Mid Life Money MOT Launched by MoneyHelper

The government run but industry funded (by levy) MoneyHelper.org service has today launched a mid-life money MOT tool.

The online tool is designed to act as a ‘signpost’ prompt when you are mid 40s to mid 60s, getting closer to or thinking about retirement and prompt you to review:

• Budgeting
• Mortgages and rents
• Your bills and debts
• Retirement plans
• Emergency savings
• Life insurance
• Income protection
• Wills, estate planning and lasting powers of attorney

Try it today (it takes 5 minutes): https://www.moneyhelper.org.uk/en/everyday-money/midlife-mot

Comment

We have tested the Mid Life MOT tool and we have to say it is very basic when compared to the robo financial adviser we are currently building.  It merely offers simply messaging such as:

• Preventing Debts:  “Bill and payments prioritiser can show you how to put your bills and payments in the right order, and offer guidance on how to avoid missing a payment.”
• Estate Planning:  “Looks good but read Guidance to setting up Lasting Powers of Attorney”
• Can you insure yourself against redundancy? “Look at the pros and cons of this type of insurance.”
• Retirement planning: “You're on the right track.  Check your state pension:  will guide you through everything from checking your pension forecast to claiming it, plus what other support is available when you get to State Pension age.”

It is a start but we have to say, this is not AI – this is a simple, probably 30 field database of questions with 2 or 3 reponse prompts for each scenario.  Very basic.

If you want a full money review and MOT, check out our service:

Money MOT