PHP Update for WordPress Site

I have a wordpress website and the dashboard says: You cannot update because WordPress 7.1 requires PHP version 7.4 or higher. You are running version 5.6.40. My hosting provider says my website is up to date on 8.4... (Budget: £20 - £250 GBP, Jobs: HTML, PHP, Web Hosting, Website Design, Website Development, WordPress, WordPress Design, WordPress Plugin)