Last week, JA Malta Foundation marked a significant milestone with the launch of the inaugural Financial Capability Conference.

The event brought together a wide array of educators, policymakers, industry professionals, and the general public for a full day of discussions, knowledge sharing, and collaboration aimed at advancing financial education in Malta.

During the event, the foundation launched the ‘Centre of Excellence,’ a dedicated hub designed to support schools in delivering financial education, in collaboration with the HSBC Malta Foundation and the Ministry for Education, Sport, Youth, Research and Innovation.

The initiative aims to provide measurable, long-term support through accredited training for teachers, financial rewards for schools, and certification for institutions as Financial Education Centres.

Minister for Education, Sport, Youth, Research and Innovation Clifton Grima 

The centre aims to enhance the effectiveness of financial education in schools and beyond, equipping the next generation with the necessary skills to navigate an increasingly complex financial landscape.

Additionally, the foundation introduced the Financial Capability Awards, which aim to celebrate innovative ideas and contributions to financial literacy.

These will recognise achievements in fintech, community projects, and written works that promote financial capability, with submissions invited from individuals, NGOs, and for-profit organisations alike.

During the conference, findings from the OECD/INFE 2023 International Survey of Adult Financial Literacy were discussed, revealing that Malta scored 59 out of 100 in financial knowledge.

Notably, 85 per cent of JA alumni reported increased confidence in managing their personal finances as a direct result of participation in JA Malta’s Financial Capability Programmes.

Furthermore, 30 per cent of JA alumni are business owners—significantly higher than the nine per cent business ownership rate in the general public.

Susan Hayes Culleton, known as ‘the positive economist’, delivered an keynote address emphasising the crucial role of financial education in bolstering a country's economy.

She highlighted that over 52 per cent of Gen Z rely on platforms like TikTok for financial advice and warned of the growing trend of individuals living paycheck to paycheck.

Dr. Hayes Culleton also discussed the impending intergenerational wealth transfer, with €8.05 trillion (£7 trillion) set to shift between generations in the UK by 2050. She stressed that while financial literacy is important, sound financial decision-making requires a more holistic approach that integrates practical skills, behavioural awareness, and adaptability.

Panel discussions throughout the day focused on the broader importance of financial well-being at a national level. Speakers underscored that fostering financial literacy requires a coordinated national strategy that caters to both students and adults. They also highlighted the need to integrate financial literacy into the school curriculum to provide students with the necessary tools to make informed financial decisions as they enter adulthood.

Key insights were drawn from the PISA 2022 Financial Literacy Assessment, which evaluated the financial literacy of nearly 100,000 students across 20 countries. The results revealed a significant gap between socio-economically advantaged and disadvantaged students, with advantaged students scoring 87 points higher on average. The findings highlighted the urgent need for targeted interventions to ensure equitable access to financial education for all students.

Petra Ellul Mercer, JA Malta’s Financial Literacy Project Developer, presented research aimed at understanding teachers' experiences in delivering financial education. Her findings indicated that while many teachers see financial education as critical, over half face significant barriers such as time constraints and a lack of access to training.

The research emphasised the need for a collaborative approach to overcome these challenges, particularly in schools located in disadvantaged areas.

Reflecting on the event, the foundation notes that “it is clear” that Malta is at a pivotal moment in its financial literacy journey.

“The insights shared by speakers, panellists, and participants reinforce a shared commitment to equipping individuals with the knowledge and skills required to thrive in today's dynamic financial landscape,” the foundation said.