Regular Midlife MOT check-ups now will lay the foundations for your future.
2 Feb 2022
Today Legal & General launches 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, financial resilience 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.
Emma Byron, Managing Director, Legal & General Retirement Solutions: “We know that midlife is a time when many people are facing complex challenges, unique to their age group; wondering about the next stage in their career, juggling support for family members young and old and thinking about how to fund retirement. That’s why at Legal & General, we have created a Midlife MOT course. The positive response to our pilot shows it’s a timely exercise for many and one that will allow those in midlife to have confidence in the next stage of their life.
Many people underestimate what they will need in later life, so 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, which is why it’s so important that those in midlife have this support.”
Guy Opperman, Minister for Pensions and Financial Inclusion at Department for Work and Pensions (DWP): “I’m a huge supporter of midlife MOTs, so it’s great to see Legal & General partnering with the Open University to deliver a course to help people between 40 and 60 build financial resilience and enjoy fuller working lives.
The last two years have brought the importance of financial resilience into sharp focus – making a free online Midlife MOT course a timely initiative. I strongly encourage other companies and organisations to follow this example.”
Dr Shraddha Verma, Head of the Department of Accounting and Finance at the OU: “As we live longer with many juggling lots of different responsibilities, it is more important than ever to take the time to reflect on where we are and where we want to be going. The Midlife MOT is a fantastic opportunity for those in midlife to focus on the inter-connected areas of work, wealth and well-being. We were delighted to work with Legal & General to empower people to consider what changes they may need to make to benefit themselves and their families for a better future life.”
Opinium survey of 4,009 UK adults aged between 40 and 60 years old in the UK was conducted between the 28 December and 6 January 2021.
Details of Midlife MOT course
The Midlife MOT course, aimed at those aged 40-60, covers the key subject areas of wealth, work and wellbeing.
You look at how to get your personal finances in order both for today’s needs and for later life. The course covers budgeting, how to cut spending painlessly, reorganising your debts and how to build up your investments to supplement your pension in later life. There’s a ten-point checklist too that identifies what areas of your finances are in order and which need attention.
Then you get the chance to review your working life – is it the right time to change job, start a new career or even start a business? Or you may just want a steer on how to make more of the opportunities available at your current employer. You begin this part of the course by reflecting on what you really want from work and what would give you greatest satisfaction before assessing the different paths you could take.
In the third part of the course you explore your wellbeing – checking your physical and mental health. How healthy is your current lifestyle? You assess this with an interactive quiz that also provides tips on how to improve your wellbeing. This part of the course is arranged around the five pillars of wellbeing – nutrition, hydration, physical activity, cognitive stimulation and social stimulation. And links are provided to enable you to explore in detail specific ways to check and improve your wellbeing – for example with exercise routines.
Filled with videos, quizzes and interactive tools the course is fun and easy to study:
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
*at 31 Jun 2021