This session focuses on the key components of micro and macro environments affecting SMEs and their profitability. It begins by establishing that businesses do not operate in isolation but are influenced by various external and internal factors. The session explains the difference between micro and macro environments, with micro factors being within the company’s control…
The March edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
This session provided an in-depth look at effective business management for small and medium enterprises (SMEs), focusing on cash flow management and business planning. Participants explored key financial concepts, including understanding, and forecasting cash flow, managing trade receivables and payables, optimising inventory levels, and building financial resilience. Through practical examples and case studies, the session…
The first presenter, Mr. Noel Agius, explains the two schemes under the Social Security Act: contributory benefits (requiring social security contributions) and non-contributory benefits (means-tested). He details who needs to pay contributions (employed, self-occupied, and certain self-employed persons), how contributions are paid, and exemptions. He also discusses lower rates (pro-rata contributions) and contribution credits which…
This webinar provides a comprehensive introduction to VAT compliance in Malta, specifically tailored for sole traders and self-employed individuals. Presented by Dustan Farrugia, Senior Manager at the Malta Tax and Customs Administration, it covers the essentials of VAT, including registration, rates, exemptions, and record-keeping requirements. Farrugia demystifies complex topics like the different VAT schemes available,…
Are you a teacher passionate about equipping your students with essential life skills? Do you believe in the power of financial literacy to shape a more secure future? Then we at GEMMA want to connect with you! GEMMA, an organization within the Office of the Permanent Secretary in the Ministry for Social Justice and Solidarity,…
The November edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
The July edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
This national research study carried out with Maltese residents aged between 18-79 years, formed part of an international study of adult financial literacy, led by OECD’s International Network on Financial Education (INFE) arm amongst 37 countries in 2023. Malta participated in the 2018 and 2023 OECD/INFE international surveys of adult financial literacy. In this Report,…
The March edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
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…
Ingredients (makes 16 truffles) 395g can Sweetened Condensed Milk 30g Cocoa Powder, plus extra to dust Method Step 1 Place the condensed milk and cocoa in a medium saucepan over low heat. Cook, stirring, for 8 minutes or until mixture is very thick. Transfer mixture to a bowl. Set aside to cool slightly before placing…
This information is only valid till December 2024. An updated article will be published in due course to highlight the changes mentioned in the October 2024 budget. Queries have arisen about the two Budget 2024 measures aimed at bridging the pension gap of pensioners born before 1st January 1962. At this stage it is not…
We’re excited to introduce the Debt Management Section on our website. Our comprehensive Debt Management Section is your destination for practical information on effective debt management. Discover budgeting tips and advice on debt management through these articles that will greatly help your day-to-day debt management. Understanding and managing debt is key to achieving financial well-being.…
This multiple-choice online quiz features seven engaging questions covering essential topics like pensions, budgeting, and saving. Achieve the perfect score and you’ll earn a chance to enter our exciting competition, where you could win €100 worth of One4All Gift Vouchers! To participate, visit this page https://docs.google.com/…/1FAIpQLScbu2T29V6GOZ…/viewform Each participant can participate in the quiz only once…
Malta, like many other countries is facing challenges due to its aging population and this is increasing the burden on the state pension system. Starting a private pension plan is becoming increasingly important to secure an adequate standard of living after retirement. Private pension plans might offer tax rebates and financial security without affecting the…
The November edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
Do you have a start-up, are you self-employed or self-occupied, an entrepreneur starting on your own business or someone thinking of becoming self-employed? ĠEMMA, the Malta Tax and Customs Administration, HSBC Malta Foundation and EY have all teamed up to offer you a free, online Business Masterclass composed of an number of interesting and very…
Some shots from our recent session at the Marsascala Day Centre. Today, we discussed the importance of being always vigilant to detect scams and fraud. We are receiving many enquiries from participants for these sessions and others aimed at different age groups. We look forward to carry out more money management talks in other localities.…
What is a loan? A loan is an arrangement under which a lender allows another party the use of funds in exchange for an interest payment and the return of the funds at the end of the lending arrangement. Generally when we speak about a loan we are referring to a sum of money that…
Malta, like several other nations, is facing challenges posed by an aging population. As the proportion of elderly citizens continues to rise, the burden on the state pension system has increased significantly. At the same time, the low pension income may fall short of providing retirees with a comfortable standard of living. This combination of…
This year’s edition of Skolasajf organised by the Foundation for Educational Services was “Peace by Piece”. The theme encourages people to do their part, no matter how small, as everyone’s contribution will impact our overall well-being. The collaboration of ĠEMMA and HSBC Malta Foundation aimed at teaching the children to become more aware of the…
The first thing to tackle is… What is a budget? Why is it important? It is a plan for managing your money and helps you plan for the future. Want to make the most of your money Don’t know where your money is going Don’t save money regularly Have problems paying your bills or debts…
ĠEMMA and HSBC Malta Foundation have once again collaborated together on SkolaSajf 2023. This year’s edition of Skolasjf is “Peace by Piece”, which encourages people to do their part, no matter how small, as everyone’s contribution will impact our overall wellbeing. Our focus is on teaching the children to become more aware of the importance of Social…
The second edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
If you have a glass jar and fresh water, you can grow herbs right on your windowsill! You can keep your jam jars or sauce jars for this. If you don’t have any, you can buy some cheap decorative glass jars. You can start new herb plants by taking cuttings from existing plants and putting…
Health and budgeting go hand in hand. In this article we shall discuss how you can adopt a healthy diet while keeping to your budgetary plans. A little research, a plan, and some storage essentials can go a long way to ensure you are supporting your health and budget plans through a healthy and sustainable…
Some of Malta’s best and brightest young minds put their financial skills to test in the second Financial Literacy Quiz recently organised by ĠEMMA and the HSBC Malta Foundation. The event was open to students in Years 7 and 8 and saw the participation of students from International Independent Boarding School, St Martin’s College, St…
