The Department for Work and Pensions has today 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. This initiative will help workers to plan for the future they want.
Minister for Pensions and Financial Inclusion Guy Opperman said: “It’s no secret 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 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.”
Lorna Carver, Dorset LEP Director, said: "Dorset LEP is delighted to have secured funding from the Department for Work and Pensions to test and explore a new digital midlife-MOT service for Dorset residents to help employees stay in work, remain productive and achieve a more secure retirement.
“Our innovative approach involves a week-long virtual event dedicated to a series of Mid-life MOT activity 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.
“The Mid-Life MOT is perfectly placed to support our 50+ workforce as well as strengthen our SME support and help those businesses ensure they have the best opportunity of skilled, healthy employees."
The trials will help the DWP understand:
- The actions individuals take as a result of undertaking the mid-life MOT
- The user needs among those most at risk of experiencing long term unemployment
- The effectiveness of using local delivery channels and how these can complement the Money and Pensions Service (MAPs), the National Careers Service (NCS) and Public Health England (PHE), in supporting individuals with later life planning.
The funding given to Dorset LEP is just one of ten to be given to LEPs across England. Each will receive up to £40,000 to develop, and implement, the mid-life MOT trials.
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Notes to Editors:
The ten LEPs 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; Greater Manchester.
Dorset LEP
Dorset Local Enterprise Partnership is a business led private and public sector partnership, promoting local economic growth and prosperity. Dorset LEP deliver projects that support and develop infrastructure, housing, skills, enterprise and business growth to achieve long-term economic benefit for all in Dorset.
For more information visit the Dorset LEP website http://www.dorsetlep.co.uk/