The Organisation for Economic Cooperation and Development (OECD), found in an assessment that financial fraud and scams are the most commonly covered topics across Malta’s 18 financial literacy initiatives.
Financial literacy is increasingly being recognized as an essential life skill, one that experts have been saying should take a central role in Malta’s education system. Economists, financial professionals, and educators are raising concerns that many young people are reaching adulthood without the knowledge required to manage money, use credit responsibly, or make sound financial decisions.
The programs on financial literacy rely mostly on digital learning methods and primarily target children and young people. The findings were presented at a workshop organized by the Malta Financial Services Authority (MFSA), as part of an ongoing EU Technical Support project.
This initiative, funded through the Technical Support Instrument (TSI) and launched in November of last year, aims to improve financial literacy among the Maltese population.
Supported by the European Commission SG Reform, together with OECD, the project is expected to span over two years.
Sarah Pulis, Head of Conduct Supervision within MFSA, said; “Our objective is to work with the EU Commission, the OECD and the many stakeholders to continue to increase the level of financial literacy and improve the public’s overall trust and confidence in financial products and services.”
Among the speakers were Nathalie Berger, Director for Support to Member State Reforms, SG REFORM, European Commission; Antonio Gomez, Deputy Director of the OECD Directorate for Financial and Enterprise Affairs, and Christopher P. Buttigieg – Chief Officer Supervision within the MFSA.
All three speakers emphasised financial literacy as the key to social and economic well-being.