Do you have a start-up, are you self-employed or self-occupied, an entrepreneur starting on your own business or someone thinking of becoming self-employed? ĠEMMA, the Malta Tax and Customs Administration, HSBC Malta Foundation and EY have all teamed up to offer you a free, online Business Masterclass composed of an number of interesting and very…
Aktarx, l-aktar ħaġa popolari llum wara karozza u ċellulari sar is-safar. Le ma nsejtx ix-xiri ta’ dar, iżda din kienet prijorità fil-ġenerazzjonijiet ta’ deċenji ilu. Fejn li jkollok darek kienet tfisser pride, sigurtà, impenn, il-vetrina li tirrappreżenta ħajjitna. Illum l-importanti għal bniedem sar hu (innifsu) u li jgħix il-mument. “Għada min rah!”… Iżda għal min…
Life Insurance companies generally offer two types of investment vehicles. These are called with profits investments and unit linked investments. But what are the main differences between these two? With Profits A with profits investment is generally a capital guaranteed investment and builds its value from annual bonuses paid by the insurance company. These bonuses…
The European Consumer Debt Network (ECDN) https://ecdn.eu/ held its European 2023 Conference at the Salini Resort Hotel on the 23rd March. This was a hybrid format full-day event with speakers and participants hailing from different European countries, taking part physically and online. The conference focused on EU funded project for the Provision of a European…
The HSBC Malta Foundation in collaboration with ĠEMMA are hosting a competitive Financial Capability Quiz for all schools and launching their new ĠEMMA Financial literacy flashcards. The event is scheduled for Friday 28th April 2023 at 9.30am at St Nicholas College, Dingli Secondary School. The initiative is open to Years 7 and 8 students. The…
If you are born after 1962, the statutory retirement age in Malta is 65 years. In Malta you are entitled for a state pension if you are in employment (or self-employed) and pay a social security contribution. If you are born after 1969, there must be at least 41 years of contributions to receive a…
Whenever money comes into our lives, our tendency leads us to think first about what we can spend it on – what to do for fun, how much clothing we can buy, where we can go on vacation. However, few people tend to understand the importance of setting financial priorities. Do we really need the…
The first edition of the Ġemma newsletter is now online. We encourage you to click on the image below to read the latest edition.
The cost of day-to-day living can be stressful. Housing, utilities, and essential expenses add up quickly but there are ways and means to handle your living costs better and make your finances more manageable. We approached Petra Ellul Mercer, Financial Capability Executive at GEMMA to explore practical options and tools needed to achieve financial stability.…
Appetizer – Classic Devilled Eggs These devilled eggs are delicious. Top them with different combinations to keep your imagination running and your guests’ taste buds rejoicing. Our devilled eggs recipe gives you a creamy taste that no one can resist…so be warned, once you put them down on the table, they will not be there…
In collaboration with JA Malta, ‘The Interviewer’ Trudy Kerr is bringing a special edition of the SHE Word. This is a mini-series that is going to run over the next 12 weeks with Petra Ellul-Mercer talking about money. A topic that we all need to improve and manage better. These conversations go into different aspects…
Life as always, gets a bit more expensive every day. How do people manage their money? Everyone has their personal relationship with money. Some people have more difficulties than others. Do people manage their money according to their habits? Are they aware of their financial decisions and the impact these have on their lives? How…
Being a working parent is the ultimate balancing act. We’re always on the go – we try our best to raise our kids well, meet our deadlines at work, and take care of our household. All while handling our finances to the best of our abilities, which let’s face it – can be a huge…
PRESS RELEASE February 2023 Following the successful collaboration between ĠEMMA and the Malta Bankers’ Association (MBA) in delivering a financial literacy pilot project for pensioners, that ran last October 2022 at Paola Local Council, further sessions on Digital Financial Literacy for pensioners will commence again as of the 1st of March 2023. The feedback resulting…
Dan huwa t-tieni fuljett tal-Ministeru għall-Politika Soċjali u d-Drittijiet tat-Tfal; FAMILJA AĦJAR. Dan is-suppliment annwali għandu l-għan li joħloq għarfien dwar il-miżuri mħabbra fl-aħħar budget fi tmiem is-sena preċedenti. F’din it-tieni edizzjoni qed ikunu ippreżentati 21 miżura li jolqtu direttament jew indirettament lil familji u/jew individwi Maltin u Għawdxin fis-saffi kollha tas-soċjetà. Nittamaw li ssibu…
Happy New Year! This year what do you plan to do to make your life easier? Exercise more? Get more organised? Go on a diet? Manage your money better? One of our team members has decided to commit more to her budget and life planning. As a first thing, now that it is available for…
Financial capability is made up of several factors. The key elements are: Ability – focused on financial knowledge and skills Connection – our engagement with money and access to financial services and products Mindset – Our values and attitudes towards money These three factors interact to influence a child’s financial behaviour. Research suggests mindset and…
On Monday 17th October, ĠEMMA in collaboration with the Malta Bankers’ Association (MBA), delivered the first session in a series of four to the 60+ audience. These sessions focus on ‘Digitalisation within the Banking Sector’. The main topic of this session was about online banking, and the presentation was delivered by Mr. Scott Lee Holloway…
You’re 18, an adult and your life and priorities are changing fast. Money is a central part of your life and so is knowing how to make and manage it. It’s easy to feel pressured to fit in – to spend like your friends or get stuff you’ve seen on TikTok. But hey, don’t fall…
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…
A few tweaks to your every day-to-day life can reduce your carbon footprint and save you hundreds of euros this year. This is not about turning your life upside down but rather, introducing small changes for better living. Ready to give it a go? 1. Purchase reusable products Avoid buying single-use items. They end up…
ĠEMMA, in collaboration with HSBC, has announced the winners from Skola Sajf Earth Hero on a Budget competition which saw over 2,000 children in 327 teams create Superhero costumes with a budget of just €1.50. The winning group from Żejtun primary school was called Ninja Timmy and its members were Ġiuseppe Duca, Kayne Muscat, Joel…
Private pension products available in Malta are governed by rules established by the Malta Financial Services Authority (MFSA). We have prepared a summary of the current rules & tax measure incentives on private pension plans: Your contributions towards a private pension plan are eligible for a tax credit of 25%, up to a maximum set…
Women on average will retire with significantly less money than men, according to studies conducted worldwide, and some one-third of women rely on their partner’s pension as their main source of funding in retirement. This is putting many women in a vulnerable position, especially if they were to separate or divorce – they may find…
