Malta participated in its first OECD INFE Survey on Financial Literacy in 2018 through an ESF co-financed project. The survey was undertaken by ĠEMMA on behalf of the Office of the Permanent Secretary within the Ministry for the Family, Children Rights, and Social Solidarity. In carrying out the research 1,000 respondents were surveyed. As a result of this survey ĠEMMA is in possession of a wealth of micro data which it has made available for research purposes on request (firstname.lastname@example.org).
The report was published at a seminar organised by ĠEMMA in November 2018 and can be downloaded from https://gemma.gov.mt/wp-content/uploads/2019/05/MPU-MFCS-Financial-Literacy-Study-Research-Findings-Report-storm-coverpage.pdf.
Today the OECD issued the OECD INFE 2020 International Survey of Adult Financial Literacy. A copy of this survey document can be downloaded from gemma.gov.mt. For the first time Malta is represented in this survey. In analysing Malta’s performance with other countries it is important to note that the survey carried out in Malta was not on the final survey instrument but on an advanced yet draft survey instrument presented to ĠEMMA by the OECD. As a result the Malta survey only asked 4 knowledge questions and 7 behavioural ones so, overall, knowledge and behaviour scores are not comparable. Malta, through ĠEMMA, will sync with the OECD’s next survey cycle.
The Table below presents a number of the key findings of the OECD INFE carried out by ĠEMMA in 2018.:
|Planning and Managing Finances||The most popular way for keeping track of their household finances is by keeping a note of their spending - 46% of Maltese adults|
|35% of Maltese people prefer reading about investment products in Maltese and another 35% prefer reading such documentation in English.|
|Active Savings and Financial Shocks||The study shows that 93% of adults in Malta are active savers, who save in different ways. 84% of adults in Malta save in a savings/deposit account.|
|72% of adults in Malta are able to face a major expense equivalent to their income without having to borrow money or ask family members for help.|
|Financial Goals||45% of adults in Malta do not have a retirement plan.|
|56% of adults in Malta are like to rely entirely on their government pension at retirement age.|
|Only 15% have a private pension plan.|
|Making Ends Meet||64% of adults in Malta have not encountered a situation in which their income did not cover their living expenses in the last 12 months.|
|Of the 33% who experienced a situation where income did not cover expenses, 86% used existing resources such as cutting back on spending.|
|Choosing and Using Financial Products and Services||31% considered various options from one company to choose their pension fund. 29% did not consider any other options at all.|
|Attitudes and Behaviour||62% of Maltese people keep a close personal watch on their financial affairs.|
|3 in 4 adults in Malta do not have too much debt right now, whilst 13% said that they have.|
|95% of adults in Malta always/often pay their bills on time|
|Some 80% of adults in Malta always/often take careful consideration of whether they can afford to buy something prior to buying it.|
|Some 95% of adults in Malta always pay their bills on time, whilst a low 1% never pay their bills on time.|
|Level of Financial Knowledge||44% rate their overall knowledge on financial matters as average.|
|21% consider themselves to possess a very high/ quite high level of overall knowledge on financial matters.|