Malta through ĠEMMA has participated in the the Organisation for Economic Cooperation and Development OECD/Internation Network for Financial Education (INFE) international research for measuring financial literacy and financial inclusion with research carried out by market research agency, M.FSADNI & Associates. Wednesday 6th March saw the launch of the outcomes of the OECD adult financial literacy for Malta at a conference for stakeholder at the AX Palace Hotel in Sliema. The event was opened by Hon Minister for Social Policy and Children’s Rights Michael Falzon who spoke about the importance of financial literacy and this research, he was followed by the Permanent Secretary Mr Mark Musu’ gave a brief history of GEMMA and elaborated further on the research. Helena Holland the ĠEMMA team leader spoke about the work carried out by ĠEMMA, this was followed by a video highlighting all the work to date.
The OECD Research on adult Financial Literacy
In 2023, a total of 39 countries, of which 20 are OECD countries, participated in the OECD/INFE international survey of adult financial literacy competencies using data collected using this toolkit (OECD/INFE, 2023). The international publication can be found here https://www.oecd.org/financial/education/international-survey-of-adult-financial-literacy-2023.htm
Malta has participated in that of 2018 and that of 2023, this has enabled the researchers to compare 2018 data to 2023The results of the research can also used both to compare the Maltese results with those of other countries, as well as find solutions for improving financial literacy measures aimed at adults. This because it identifies specific areas and cohorts which need to be targeted.
OECD/INFE defines ‘financial literacy’ as: “A combination of awareness, knowledge, skill, attitude behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.”
This nationwide research study assessed Malta’s adult population’s…
- Management and planning of personal and household finances
- Actions for active saving and preparation for dealing with financial shocks
- Financial goals and actions taken to meet such financial goals
- Plans for retirement
- Actions to make ends
- Choice and use of financial products and services
- Attitudes and behaviour towards finances
- Financial knowledge
- Awareness and knowledge on “ĠEMMA”
- A total of 1005 Maltese resident respondents participated in this quantitative research survey. All survey respondents were aged between 18-79 years of age.
The Study’s 1005-count sample ensured the attainment of statistically significant research findings at a confidence interval of +/- 3.1 at a 95% confidence level.
15 foreign nationalities participated in the study, namely, British, German, Italian, Swedish, Irish, Norwegian, Spanish, Bulgarian, Serbian, Romanian, Filipino, Indian, Pakistani, Syrian and Nigerian.
All foreign survey respondents have been residing in Malta for at least 12 months.
Click here to review the research report.
Ms Marika Fsadni a market research consultant delivered a presentation highlighting the outcomes of the research and comparing the data to that from the 2018 research exercise.
To download the presentation with a synopsis of the research findings – please click here
Ms Elena Miteva Senior Economist, OECD Directorate for Financial and Enterprise Affairs carried out her presentation on the International Data and the outcomes of the OECD Report.
You can watch the video below, or click here to view the presentation.
Following the coffee break Dr Sarah Puils, Head Contact Supervision Malta Financial Service Authority (MFSA) delivered a presentation on the work of MFSA on Financial Literacy.
You can watch the video below, or click here to view the presentation.
The conference concluded with a moderated discussion panel of experts from different areas.
Panel Speakers:
- Lorraine Dimech Magrin, Education Officer – Home Economics, STEM and VET Programmes Department of Curriculum, Lifelong Learning and Employability, Directorate for Learning & Assessment Programmes
- Carl Fenech, Social Worker, Assessment & Intervention – Young Adults Services, Agenzija Sapport
- Maria Mercieca, Operations Manager, Agency for Community and Therapeutic Services Head Office, Foundation For Social Welfare Services
- Sarah Pulis, Head Conduct Supervision, Malta Financial Services Authority
- Alexia Vella, Director General- Strategy and Implementation Division, Ministry for Social Policy and Children’s Rights
Moderator:
- Karol Gabarretta, Secretary General, Malta Bankers’ Association
To read the bio notes of all speakers, panel discussion and the ĠEMMA team click here