By virtue of the amendment to Article 381 of the Code of Organisation and Civil Procedure, Cap.12. of the Laws of Malta, a garnishee order cannot be issued on: benefits pensions allowances aid as referred to in the Social Security Act (Cap.381.), nor on private pension other pensions benefits allowances issued by the Government (local…
Buying a property is perhaps one’s most significant expense in life. For most people owning a home is one of the most important goals. Others, on the other hand, view property investment as a way of generating wealth through buying with the possibility of selling at a higher price in the future or earning monthly…
Season 3 in Digital Financial Education was officially awarded on the 13th of June at the Ministry for Social Policy & Children’s Rights. The winners who are University students in their final year of their AI course were awarded two cheques of €1,500 for the 1st and €1,250 for the 2nd prize. Both were present…
Personal Finance – Managing your Money course with LifeLong Learning, part of the Essentials Life Skills category, is an 8-week experiential learning course in personal finance. The program has been developed to empower people to change or improve their relationship with money by practising good financial habits. It is a practical, interactive program designed to…
High-interest rates discourage investments due to high borrowing costs. Inflation, on the other hand, discourages people from spending as they can buy less with the same amount of money. Central banks use interest rates as a medicine to cure inflation. However, the medicine doesn’t seem to work. Even though the Federal Reserve has increased interest…
Exploring ways how to earn money is a useful activity. It is good that a person tries to become financially independent. This applies both for a person who is seeking to supplement the income from a full time job, as well when someone is on the lookout for occasional income. However it is important that…
ĠEMMA Know, Plan, Act within the office of the Permanent Secretary of the Ministry for Social Policy and Children’s Rights and EMCS Academy, within EMCS Ltd, recently delivered a series of training sessions targetting Human Resources Managers, CEOs and Managing Directors introducing the integration of Voluntary Occupational Retirement Pension Schemes (VORPS). The Ministry through ĠEMMA…
Lawrence Zammit wrote in the Times of Malta (May 20) about poverty in Malta, quite rightly pointing out the complexity of the issues concerned but also remarking about how various governments have strengthened the social safety net and the array of social benefits that are available to many households, particularly those that are vulnerable. Putting…
Inflation is a recent buzzword used by many people who may not necessarily know what it means to show how smart they are. You become wiser by not only knowing what it is but how it affects you in your daily life and how to make the right choices. What is inflation? Inflation is the…
ĠEMMA’s webinar on Putting Retirement on a Young Person’s Radar tackled the paradox that young people need to plan for their retirement at a time when they have significant pressure on their limited finance, priorities to get on the property ladder and naturally enjoying their new found freedom and youth. This notwithstanding, financial freedom in…
Sharing your life with someone you love is probably one of the most exciting feelings one can experience in life. Love means sharing time, experiences, happy moments and not so sunny days together. Should you share everything? No. There are things in life that you shouldn’t share even though you love your partner with…
Social Security has provided financial protection for our people for over 66 years. For over 66 years, the Department of Social Security and relatively recently the Income Support and Compliance Division, have catered for the social rights of the Maltese and other residents of the country. Since Malta’s accession to the EU, they cater also…
Let’s just assume for a second that you are managing your income, budget, and mapping out all your spendings and expenses every month. You’ve got your ‘planned’ expenses such as insurances, memberships, subscriptions, meals etc. covered. If, however, your car suddenly breaks down or your laptop doesn’t switch back on – would you have enough…
Now that you have decided to take the leap and further your studies overseas, it’s time to talk about the money challenges you might face. Our intention is not to add any extra pressure BUT rather to prepare you for these challenges, especially if this is your first time living abroad for a lengthy time.…
One of the biggest challenges when managing your finances is to spend responsibly and spend less. Self-control may be hard to practice but it will help you manage your money so much better. 1. Store Hacks Resist impulse buying. Ask yourself these questions: Do I need it? Do I need it today? Can I get…
You work too hard, you work long hours and still lose money instead of saving up? How come? We live in a culture that has a habit of making you feel guilty if you are not spending half your time at work. Yet have you ever stopped to think, whether working too hard makes you…
“Why can’t I save money?” is probably one of the most asked questions to date. What is holding you back? Let’s break it down, shall we? Reason #1 You do not live on a budget. Without tracking where your money is going, you will end up dry by the end of the month with no…
The difference between needs and wants may seem quite straightforward to adults but to the younger generations, the lines may be blurred. Prioritise your budget and take charge of your money. How do you do that? First things first. Identify where your money is going on a day-to-day basis. Once you start doing that, you…
Finance may be the LAST thing on your mind. That is, until you get your first job and start thinking about buying that car you had your eyes on for a while, and, eventually, getting a place of your own. So, let’s start with some basic Rules of Thumb of money management that, we promise,…
Living within your means is the key to good financial management. This requires a balancing act between your monthly income and monthly expenditure. Adjusting your income may be difficult in the short term when this is driven by your fixed salary. This would be your take home pay, that is, your salary once taxes and…
It has long been apparent that additional streams of income over and above one’s state retirement pension are needed to maintain one’s quality of life following retirement. Research conducted by ĠEMMA last year showed that 44% of respondents worry about their financial future but only 21% had some type of retirement pension plan. The enabling…
Good money management requires an ability to plan ahead. Your spending is affordable as long as the stream of future incomes allows you to repay the debt which is incurred. Taking a loan makes sense when one is purchasing an asset whose useful life extends over a number of years. In this manner even the…
Cost of living increase, and in its abbreviated terms, COLA, adjusted yearly according to the yearly budget, is an increase in income to mitigate rising prices and to maintain a specific standard of living. The adjustment to the cost of living comes into effect in January of the following year. A full-time employee is entitled to the full increase,…
As an individual, what is affordable depends exclusively on your own income. First your needs have to be prioritised, and then the remaining income can be shared between spending on wants, maintaining a buffer for unexpected costs, and saving for old age. Additional considerations come into play when two persons form a couple. In this…
Talk about bills and where money goes. Explain ways to pay including direct debits, monthly bills, etc. Have children help you find the best price by comparing prices in stores. A budget, or money plan, also helps with looking after money. Explain what you spend money on and how you know where money has to…
