The advice industry is “well poised” to bolster the Department for Work and Pensions’ new Midlife MOT service, says Wealth Wizards.
Aimed at individuals aged 45-65 contemplating retirement in the UK, the DWP’s Midlife MOT, introduced in July, provides guidance on assessing an individual’s financial status and future planning. However, Wealth Wizards says it has “brought to light” the vast number of people lacking structured financial guidance.
Nick Hall, business development director at Wealth Wizards, said: “Those mid-lifers who’ve bypassed financial counsel might lack clarity on managing savings or attaining financial aspirations, like ensuring a comfortable retirement income.
“While the Midlife MOT is undoubtedly a commendable initiative, financial services firms stand at a juncture to deliver even more. Such initiatives not only benefit the consumer but also the providers.”
According to Hall, consumers need an accessible, recurrent procedure tailored to their savings and products. Digital platforms that allow consumers to update and modify their financial information based on life events such as salary increase or inheritance, could provide consumers with a greater view of their finances and “potential actionable steps.”
Hall said the cost of living crisis has underscored the financial vulnerabilities many face, especially with unstructured finances.
“Offering straightforward access to information can empower them to make informed choices and strategise for wealth enhancement.
Such endeavours amplify providers’ engagement with clientele and resonate with DWP’s Midlife MOT’s objective to bolster financial wellbeing in the UK.
“As we advance into an era of technological ease and an ageing population, the synergy between digital solutions and financial planning becomes desirable and imperative,” he said.
Wealth Wizards believes financial services firms are faced with a “golden opportunity” to revolutionise how midlife consumers interact with their financial futures and help build confidence around financial decisions.
“This isn’t just about business growth; it’s about crafting a financially resilient society, prepared for the challenges and opportunities of tomorrow. It’s a call to action, and the time to answer is now,” Hall added.
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