Discuss the extent to which individuals, employers and the state can maximise opportunities for financial well-being in later life.

Notes:

The question asks you to consider the steps and strategies three groups of economic actors - individuals, employers and the state - can take to bring about financial wellbeing in later life. So, think about each of these in turn, ensuring you draw on relevant module material to support your arguments. One issue you might consider is financial capability, what steps might individuals take with regards to this? And how might employers and the state help, including for those not in employment? What are the constraints surrounding financial capability? Another is Government policy and the role of 'nudging' choices to improve financial decision making and its limitations.

Then think through other issues which can impact on financial well-being in later life - this is likely to include pay levels over the life course, the capacity to save and invest, the potential financial impact of caring responsibilities and, crucially, the role of pensions.

Please also remember to consider, where appropriate, the issue of inequality. For example, how might the role of gender pay inequality impact on financial wellbeing in old age? And what steps might individuals, employers and the state take in order to address such inequality?