ĠEMMA Know, Plan, Act within the Office of the Permanent Secretary in the Ministry for the Family, Children’s Rights and Social Solidarity together with the General Workers Union duly represented by the Secretary General, Josef Bugeja have entered into a Memorandum of Understanding so as to jointly engage a wide range of stakeholders so that financial capability educational initiatives could gradually reach diverse target groups.
Both entities agree that the objective of financial education initiatives are to guide the public to acquire the necessary financial capability performance in different domains such as managing debt, managing a daily budget, planning for the future, recognising financial elderly abuse and building a safety net.
As the Minister, Dr Michael Falzon stated, ĠEMMA strategy is quite challenging as it endeavours to involve numerous stakeholders in the private and public sector to work together so as to increase the public’s knowledge on financial matters and saving for the future.
Mr Josef Bugeja, GWU’s General Secretary emphasised the importance of educating its members, employers and employees, through this 3-year Strategic partnership, on all financial aspects including planning for the future as well as Personal and Voluntary Occupational Retirement Pensions schemes.
Mr Bugeja stated ‘this MOU represents synergy between GWU and ĠEMMA team so that through joint activities, the general public would be more knowledgeable of how to optimise on spending, save and plan for its future’.
Mr Mark Musu, the Ministry’s Permanent Secretary revealed that from research on financial capability it resulted that lack of financial knowledge often leads to mental stress, anxiety and in some cases also depression as well as there is a strong relationship between lack of financial capability and poverty. In view of this, the undertakings carried out by ĠEMMA in striving to increase financial awareness is of paramount usefulness to the public.
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