building block 1 Teaching your children 3 to 4 years : link building block 2 Teaching your children 5 to 6 years : link Teaching your children 7 to 8 years o If your child is starting to get regular pocket money, talk about how they will keep it safe. Will they keep it in a jar…
Through Saving At the Shops Through Adverts Through Saving o Children can start to understand the idea that you have to save money for things. Learning to wait will help them as they grow o Think of something small to save for as a family. Save together in a penny jar or in the bank…
Through play Around the House Before you go shopping At the Shop or Supermarket Click on each tab below for further reading. Through play Children love playing shop. Make it as real as possible, adding price tags to items to show that things cost money. Start showing your children the difference between coins. Explain that…
Buying a car is exciting but it also brings other financial obligations with it. So before getting behind the wheel, think about other associated costs. Where to start? 1. Choose the right car for you Find a car that matches both your budget and driving habits. You may be able to find a used car…
Awards presentation for the three winners for the ĠEMMA Money Monsters Challenge The ĠEMMA Money Monsters challenge captured the creativity of a large number of participants aged between 6 and 11 years old from various state, church and private schools. Money Monsters is an online educational game that teaches children how to make healthy money…
download for free We have created a downloadable 2022 calendar showing the contributory benefits pay dates. How are State Pension payments made? Pension payments from the Department of Social Security are paid in advance, every four weeks. This totals to thirteen payments per year, for the rest of a person’s life. What do pension payments…
The list of monthly expenses goes beyond the costs related to buying a home. Here’s a list of essential expenses to include in your monthly budget: Home Loan Repayments Most likely, this will be your biggest ongoing expense. Have a chat with your bank representative to go over a fixed monthly payment schedule that works…
All those who own and love pets know that their care comes at a cost. They may be our furry babies and though they don’t cost as much as the human variety bills can quickly mount up, and over the years they may cost quite a large amount of money. If you have more than…
Awards presentation to two winners for the ĠEMMA Ftit Interactive Play Competition The ĠEMMA Ftit Interactive Play Competition captured the attention of a good number of participants aged between 9 and 13 years old from various state and private schools. The aim of this competition organised by ĠEMMA within the Office of the Permanent Secretary,…
Ben Camille discusses the importance of teaching your children money management Research shows that kids grasp money concepts and have many of their money habits set at a very early age. Research by behaviour experts David Whitebread and Sue Bingham of the University of Cambridge found that our approach to money, such as planning and…
Ben Camille discusses, together with personalities, including Peppi Azzopardi, the importance of having a rainy day fund. Why is a rainy day fund necessary? To put it simply, a rainy day fund is a financial safety net that protects you from life’s minor money emergencies, which, however, can cause your budget havoc: Examples include the…
The launch of Financial Capability Drive between ĠEMMA, CARITAS and HSBC Malta Foundation on various portals. Financial capability drive held between GEMMA, CARITAS and HSBC Malta Foundation Newspaper: maltatoday; Date: 6th February 2022 http://weekly.uhm.org.mt/en/article/hidma-ta-tahrig-u-xprunar-fil-kapacita-finanzjarja-bejn-gemma-caritas-u-l-fondazzjoni-hsbc-malta/ Financial Capability Drive held between Ġemma, Caritas and HSBC Malta Foundation Hidma ta’ taħriġ u xprunar fil-Kapaċita` Finanzjarja bejn ĠEMMA, CARITAS…
The latest launch of ĠEMMA’s Financial Capability Programme has been featured on the UHM website. Click here to read the article >
As part of its outreach programme, ĠEMMA in collaboration with CARITAS and the HSBC Malta Foundation is launching another initiative to continue emphasising the importance of financial capability amongst the local community. This new Financial Capability Training programme will see ĠEMMA train more than 52 CARITAS volunteers who are well conversant with community work, to…
“Wow…it looks so nice”. “What a great discount”. “I must buy this one”. Such thoughts frequently pass through our mind. These feelings are normal and shared by many. As consumers we find novel products very tempting. The possibility of buying an item less than the original listed price is equally appealing. The pressure to follow…
ĠEMMA invites you to join the launch of the Financial Capability Strategy 2022 – 2025 which will be live-streamed on its Facebook page on Friday, 14th of January, 2022. Following the initial strategy 2017-2021, this strategy will continue building on its past achievement by creating awareness about improving the financial capability of the Maltese citizens…
This is one of the videos ĠEMMA produced with the Central Bank of Malta in our money matters and the family. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria, is 40 years old and…
It is essential to understand your and your spouse’s “money personality,” as we all have a unique way how we think about money — often shaped by how we were raised as a child. And our life experiences can cause us to feel specific patterns when it comes to spending or falls into certain habits.…
This is one of the videos ĠEMMA produced with the Central Bank of Malta in our money matters and the family. Download the Central Bank of Malta and ĠEMMA Video on Providing a Loan to a family member or friends’ by clicking here. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s…
This is one of the videos ĠEMMA produced with the Central Bank of Malta in our money matters and the family. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria, is 40 years old and…
It’s important to take the time to understand the various aspects and issues of retirement. A deeper understanding of retirement realities and current and future possibilities, taking into account our needs and wants, will enable us to have a better picture and successfully plan the best course of action for a comfortable retirement. Your Life…
There are many reasons why arguments arise within a family on money management. This article is based on articles by Investopedia (www.investopedia.com/articles) that discuss money issues in families. Investopedia establishes the following as the most common financial issues that challenge married couples: 01. What's Mine, Yours, Ours Sometimes, when each spouse works and cannot agree…
A 40-year-old man has been arrested by the Police on suspicion of having carried out at least six robberies on elderly persons, after knocking on their door on the pretext of selling tickets for a lottery. The Police said in a statement that the robbed victims are aged between 52 and 95 years, and the…
A study in the UK by Slater and Gordon, carried out in 2018, found that money worries top the list of reasons married couples split up. Over a third of those questioned said that financial pressures were the biggest challenge to their marriage, while a fifth said most of their arguments were about money. One…
This is one of the videos ĠEMMA has produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in large business in the services industry. My wife, Maria is 40 years old and works in my…
