The last 12 months have brought people’s financial resilience into sharp focus – making a mid-life MOT a timely exercise for many.
Now more than ever it’s vital to assess the important areas in your life: your career, money situation and, most importantly, your wellbeing.
The Cambridgeshire & Peterborough Combined Authority (CPCA) is working with a number of local partners to encourage people in their 40s, 50s and the 60s in the region to stop and take stock.
Dubbed the mid-life MOT, it’s a chance to review your health, skills, finances and retirement as part of later life planning – with the option of accessing a range of support, all fully funded by the Department of Work and Pensions.
"It can be really useful to ask oneself what you want to get out of life as you get older," says John Hill, chief executive officer of the CPCA's Business Board. "Looking at your money, health and job together can help you to stay healthy and get the most out of your career and provide the opportunity to make positive life choices about your finances too."
As we all look to life after Covid, it’s a good moment to consider what we want from our future – as well as putting our physical and mental wellbeing at the forefront.
According to John, it’s a great place to start taking control of your future by checking out the huge range of support on offer, whether you’re after advice on putting more into savings or identifying the skills needed for a longed-for change of career.
Making positive plans
“Having enough money to enjoy the lifestyle you want in later life is really important – our programme can help you understand how much you need for retirement and help you plan how to get there," he adds.
For those facing financial difficulties, the portal can also help you access impartial support and advice on where to turn for help.
In addition the mid-life MOT is designed to be used by businesses that want to make the most of their employees and ensure an age-friendly approach. An aging population means it is crucial for employers to understand how to support your entire workforce, particularly those in the older age brackets: currently one in three workers is aged over 50.
Employers can access a wealth of guidance and tools via the mid-life MOT site to improve staff wellness, increase staff retention and cut business costs.
The mid-life MOT help is the result of a £40,000 funding boost from the Department for Work and Pensions for the Business Board to help workers to plan for the future they want. The Board is just one of ten local enterprise partnerships across England to benefit from the funding.