Almost two in five (38%) homeowners aged 65 and over have admitted to never checking if they were entitled to extra benefits, HUB Financial Solutions has found.

The advisory firm’s survey of 1,000 over-65s revealed that this compares to just 15% of those renting, with the impact of the cost of living crisis still squeezing finances while borrowing rates remain high.

Although the Government has made efforts to boost the state benefit take-up via campaigns and extra cost of living payments, just one in five (20%) homeowners said that they had checked their eligibility for benefits in the last year, compared to over two in five (41%) renters.

Research by HUB’s sister company, Just Group, also revealed that two in five (79%) pensioner homeowners entitled to receive benefits were failing to claim any benefit, with each household missing out on an average of £1,231 a year extra income.

Head of customer solutions and advisory leader at HUB Financial Solutions, Matt Halksworth, said: "While inflation may be coming down, many pensioners will still have seen their budgets squeezed over the past few years. And the recent announcement by the Chancellor to limit winter fuel payments to those on pension credit or other means-tested benefits underlines how important it is for people to check their eligibility.

"However, our research suggests many homeowners are not even checking to see if they could be entitled to valuable financial support from the government. It suggests than many pensioners may think that owning a home could exclude them from benefits such as pension credit."

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