Cryptocurrencies – Bitcoin, Ethereum, Litecoin, etc. – have been in the spotlight globally and locally in the past few months. Moneysmart.as states that “today, there are hundreds of digitally created currencies, as well as Initial Coin Offerings, or ICOs, which are like initial share offers to the public, giving you an opportunity to acquire the…
This is one of the videos we have produced with the Central Bank of Malta in our budgeting series. Watch the Central Bank of Malta and ĠEMMA Video on ‘Managing your debt’ below or follow this link to watch it on YouTube. View this ĠEMMA video by clicking on the above and learn more about…
Continuing from Part 1, these are the next 6 top ways of influencers make money! Website advertising For years it’s been common practice for bloggers to have advertising on their websites to monetise their traffic. So, how do influencers make money with advertising? Depending on the type of ad, a blogger may make money only…
This is one of the videos we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony, Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my father’s family…
In a world dominated by social media, influencers are celebrities in their own right. It is not uncommon to see Instagram influencers with hundreds of thousands — or even upwards of one million — followers. How do influencers make money with their large followings? Also, how can you be sure you are following ethical influencers…
This is one of the videos in our budgeting series we produced with the Central Bank of Malta . Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in…
Swedish children look forward to the weekend for their once-weekly candy fix. But beyond being a treat, these Saturday sweets teach a bigger lesson. Source:- https://www.bbc.com/worklife/article/20211004-lrdagsgodis-swedens-saturday-only-candy-tradition On a Saturday afternoon, the cobblestones of Stockholm’s Liljeholmen square are abuzz with families weaving in and out of the local shopping mall. Look closely, and you’ll spot children…
ĠEMMA, the Government initiative within the Ministry for Social Justice and Solidarity, the Family and Children’s Rights and the popular PRIME TIME programme have teamed together to exhibit in a creative style the educational work that ĠEMMA has been implementing on financial capability. These short televised sessions conducted by the renowned Owen Bonnici will be…
We are living in an increasingly mobile world, with Wi-Fi available almost anywhere, anytime, and more recently always on Internet. It is no surprise that just every bank in Malta now offers mobile banking capabilities. In 2018, ĠEMMA carried out the OECD / INFE national survey on financial literacy in Malta. The Table below shows…
Strictly speaking, you need to do both. However, you must keep in mind the interest rates related to your debts and that you would be better off with just options to choose from for your investment other than trying to save with pending significant cash flow drains. The most common debts are home loan, credit…
Prior to investing your savings into a private retirement pension product or any other savings or investment product, it is important that you think carefully about your unique needs and overall financial situation. This will allow you to determine whether the investment is right for you. The following are matters you should take into account:…
This is one of the videos we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my father’s family business. We have two kids: Matthias, our son who is 11…
Do you use Gumtree to buy or sell online? If you do, note that Gumtree has about two million ads live at any one time, it’s going to be hard for Gumtree to stop every fake ad or take down every copycat site instantly….so being aware of what to look out for is going to help keep your cash in your account. url: https://www.gumtree.com/ So, here are some of the Gumtree scams: Fake Gumtree websites Gumtree say they will take…
Season 1 in Digital Financial Education was officially launched on the 15th of September at the primary school of St Clare’s at San Gwann, by the Ministry for Solidarity and Social Justice, the Family and Children’s Rights and the Ministry for Education. During the event the winners of the financial literacy digital game called Money…
This is one of the videos we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my…
The sooner kids are familiar with coins and notes, the quicker they will appreciate the value of money, and this can be hugely important in later life. Research suggests that a child’s money habits are largely formed by the age of seven. Once kids understand what money is, and have seen how you use it,…
This is one of the videos we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my…
We live in a culture that increasingly makes you feel guilty if you are not spending half your time at work. Yet have you ever stopped to think, whether working too hard actually makes you spend money you could have otherwise saved? Ever been in a situation where you have been at it from literally…
This is one of the videos ĠEMMA produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my…
Do you stop and wonder how retirement will look like? Do you sufficiently understand how the state pension works so that you can make informed decisions of the income this will provide you? What quality of life do you wish to lead once retired? Have you started planning for this? Are you considering enrolling in…
The national Strategy for Retirement and Financial Capability recognises that the early inculcation of financial capability core skills (budgeting, planning, saving, value of money, financial resiliency, planning for the future, digital financial literacy, financial abuse, and consumer financial right), in children, is more likely to have long term positive effects than seeking to instill them…
HSBC Malta and ĠEMMA launch fraud awareness booklet HSBC Malta and ĠEMMA launch fraud awareness booklet HSBC Malta and the HSBC Malta Foundation have teamed up with ĠEMMA to publish the fifth issue of the Little Black Book of Scams and Fraud. The booklet is designed to help people identify attempted online scams and teaches…
For many, gardening is a great way to get outdoors and save money by growing some of your own food. Even better, it doesn’t have to cost the earth. So green fingers at the ready, here are some top tips from Faith Archer at Much More With Less for gardening on a budget. Start from seeds…
This is one of the videos we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a large business in the services industry. My wife, Maria is 40 years old and works in my father’s family business. We have two kids: Matthias, our son who is 11 years old, and…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. Identity theft is the deliberate use of your identity in order to take over or open new accounts, buy goods online, carry out online gaming or rent or buy properties or do other criminal things in…
A fraud who posed as a priest collecting money for charity was remanded in custody pending sentencing after pleading guilty to defrauding a 90-year-old man of some €3,000 direct link – click here A fraud who posed as a priest collecting money for charity wept in the dock as he was remanded in custody pending…
This is the eighth video that Ben Camille and ĠEMMA produced together. In this video Ben Camille and Xtrina discuss tips that you should follow vis-a-vis credit card use. Ben Camille and Xtrina bring up matters such as making sure that you only have the number of cards you truly need, that you never use…
