The Scottish Government has taken a major step to improve retirement planning and financial wellbeing. On 15 December, it launched the Finance and Health Lab in Edinburgh. This initiative brings together experts from finance, technology, healthcare, and policy to find practical solutions for long-term financial and health security.
The lab focuses on retirement savings, healthcare needs, and overall wellbeing. It provides a collaborative platform for financial service firms, fintech companies, academics, health specialists, and policymakers. Participants will work together to understand why many people face financial struggles in later life and create solutions to strengthen their financial resilience.
Addressing the Retirement Savings Gap
Planning for retirement is increasingly critical as life expectancy rises. Individuals need sufficient resources to fund their later years. Current statistics highlight this urgency. According to the Office for National Statistics (ONS), the average pension pot for UK residents aged 65 to 74 is just under £146,000 (around $195,000). This covers only about four and a half years of “comfortable” retirement income, according to Pensions UK standards.
Research by the Institute for Fiscal Studies (IFS) shows clear inequalities in financial and health outcomes. For instance, 54% of women aged 55–64 in the lowest third of wealth report at least one mobility issue. In contrast, only 20% of women in the wealthiest third report similar problems. These statistics stress the need for initiatives that combine retirement planning with health and wellbeing strategies.
How the Lab Operates
The Finance and Health Lab will run initially for four months. It will focus on research, technology, and services to improve financial wellbeing in later life. Projects will tackle high-priority issues like retirement savings gaps, healthcare needs, and financial literacy.
Participants can showcase prototypes, analyze data, conduct research, produce policy recommendations, and exchange knowledge through webinars, roundtables, and other collaborative events. By bringing together multiple disciplines, the lab aims to generate actionable insights that influence both policy and practice.
Led by FinTech Scotland
FinTech Scotland leads this initiative. This non-profit organization was jointly established by Scottish Enterprise, the financial services sector, and universities. The Scottish Government funds the project, and it is delivered in partnership with the University of Edinburgh and Edinburgh Innovations, the university’s commercialization service.
This partnership highlights the government’s commitment to innovation. Combining technology, finance, and healthcare expertise allows the lab to develop practical solutions that enhance financial security and quality of life for older adults.
Long-Term Vision
The lab forms part of a broader strategy to create a long-term program focused on finance and health innovation. A key milestone is a conference on 19 March 2026, which will showcase advancements and encourage collaboration across sectors.
A Scottish Government spokesperson noted that £5 million supports the growth of key innovation clusters in fintech and life sciences. “This project, part of a broader suite of cluster development initiatives, will strengthen collaboration across sectors and drive economic growth,” the spokesperson said.
Tackling Retirement Challenges
The retirement savings gap remains a serious challenge in Scotland and across the UK. As people live longer, securing sufficient retirement funds becomes more critical. Aleks Tomczyk, the new CEO of FinTech Scotland, emphasized the lab’s importance.
“The lab will unite experts to explore solutions for better retirement planning,” Tomczyk said. “We will use research, technology, and policy tools to help people maintain financial stability and wellbeing in later life. Our goal is to reduce the negative impact of poor health or limited finances on retirement.”
A Collaborative Approach
The lab’s strength lies in collaboration. It brings together financial advisors, tech innovators, healthcare professionals, and policymakers. This integrated approach addresses both financial and health challenges.
By considering savings, healthcare, mobility, and quality of life, the lab aims to design adaptable retirement strategies. The program ensures retirement planning focuses on people’s real needs, not just their finances.
Conclusion
Scotland’s Finance and Health Lab marks a key step toward improving retirement savings and wellbeing. By combining expertise from finance, technology, and healthcare, the initiative offers practical solutions for older adults.
The program also sets a model for government and organizational collaboration. It highlights how innovation, research, and cross-sector cooperation can improve financial security and health outcomes. Citizens can look forward to a more secure, healthier, and fulfilling retirement.
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