There is lots to look forward to in May, but it’s important to be aware of money key dates and changes
Many people look forward to the month of May because of the warmer weather and two bank holidays. However when it comes to managing your money it’s important to be aware of how the bank holidays may impact you, as well as other key money dates.
This year there are a number of benefit payment changes coming which may call for people to carefully plan and manage their outgoings. The Department for Work and Pensions will amend either the date or the amount people receive. These come soon after the payment date disruption of the Easter bank holiday weekend, when benefits were rescheduled to arrive up to four days earlier.
We’ve listed all the money changes coming in May 2025 to make planning your budget a little bit easier. For money-saving tips, sign up to our Money newsletter here
Below are all the dates and changes you need to know for next month:
Payment increase for certain benefits – from May 2
The new increase in certain benefits is due on May 5.
However, since that is a bank holiday the full rise will instead be reflected in payments that appear in accounts on Friday, May 2.
It includes disability benefits such as Personal Independence Payment, Disability Living Allowance, Attendance Allowance, as well as Carer’s Allowance, Child Benefit, State Pension and Pension Credit.
May Day Bank Holiday – May 5
The early May bank holiday falls on Monday, May 5 this year.
Benefits due on that date will be moved forward to be received on Friday, May 2.
The bank holiday will affect any Universal Credit payments usually due on the 5th of each month and any fortnightly payments of Income Support, Jobseeker’s Allowance and Employment and Support Allowance that would otherwise have gone in on that Monday.
Any four-weekly payments of PIP, Disability Living Allowance, Attendance Allowance, Carer’s Allowance, Pension Credit, State Pension, and Child Benefit that were due on Monday will also be impacted.
MPC meeting – May 8
The Monetary Policy Committee is a committee of the Bank of England, which meets eight times a year.
It happens to decide if the base rate should change.
Payment increase for Universal Credit – from May 13
Universal Credit is paid in arrears which means the amount received each month is based on the claimant’s circumstances and income from the previous month.
The first payment is typically received around five weeks after the claim is made, and subsequent payments are made on the same date each month.
The April uprating came into effect on Monday, April 7.
That means the first people to see their payments go up will be those whose assessment period runs from April 7 to May 6. The sum will go into their accounts seven days later on May 13.
Other claimants will see their payments boosted by the annual increase sometime after that, either in late May or June.
Spring Bank Holiday – May 26
Late bank holiday falls on Monday, May 26.
Benefits due that day should be brought forward to Friday, May 23 instead.