ĠEMMA in collaboration with HSBC Malta Foundation supports financial literacy sessions ĠEMMA together with The HSBC Malta Foundation and the Science Centre are delivering financial literacy sessions during Skolasajf. Taking place for the third consecutive year, a total of 12 sessions will be held in 6 centers over the summer of 2021. David Spiteri Gingell,…
Fake websites are one of the largest types of online scams. But what do they do? Scammers set up fake retailer websites that look like genuine online retail stores. They may use sophisticated designs and layouts, possibly stolen logos, and a ‘.com’ of a major country domain. Many of these websites offer luxury items such…
Do you know how to protect yourself against scams and fraud? Want to know more? Well today practically everybody and his / her dog has a smart phone. Given the many affordable Internet based subscriptions provided by mobile operators in Malta most people today use mobile phones not only to communicate but also to bank,…
One of the core emerging competencies in financial capability is Digital Finance. As a core competency digital finance includes the use of digital financial tools such as e-banking or Internet banking as well as recognising and responding to scams and fraud. ĠEMMA in 2020 initiated the series of Little Black Book of Scams and Frauds. …
Has this ever happened to you? You are browsing online when a pop-up ad appears on your screen warning you that your computer is infected with dozens of viruses. The ad says that you can remove them by buying antivirus software that will immediately eliminate them – and certain versions are designed to disable legitimate…
This is the seventh video that Ben Camille and ĠEMMA produced together. In this video Ben Camille discusses his experience with scams and frauds and discusses measures that we all should follow to protect ourselves from being scammed. Amongst the matters which Ben Camille brings up is how to make sure you are not communicating…
ĠEMMA on Thursday 29th July held its third Webinar on scams and fraud. A third Webinar was organised to generate further awareness and understanding of scams and fraud given that, one may say, that 2021 has, so far, been the year of scams and fraud in Malta. For the past month not a week goes by without…
View our infographic and continue reading below! Once scammers get a victim’s money, they are far from done. They often need to move the money – and they are not going to do it themselves. That is where they employ the help of others – some knowingly, but many not: “money mules”. A “money mule”…
Another video produced with the Central Bank of Malta in our budgeting series. I am Tony – I am 42 years old. My wife, Maria, is 40 years old. We have two kids. The eldest is Angele, who will be 17 soon and our youngest is Matthias, who is 11. I work in the services…
The rapid increase in subscribers of streaming services such as Netflix and Disney+ has rendered the streaming market an attractive target to scammers. And so … you are browsing through the Internet and you come across a streaming platform. It looks just like other major streaming platforms, even if the web address and logo look…
This is another video we produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Maria. I am Tony’s wife. I work as an all rounder in my father’s family business. Tony is 42 years old, a manager in large business in the services industry. We…
The number of cases is significant – HSBC Malta CEO https://timesofmalta.com/articles/view/senior-banker-taken-aback-by-financial-abuse-of-the-elderly-in-malta.888283 Elderly people are facing financial abuse, including by their own family members who help themselves to their savings, deposits and bank cards, a senior banker has warned. Simon Vaughan Johnson, who heads HSBC’s Malta operations, told financial practitioners earlier this month that he had…
Scammers use email or text messages to trick you into giving them your personal information. They may try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could gain access to your email, bank, or other accounts. Phishing emails and text messages may look like they’re from a…
ĠEMMA and the Central Bank of Malta entered into a strategic partnership in 2020 to develop a series of education videos on budgeting. You can find all of these videos on the ĠEMMA Videos page – https://gemma.gov.mt/videos/. The videos are in Maltese. The videos are fronted by Vanessa Macdonald who is a respected Maltese journalist…
A business email compromise (BEC) fraud is an online scam where the scammer impersonates a business representative and tricks you into transferring money or sensitive information. The scammer impersonates a trusted person using an email that is almost identical to the trusted person’s name, or a domain that is identical to the name of the…
The Government’s policy is to encourage savings in such pension plan products – either on an individual level or on an employer basis. The state pension is designed to provide a person with an adequate pension income that provides dignity in retirement. The state pension, however, is not designed to provide a pension income that…
Learning how a scam works https://timesofmalta.com/articles/view/learning-how-a-scam-works.885766 Recently Malta has seen a spate of scams – including phishing, romance fraud and business e-mail fraud. Newspapers have reported that one business lost nearly €90,000 as a result of a business e-mail fraud, and many people were defrauded over €100,000 by the Maltapost phishing scam. Last summer, Ġemma…
As part of its various initiatives, ĠEMMA within the Ministry for Social Justice and Solidarity, the Family and Children’s Rights has embarked, for the month of July, on a widespread campaign by means of its adverting presence on the BENNA milk cartons. Through this marketing campaign ĠEMMA endeavors to penetrate the majority of the Maltese…
COVID-19 restrictions are easing big time. Locked in at home, many persons had to place their romance on hold! Romance by Internet has been present with us since the birth of the Internet. Most likely link ups over the Internet and other dating apps increased big time during lock down. Yet – how sure are…
In the past weeks, Malta experienced a number of scams and fraud. The latest one was an email and SMS where scammers positioned themselves as the Malta postal service informing persons that they were unable to complete the parcel delivery due to an underpayment, of shipping fees before directing them to click a link to…
This is the fourth video we produced with the Central Bank of Malta in our budgeting series. The electricity and water bill came in with the post this morning. And I lost it. Big time. ☹☹☹☹☹☹☹☹. How many times I told Matthias just this week to put off that air conditioning unit in his room…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. Internet banking is available 24 hours a day, 7 days a week, making the service convenient, very efficient (most transactions are processed virtually instantaneously) and mobile – it can be done anywhere, even abroad as long…
Local Councils Association enters into a Strategic Partnership with the Ministry for Social Justice and Solidarity, the Family and Children’s Rights and ĠEMMA on financial capability education The Ministry for Social Justice and Solidarity, the Family and Children’s Rights and the Local Councils Association today signed a strategic partnership to jointly work together, through ĠEMMA…
This is the third video we produced with the Central Bank of Malta in our budgeting series. Lovely day. After weeks locked in because of COVID-19 I decided to go with Maria, my wife, to the countryside for a long warm walk and follow this with a lovely lunch next to the sea. On my…
