Since the 10th of October is dedicated to Mental Health, ĠEMMA in collaboration with HSBC Malta Foundation and Mental Health Services decided to deliver the 5th Interactive Workshop to the community mental health service users. This workshop as were the previous 4 which consist of 4 training sessions, is aimed at helping persons living with mental illnesses achieve a sound basis required to manage current income and expenses and plan future possibilities.
In these workshops, a step-by-step process is adopted, whilst taking stock of the special challenges being faced by persons who suffer mental health problems. Thus the aim of these training sessions is to give participants enough financial ability to increase their independence whilst lessening stress, and depression that is often associated with financial challenges.
Mr Mark Musu, Permanent Secretary within the Ministry for Social Policy and Children’s Rights stated that from testimonials of participants who attended previous training, it is clear that these sessions are leaving the required benefits. ‘ Such statements encourage us as ĠEMMA to continue with this project as we have committed ourselves in our 2nd Strategy (2022-2025).’
Michel Cordina, Executive Director, Head of Business Development at HSBC Bank Malta plc, said: “Research has shown that financial literacy lowers money-caused stress. Financially literate people understand money-related topics and have the necessary skills to handle stress caused by associated challenges. HSBC Bank Malta has long been an advocate of educating and upskilling people in the area of financial literacy by supporting numerous initiatives, of which this project is an excellent example.”
Mr Joseph Chetcuti, Permanent Secretary within the Ministry for Health highlighted the im-portant role that financial literacy and capability play in building the capacity of a person to manage finances wisely. Mental health issues can reduce the ability to understand financial matters, hinder correct budgeting or trigger impulsive behaviour. Consequently, these prob-lems can place a person at a greater risk of falling into poverty and impede independent living. Such circumstances may lead to health issues and poor quality of life.
Mr Chetcuti stated that financial capability workshops address persons’ ability to manage finances effectively in order to sustain quality living within one’s means. It is important that persons feel confident in handling current and future expenditure, as well as having a mind-set geared towards correct financial behaviour.
For more information about financial capability one may visit ĠEMMA’s website on gemma.gov.mt and/or Facebook.
