In February 2022, Legal & General launched its Midlife MOT; a free, educational course, in partnership with The Open University (OU).
The Midlife MOT is open to everyone, regardless of whether they are one of the insurance and retirement provider’s customers, and covers three key areas identified by the Department for Work and Pensions (DWP): work, wealth and wellbeing. It has been designed to support those aged 40 to 60 by giving them the tools and knowledge to approach mid and later life with confidence.
Created by OU’s experts and leveraging Legal & General’s extensive knowledge on retirement finances, the content is easily accessible whenever it is most convenient for the user.
The course is 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%) are currently providing financial support or unpaid care to at least one loved one, on top of their job and other family commitments.
The support required of people in midlife has a significant impact on their lives, effecting their own work, wealth and wellbeing. Two out of five people in this age group (42%) feel overwhelmed by their commitments on at least a weekly basis, while 800,000 people (4%) have left work in the last 18 months due to family commitments.
Many midlifers feel the amount of money (15%) and time (10%) they provide to their loved ones is unsustainable, but, at the same time, many know their loved ones would not be able to support themselves without this help (36%).
These pressures result in midlifers making personal sacrifices. One in four people in midlife (25%) gets less than an hour to themselves in a day and one in five (19%) 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 has been 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.