8 money and cost of living changes affecting parents in May – including Universal Credit changes

It’s finally May, and with a new month come new financial changes. This month, many families could see some extra money in their bank accounts. That’s because benefits – including Child Benefit and Universal Credit – rose by 6.7% in April. But, as benefits are paid in arrears, May is the first month many claimants will receive the full new payment amounts.

Payments due on Monday 6 May will be paid tomorrow instead – Friday 3 May – while those due on Monday 27 May will be paid on the Friday beforehand – 24 May. This is being done in stages. Since April, parents of two year olds have been able to 15 hours of free childcare per week for 38 weeks of the year.

From mid May, individual claimants will need to work at least 18 hours a week at the National Living Wage , while couples claiming the benefit together must collectively work 29 hours per week or earn £1,437 per month.If you earn below the threshold, you will be placed in the ‘intensive work search’ category and must look for more work in order to keep your benefit.Those earning above the threshold are not required to keep searching for more work.

5. Interest rate decision – 9 May The Bank of England is expected to make a decision about interest rates on 9 May.

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