ĠEMMA in 2019 launched an EU ESF co-financed financial capability directed towards 14 groups which were identified through consultation when the Retirement and Financial Capability Strategy (2017-2019) strategy was being drafted.
Unemployed persons are identified as a vulnerable group. This research was commissioned to assist ĠEMMA in designing a financial capability communications strategy for this group.
Of particular note is the following – Unemployed persons:
- Manifested awareness of and concern about rising cost of living in present times that inhibit saving for a rainy day. Money management with regard to shopping for good prices is facilitated by digital literacy and access to digital tools, such as ICT and the Internet.
- Showed evidence of basic financial literacy about bonds, shares and stocks, accompanied by a sense of distrust as a route to financial and retirement capability – though they hold more trust in real estate as a route to financial capability.
- Have a level of understanding financial literacy and retirement capability but require support with updating themselves on how that can become more financially capable and capable of retirement in today’s world and when considering today’s standards of living.