Phoenix Group, the UKs largest long-term savings and retirement business, has launched its “Midlife MOT” programme, following a successful pilot in 2022, to help its 6,700 employees make better informed decisions about their work, wealth and wellbeing.
Phoenix Group’s Midlife MOT offering for all its UK employees includes a digital assessment tool, plus in-person workshops for those within 10 years of retirement. The digital assessment tool is designed to allow its employees to evaluate their individual wellbeing, work-life and wealth, and makes recommendations for actions they can take, providing tips, resources and support.
Sara Thompson, Chief HR & Premises Officer, Phoenix Group says:
“The desire to stay in meaningful work for longer is already important to many people. The Midlife MOT offering is a key tool for people to help them start thinking differently and more holistically, about the key areas of wealth, work and wellbeing, so that they can make the best decisions for them as they look towards later life.”
Guy Opperman, Minister for Employment, says:
“This is great news. Midlife MOTs look at work, wealth and wellbeing and their outcomes can be transformational.”
To assist other organisations in introducing a Midlife MOT, Phoenix Insights, the group’s longevity think tank, has published its “Developing and Delivering Midlife MOTs: Evidence and Insights” report. Partnering with the Behaviour Insights Team, the research evaluates Phoenix Group’s pilot and pulls together fresh evidence on how MOTs can effectively support people to plan for their futures. The key findings include:
- Over 340 employees aged 40 and over took part in the pilot programme, with over 90% inspired by the MOT to make the positive changes recommended for their finances, health, and work as a direct result. Actions ranged from addressing a long-term health issue for the first time, seeking higher education opportunities through to deciding to transfer additional funds into their pension pot.
- While the process can help to build confidence and encourage people to think holistically about their future needs beyond just financial planning, it can still be difficult engaging with specific actions. People often find that being too busy, or feeling that retirement is a long way away can be barriers to making changes, further highlighting the importance of opportunities to prompt thinking about the future such as Midlife MOTs.
To help ensure more people benefit from a Midlife MOTs, Phoenix Insights is calling for continued government promotion to encourage wider adoption of Midlife MOTs, and have published a separate MOT development guide to enable employers to share their insights. Both publications highlight the importance of designing services that encourage long-term behaviour change and meeting diverse individual needs.
Catherine Foot, Director of Phoenix Insights, Phoenix Group says:
“It is of utmost importance for employers to start thinking about how their employees are taking decisions about their future. As shown in our research, more experienced, midlife workers offer a wealth of knowledge but are often overlooked in some workplaces. Age is no barrier to learning and I encourage businesses to invest for all, to enjoy the benefits of greater retention, more skilled employees, reduced recruitment costs.”
The initiative is part of a wider response to the 2017 independent state pension age review’s recommendation to give people access to Midlife MOT facilitated by employers and the government. Following that the DWP also launched its online Midlife MOT tool this July. See the full Phoenix Insights report and employee guide and on our website for more insights on MOT programmes.