Pensions  

Govt gives £400k funding boost for mid-life MOT

Govt gives £400k funding boost for mid-life MOT

The government has announced a £400,000 funding boost to help develop and trial mid-life MOTs.

Ten organisations will receive the funding from the Department for Work and Pensions to develop and implement locally-led "mid-life MOTs", which will help savers make more informed choices about their finances.

The mid-life MOT is free online support to encourage people in their 40s, 50s and 60s to plan their finances, work and wellbeing more actively.

DWP said the trials will help it to understand the actions savers take as a result of undergoing a mid-life MOT and the needs of savers most at risk of experiencing long-term unemployment.

It will also help DWP to assess the effectiveness of using local delivery channels and how these can complement other services, such as the Money and Pensions Service.

Pensions minister Guy Opperman said the trials will help workers to plan for the future they want.

Opperman said: “It’s no secret I am a huge fan of this idea.
 
“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 10 organisations to receive grants of up to £40,000 are: Black Country, Coventry and Warwickshire and Greater Birmingham and Solihull (combined application); Heart of the South West; Humber; North East; New Anglia (Norfolk and Suffolk); Worcestershire; Cornwall and Isles of Scilly; Cambridge and Peterborough; Dorset; and Greater Manchester.

amy.austin@ft.com

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