ĠEMMA on 27th May 2021 held a seminar on its research on the level of understanding that persons who are born on and after 1962 have on the how the system works in their regard. The general picture is that most people have only a vague idea of how the pension system works and how…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. As debit and credit cards are used by most people this is an area of focused attack by scammers. There are, however, some very basic tips you should follow so that you limit a fraudster’s possibility…
ĠEMMA’s Video Series on Budgeting – Tipprepara għat-tieġ This is the seventh video we produced with the Central Bank of Malta in our budgeting series. My niece, Kylie is getting married five months or so. All I have been hearing from Maria, my wife, and Angele, my daughter, is my niece’s wedding preparations. Pa –…
In the past weeks, Malta experienced a number of scams and fraud. The latest one was an email and SMS where scammers positioned themselves as the Malta postal service informing persons that they were unable to complete the parcel delivery due to an underpayment, of shipping fees before directing them to click a link to…
UĦM Voice of the Workers Teams up with the Ministry for Social Justice and Solidarity, the Family and Children’s Rights and ĠEMMA on financial capability education The Ministry for Social Justice and Solidarity, the Family and Children’s Rights and the UĦM Voice of the Workers today signed a strategic partnership to jointly work together, through…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. Be suspicious of anyone that offers you easy money. Scammers are skilled at convincing you that the investment is real, the returns are high and the risks are low. But there’s always a catch. In this…
News Release – 27 May 2021 The Buddies team from St. Albert the Great College in Malta took the top prize in the Global FinCap Challenge, an international competition developed by Junior Achievement (JA) Worldwide and the HSBC Group. The Maltese team emerged victorious in the pilot event in which 13 countries participated, finishing ahead…
ĠEMMA Launches its ĠEMMA FTIT 2 Interactive Play Educational Video: Introducing Money Management Skills to Students from Level 7 to Sixth Formers Last year ĠEMMA launched the first interactive play education video on financial capability called ‘ĠEMMA Ftit’. The objective of the play was that of exposing the target audience – primary school pupils –…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. A good number of people today book their holiday online end-to-end: air ticket, car, train tickets, museum tickets, hotel, shows and concerts, etc. Keep in mind that as e-tourism has become big business, the scamming online…
This is one of the videos that Ben Camille and ĠEMMA produced together. In this video, Ben Camille and Xtina discuss the importance of teaching your kids money management skills from an early age. Ben Camille and Xtina discuss one important way of teaching young children the value of money is by linking pocket money…
Do you know how to protect yourself against scams and fraud? Want to know more? Download our latest Infographic. It is important that you keep in mind that no all Wi-Fi hotspots are secure. Wi-Fi hotspots are easy to hack. A criminal or an experienced IT user can easily capture your data from an insecure…
We at ĠEMMA are sure that you have heard of Destiny – the talented Maltese girl with her amazing soulful voice. Destiny will be presenting Malta in this year’s Eurovision with her awesome hit song ‘Je Me Casse’???????????? Ben Camille meets up with Destiny and discusses with her money management habits. One of the things…
ĠEMMA is pleased to announce that it has developed a strategic partnership with Mental Health Services (MHS). The objective of this partnership is to assist, design and implement a financial capability programme for MHS service users – targeting persons with a mental health condition living in the community. The partnership aims towards improving service users’…
In March 2020, ĠEMMA launched a series of six surveys to understand household money management behaviour within the context of COVID-19. The 6th survey in the series was held in March 2021. Click here to download the 6th ĠEMMA Pulse survey on Household Money Management On Thursday 29th ĠEMMA held a Webinar on this survey.…
Have you followed our Little Black Books on Scam and Fraud series? You can download them, in Maltese or English, from the following link: https://gemma.gov.mt/ebooks/. As you will quickly realise a good number of the scams and frauds discussed in the Little Black Books are the result of hacking of your computer, tablet, and mobile through…
ĠEMMA has once again participated in Sagħtar. In the April issue (https://saghtar.org.mt/edizzjonijiet-godda-tas-saghtar-2020-2021/) ĠEMMA’s article was directed towards showing young kids how money is counted. The article introduces and explains the Euro coins and notes used and shows how coins, notes, and notes and coins are to be counted. You can follow the article with you…
Have you followed our Little Black Books on Scam and Fraud series? You can download them, in Maltese or English, from the following link: https://gemma.gov.mt/ebooks/. As you will quickly realise a good number of the scams and frauds discussed in the Little Black Books are the result of hacking of your computer, tablet, and mobile…
This is the second video that Ben Camille and ĠEMMA produced together. Ben Camille and Xtrina discuss their experiences with budgeting: When Ben Camille and Xtrina recognised the importance of budgeting. The importance of budgeting household expenses so that Ben and Xtrina remain on top of things. Why Ben Camille and Xtrina decided to keep track of their expences. Why Ben Camille and…
As you will quickly realise a good number of the scams and frauds discussed in the Little Black Books are the result of hacking of your computer, tablet, and mobile through the Internet. Once the scammer gets access to your device s/he will practically do what s/he wants – scrummaging your records for personal and financial information as well as changing the security and settings of your device so that s/he can access it a will.…
Click on this link to download the Windows 10 Machine Security Guidebook. Also, have you followed our Little Black Books on Scam and Fraud series? As you will quickly realise a good number of the scams and frauds discussed in the Little Black Books are the result of hacking of your computer, tablet, and mobile through the Internet. Once the scammer gets access to your device s/he will practically do what s/he wants – scrummaging your records for personal and financial information as well as changing the security and settings of your device so that s/he…
Ben Camille is the host and co-producer of one of Malta’s most popular TV shows – The X Factor Malta. Ben Camille has joined ĠEMMA to help it communicate the ĠEMMA Know, Plan, Act message on retirement and money management. Ben Camille and ĠEMMA are working together to produce a series of videos setting out…
So – you have managed to save a tidy amount to complement your social security pension income. How do you intend to dip into your pensions? How long will your savings last you? This calculator helps you plan how you will deaccumulate your savings. The My ĠEMMA Savings Withdrawal Calculator is organised in three sections.…
Is your relationship passing from the serious to having made the decision to live together? Have you thought about how you will manage your money and how you will share expenses? It is important that one of the things you discuss before moving in together is money management. You need to understand each other’s approach…
The second ĠEMMA webinar of the year discussed findings of a survey carried out by ĠEMMA earlier this year. The survey can be downloaded by clicking here. We are pleased to attach the recording of Scam and Fraud Webinar. The members of the panel on the webinar were: David Galea: Senior Solutions Architect – Information…
