The Department for Work and Pensions has today announced a £40,000 funding boost in Cambridgeshire and Peterborough to help people take stock of their health, skills and wealth as part of later life planning.
With the pandemic impacting people’s lives in different ways, many will already be reviewing their current situation – including those wanting a fuller working life, those able to put more into their savings after a period of working from home, or those looking to improve their resilience for the future.
At a time where many are worried about job security, the “mid-life MOTs” will enable people to identify the skills they will need for the job journey they want, helping them make more informed choices and build their future financial resilience. This initiative will help workers to plan for the future they want.
Minister for Pensions and Financial Inclusion Guy Opperman said:
“It’s no secret I am a huge fan of this idea and I’m excited to see the results of the Business Board’s, the LEP for the Cambridgeshire and Peterborough region, trials.
“While we started work on this before the pandemic, the last twelve months have bought people’s financial resilience into sharp focus – making a mid-life MOT a timely exercise for many.
“And it’s not just about retirement savings but also about enabling people to enjoy a fuller working life by helping them understand the skills they will need to learn along the way.”
The Business Board will use the Mid-Life MOT to cover people’s physical and mental wellbeing, their career plan and retirement options to ensure they are able to access independent advice and make informed choices.
Mayor of Cambridgeshire and Peterborough James Palmer said:
“Our localised mid-life MOT Scheme is targeted to those aged over 50 who are looking to take stock, access their future and understand the free of charge support and guidance that’s available from a group of trusted partners.
“This support will cover people’s physical and mental wellbeing, their career plan and retirement options to ensure they are able to access independent advice and make informed choices.”
The trials will help the DWP understand:
The funding given to Business Board is just one of ten to be given to LEPs across England. Each will receive up to £40,000 to develop, and implement, the mid-life MOT trials.