A new, free Midlife MOT has been launched that is open to everyone and covers three main areas, namely work, wealth and wellbeing.
The educational course is designed to support people in their middle years, giving them the tools and knowledge that they need to approach mid and later life with confidence.
It’s a timely exercise for many, as today’s midlifers are facing a series of challenges.
More than six million people aged 40 to 60 (33 per cent) currently provide financial support or unpaid care to at least one loved one, on top of their job and other family commitments.
This support required of people in midlife has a significant impact on their lives, and affects their work, wealth and wellbeing.
Two out of five people in this age group feel overwhelmed by their commitments on at least a weekly basis, while 800,000 people have left work in the last 18 months due to family commitments.
Many midlifers feel that the amount of money and time they provide to their loved ones is unsustainable, but, at the same time, 36 per cent say they know their loved ones would not manage without their help.
Such pressures result in midlifers making personal sacrifices. One in four gets less than an hour to themselves in a day and one in five spend no time on improving their financial wellbeing, which could affect their retirement plans.
The impact of Covid, and the cost-of-living crisis has brought these challenges and the need for more support around work, wealth and wellbeing into even sharper focus.
This is recognised by the DWP, which has given a £400,000 funding boost for Midlife MOTs, to help people take stock of their health, skills and wealth as part of later-life planning.
The MOTs have been developed by Legal and General, with the Open University.
Emma Byron, managing director, Legal and General retirement solutions, said: “We know that midlife is a time when many people are facing complex challenges, unique to their age group; wondering about their career, juggling support for family members young and old and thinking how to fund retirement.
“Education and knowledge are critical to ensure people have the retirement they want. Regular check ins on your current situation will help lay the foundations for your future.”
“I’m a huge supporter of midlife MOTs. I strongly encourage other companies and organisations to follow this example.”
Guy Opperman, Minister for Pensions and Financial Inclusion at Department for Work and Pensions, said: “It is more important than ever to take time to reflect on where we are and where we want to be going.
“The Midlife MOT is a fantastic opportunity to focus on the areas of work, wealth and well-being”.
Access the MOT content at https://tinyurl.com/esprpnrv