Use Midlife MOT
tool to help you assess your current financial situation and
plan for the future.
The Mid-life MOT is a review for workers in their 40s and 50s
that helps them take stock of their finances, skills and health,
and enables them to better prepare for their retirement and build
financial resilience.
As part of the expansion, Mid-life MOTs will be delivered online,
in the private sector and through the Department for Work and
Pensions (DWP’s) national network of jobcentres.
The jobcentre expansion will see staff sit down with older
jobseekers to examine their retirement planning and help them to
not only identify how to overcome barriers to employment, but
also explore any avenues to help improve their earning and saving
potential.
Minister for Pensions and Financial Inclusion said:
The challenges we’ve faced over the last few years have
highlighted the importance of financial resilience. As people
live longer and healthier lives, planning for work, wealth and
wellbeing in later life is vital.
Our Mid-life MOT expansion will give people the tools they need
to assess where they currently are and how they can get to where
they want to be – whether it’s that next career move or ensuring
they’re on track for the retirement they want.
These new measures form part of a wider £22 million package to
help over 50s find new careers and earn more money by boosting
time with Work Coaches and bringing in specialist support.
Alongside this, a face-to-face Mid-life MOT programme will be
trialled through employers with employees in three areas: the
North East of England, Cornwall & Devon, and East Anglia. DWP
will also be working in partnership with the Money and Pensions
Service (MaPS) to develop an enhanced digital Mid-life MOT tool.
The new plans follow the successes of private sector pilots and
government-funded trials delivered through ten Local Enterprise
Partnerships last year.
This increased support is in addition to 37 50:PLUS Champions
covering every district across England, Wales and Scotland who
will work with local employers to help them realise how their
recruitment could benefit from the talent of older workers.
These initiatives will help more people, both in and out of work,
to assess their options and opportunities to ultimately enjoy a
more financially secure retirement.
Additional information
- The funding is part of the enhanced package of support for
older workers which was announced in the 2021 Spending Review.
