The Department of Work and Pensions has launched a new Midlife MOT website, which aims to help people with retirement planning, health issues and careers guidance.
The site — which is free to access and use — links to a number of other organisations and charities, including MoneyHelper, Citizens Advice, the DWP’s job portal and NHS and Mind.
Those seeking further help with their retirement planning will be able to use a financial tool, created by MoneyHelper. This will provide a personalised report designed to help people understand what to prioritise to improve their financial position, both immediately and through to retirement.
This Midlife MOT site was originally launched in Jobcentres across England with work coaches working with claimants to encourage planning for later life and boosting their confidence. Following the initial success, the Government has looked at ways of reaching more people with the service and making it accessible for everyone – right across the UK.
The initiative has been welcomed by many in the pensions industry who say they hope it will encourage people to review current savings and investment and plan for the future.
Evelyn Partners managing director Jason Hollands says: “The Midlife MOT is recognition by the Government that a vast number of the population are ill-prepared for their financial futures, with relatively few of the UK’s middle-aged workers having a clear picture of what sort of retirement their current level of savings – including cash deposits, Isas and investments as well as pensions – is setting them up for.
“It is a reminder to everyone that it is worth taking stock of these things well before retirement is on the horizon in order to make important decisions – like when to retire, how much to save and whether to pay down the mortgage.”
Hollands adds that while this initiative was welcome, there were limits to what a one-off online MOT can achieve, and called for measures to help widen access to financial support, guidance and advice, particularly by utilising new technology to reduce costs.
Announcing the launch of this DWP initiative the minister for employment, Guy Opperman MP said: “We are all living longer and planning for later life is essential but knowing where to start can be daunting. Our digital Midlife MOT is open to everyone and easy to access, and will give people the tools to make informed decisions – on their personal finances, their health and on their careers. I would encourage older people in particular to invest the time to see exactly what it can do for them.”
CEO of the Phoenix Group and Older Workers Champion for the Government Andy Briggs adds the MOT will focus on work, wealth and wellbeing. “It will be an essential tool in helping people make the most of their longer lives. So much so, that Phoenix Group has piloted its own version of the midlife MOT which will be rolled out to colleagues in the coming months.
“The desire to stay in meaningful work for longer is already important to many people. More experienced, older workers offer a wealth of knowledge but are often written-off or overlooked for no good reason. Age is no barrier to learning and I encourage businesses to invest for all, to enjoy the benefits of greater retention and more skilled employees.”
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