelper.org.uk / 0800 138 7777.