- Almost 3 in 10 (28%) Brits now use apps on their smart phones for everyday finances, but only 7% use them for retirement planning.
- More than half (53%) of those in their mid-life have never calculated when they can afford to retire and 3 in 5 (61%) have never requested a free state pension forecast.
- Almost a third (29%) of those in their mid-life agree that confidence in their health and wellbeing has worsened since the beginning of the pandemic.
- Aviva launches a new Mid-Life MOT education app to help the public improve their work, wealth and wellbeing planning.
Over half (53%) of people in their mid-life have never calculated when they can afford to retire1 according to latest research from Aviva as it launches its new Mid-Life MOT app to help provide consumers with essential guidance and support to improve their wealth, work and wellbeing. The free app can be downloaded here and will facilitate a MOT style check-up, providing consumers with a score out of 100 with suggested actions to take.
More time at home during lockdown has led to a 40% increase in consumer mobile phone app usage so far this year2. Aviva’s research reveals that almost three in 10 (28%) adults use apps on their phone for everyday finances, such as budgeting and monitoring spending or saving, while more than one in five (22%) use apps to improve their physical health.
Yet fewer than one in ten (7%) use apps for retirement planning, including using pensions calculators and accessing guidance on savings and investments. In fact, more people (15%) use apps for dieting than they do for retirement planning.
Consumer use of mobile phone apps to help with future planning or 'life admin'
Everyday finances (making a budget, monitoring and spending)
Physical health (making exercise plans and monitoring fitness)
Community activities (chat groups, forums, researching local events)
Work (job searching and careers advice)
Education (learning new skills)
At the same time, almost a third (29%) of those in their mid-life agree that confidence in their health and wellbeing has worsened* since the beginning of the pandemic and one in five (19%) of those say their work-life balance and job security has worsened. More than a third (34%) say that they are unhappy** with their sleep and more than a quarter say they are unhappy with their mental health (26%), while more than 3 in 10 (32%) are unhappy with their physical health.
Despite the breadth of challenges those in their mid-life face, little action is being taken to safeguard and improve personal finances, health and wellbeing. More than half (52%) of this age group have never calculated when they can afford to retire and three in five (61%) have never requested a free state pension forecast.
Even as the labour market outlook gets tougher, two in five (41%) have not updated their CV in over a year.
Alistair McQueen, Head of Savings and Retirement at Aviva, comments: “Much of the debate surrounding Covid-19 has focused on the needs of the youngest and oldest in society and there’s a risk that we overlook the millions in between. Before Covid-19 struck, 45-60 was the fastest growing age group of workers in the UK3 – bringing huge experience, skill and potential to the labour market. However, this age group is also the most likely to be overburdened with wealth, work and wellbeing concerns.
“Those in mid-life are a resilient age-group, juggling a fuller working life, planning for retirement and contemplating the health implications that come with living longer.
"It’s vital that we support this age group to ensure they reach their full potential."
Aviva’s Mid-Life MOT education app
To better support consumers Aviva has pioneered its Mid-Life MOT programme and is now rolling its support out to the public via a new education app. The app brings together a range of publicly available tools in one place to help consumers take positive action to increase their preparedness for mid-life and beyond.
Aviva launched its Mid-Life MOT programme in 2018 for its employees aged over 45, assisting them to make plans to support the next phase of their work, wealth and wellbeing and identify practical steps they can take to support a fuller, more rewarding working life. By launching the programme to the public, Aviva aims to boost this age group’s understanding of their readiness for the future, as well as their awareness of free sources readily accessible to them.
Alistair McQueen continues: “Aviva’s internal Mid-Life MOT programme has been successfully running for over two years, providing guided education to those in mid-life in the management of their wealth, work and wellbeing.
"The programme has delivered a double-digit increase in the participants’ confidence and in their awareness of where to seek more help.
“We don’t claim the Mid-Life MOT app provides all the answers. But we believe it could act as a helpful nudge towards greater control over their futures. At a time of such uncertainty, we believe that a sense of greater control can be of value to millions in mid-life.”
1Research of 3,001 UK consumers conducted on behalf of Aviva by Censuswide, September 2020. Censuswide is a member of ESOMAR- a global association and voice of the data, research and insights industry.
‘Mid-life’ refers to those aged between 45-64-years-old throughout the release
*Throughout ‘worsened’ refers to the results for ‘greatly worsened’ and ‘somewhat worsened’ combined.
** Throughout ‘unhappy’ refers to the results for ‘very unhappy’ and ‘ quite unhappy’ combined.
Aviva’s Mid-Life MOT app
The free-to-public app provides education for people aged 45 to 60 in the management of their wealth, work and wellbeing. A 5-minute, 30-question quiz gives the user an indicative MOT score out of 100. The user can then access educational help to manage their wealth, work and wellbeing – from Aviva and via links to other publicly available sources, including the Money Advice Service, the NHS and the National Careers Service. The app can be freely downloaded from Apple and Android app stores. The app results are confidential to the user. Aviva is considering further developments to the Mid-Life MOT app over time.
Notes to editors:
- For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
- We exist to be with people when it really matters, throughout their lives. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2020, we paid £30.6 billion in claims and benefits to our customers.
- Aviva is invested in our people, our customers, our communities and our planet. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Aviva has been leading this agenda for decades: Aviva was the first international insurer to go operationally carbon neutral in 2006 and we are champions of renewable energy and energy storage at our offices, allowing us to achieve our 2030 carbon reduction target (70% reduction on 2010 levels) 10 years early. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition at www.aviva.com/sustainability.
- Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/social-purpose
- We are focused on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience. We also have strategic investments in Singapore, China and India.
- At 30 June 2021, total Group assets under management at Aviva Group are £522 billion and our Solvency II shareholder capital surplus is £12 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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