New committee to map out plan to improve financial literacy

A new committee will be tasked with finding ways to boost financial literacy from a young age, social solidarity minister Michael Farrugia announced.

“Financial literacy is almost non-existent in Malta,” the minister said, during question time in Parliament. “We want people across the age spectrum to learn about investing in their futures from a young age.”

A recent survey by the Organisation for Economic Corporation and Development revealed that while Maltese generally have an “acceptable” understanding of basic financial concepts, ut the majority were not applying this knowledge when making savings and long-term investment decisions.

The survey, covering 1,255 respondents, revealed that only 21.9% held specific plans for their retirement and that only 21% of those aged 53 or under had an idea of what their applicable state pension would be.
Other revealing conclusions were that no less than 45% of respondents showed an attitude of living for today and not caring to save for the future.

Farrugia’s tone took on a partisan tinge, when he said that “the previous Nationalist administration didn’t rise to the occasion, when several reports from different working groups had recommended the establishment of such a committee”.