People over the aged of 50, who want to make informed choices about their employment ahead of retirement, are to be able to take advantage of a ‘mid life MOT’.
The Department for Work and Pensions has announced a £40,000 funding boost in Dorset 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.
Minister for Pensions and Financial Inclusion Guy Opperman said, “I am a huge fan of this idea and I’m excited to see the results of Dorset LEP’s trials. While we started work on this before the pandemic, the last 12 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.”
Lorna Carver, Dorset LEP director, said, “Our innovative approach involves a week-long virtual event including podcasts, webinars, videos and soundbites promoting wellbeing, financial and skills opportunities that employers, particularly SME’s, can use for their staff and which employees can tap into for their own purposes.”
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