The ĠEMMA Ftit play is an interactive play produced by it ĠEMMA together with the HSBC (Malta) Foundation in consultation with Department of Learning and Assisted Programmes within the Education Division. This play is directed to introduce primary school pupils aged between 6 to 8 years on money management skills – budgeting, setting financial goals…
Financial Capability Fun Books Education Competition: Announcing the Results In August 2020, ĠEMMA within the Ministry of Solidarity and Social Justice, the Family and Children’s Rights and the Department of Learning and Assistance Programmes within the Ministry for Education launched a Financial Capability Fun Books Education Competition. The purpose of the competition was to attract…
The ĠEMMA 5th Household Survey on Money Management can be downloaded by clicking here. The following are some of the key findings: With 79% responses (previously 84%), overall the general public feels that it is in control of their financial situation. 76% tend to plan out monthly expenditures by making budgets. The number of individuals…
ĠEMMA has once again team up with the eSkills Malta Foundation to launch its 3rd ebooks in its Little Black Book of Scams and Frauds. Click here to download this 3rd ebook. As with the previous two versions the ebook discusses a number of scams and frauds that you are to look out for and…
Financial Literacy: A Lifelong Experience Tuesday 23rd March 2021 Teachers’ Training Programme click to view ĠEMMA is on Tuesday 23rd participating together with the JAYE Malta Foundation in a Teachers’ Training Programme on financial literacy directed. The session is titled ‘Financial Literacy: A Life Long Experience’. The Programme is organised by the Malta Bankers Association…
The first GEMMA webinar for 2021 was on the topic of the future adequacy, sustainability and solidarity of Malta’s pension system following the publication of the strategic review mandated by law every five years and following which a public consultation is being held till 31St March 2021. The discussion touched on many aspects of this…
Research overseas is clear: money management is one of the top issues that teenagers grapple with. Among teenagers, budgeting was a concern, and learning how to save and how to budget amongst their biggest priorities. Why is this so? In part because financial capability education is not taught at schools. And, in part this lack…
We all practice money management, most of the time continuously, having to make the best of our financial resources. So acknowledging the skill of money management as important as learning other subjects. At times we fall into the trap of saying that our kids are too young to appreciate the value of money but children…
ĠEMMA within the Ministry for Social Justice and Solidarity, the Family and Children’s Rights Teams up with the Chamber of SMES for the provision of financial capability coaching to self employed persons and small business owners Being self-employed definitely has its advantages – for one, you are your own boss. Yet you are also likely…
We are pleased to announce that ĠEMMA as from this month forms part of the Sagħtar e-magazine. ĠEMMA will definitely be present on Sagħtar till the end of the year. In its monthly slots, ĠEMMA will introduce money management concepts to children. ĠEMMA will do this by discussing a particular concept and then setting an…
ĠEMMA publishes the Research Analysis on the Preparation of an ESF co-financed Campaign on Financial Capability and Widows and Widowers. The Research Analysis report identifies the following key points: The expenses of most participants related to household maintenance and healthcare. Only a very small minority mentioned travelling for leisure. The financial assets and resources for…
ĠEMMA publishes the Research Analysis on the ESF co-financed Campaign on Financial Capability and Tertiary Education Students. The Research Analysis report identifies the following key points: There is a general consensus that life goals and lifestyle played an important role in defining financial capability. There is a unanimous consensus that a monthly income is an…
Today’s post continues ĠEMMA’s discussion on a rainy day fund. How do you get started to build a rainy day fund? We suggest that you start putting a small amount of money each month – depending on what you earn kick off with something like €25 to €50 a month. We recommend that you set…
If you have followed our ĠEMMA posts as well as webinars on the Pulse Money Management survey you will find that we speak of a rainy day fund. Before proceeding further, there are some who differentiate between an ‘emergency’ fund and a ‘rainy day fund’. The different between the two is that an emergency fund…
Being self-employed definitely has its advantages – for one, you are your own boss. Yes you are also likely to face money management challenges. Here are some practical tips you may wish to consider: Start saving early and get into the habit of saving consistently over time. As a self-employed there will be times where…
This Strategic Review document, 2020, is the third strategic review to be submitted to the House of Representatives, following the inclusion of Article 64B in the Social Security Act which establishes that the “Minister shall within intervals not exceeding the period of five years lay on the Table of the House a report reviewing the…
Are you self-employed? Do you know what makes a self-employed person financially capable? A study titled ‘Financial education for entrepreneurs’ (ACCA – 2014) concludes that a self-employed business owner to be financially capable must be able to: Distinguish between personal and business finances. Be a competent buyer of financial services – understanding financial products, their…
ĠEMMA alerts persons to a phishing scam alert issued by the Central Bank of Malta. This phishing scam is aimed at getting confidential bank account information. Messages purporting to be sent by the Central Bank of Malta direct the recipient to a phishing site. This approach is a scam – as the Central Bank of…
Earlier this month the Government issued a legal notice setting out the following: An application for a Moratorium can be made until 31st March 2021 The duration of the moratorium is for up to 9 months. Please click here. The Central Bank of Malta has prepared a FAQ which can be downloaded by clicking here. The FAQ…
In putting together the new 2021-2024 Strategy for Financial Capability ĠEMMA identified, from campaigns it ran between 2017 and 2020, that short campaigns are to be complemented by a major long term campaign directed to present and re-emphasise the education message on key important aspects relating to financial education. From the activities and research carried out…
and more ĠEMMA has designed an FAQ page equipped with a comprehensive collection of valuable information to answer many of your frequently asked questions related to pensions and money management. We did not guess what topics we should cover but instead we framed the questions just as the users have asked them. They are specific, to the point and…
ĠEMMA regularly posts on the use of your credit cards. If you do not use your credit well you are likely to get caught up in financial issues – falling behind in payments, missing out on payments, paying higher interests, getting a negative credit rating amongst others. This calculator allows you to compare the use…
Your attitude to money management is not the same across different stages of your life. Indeed your attitude to money management changes as you grow older and you assume greater life responsibilities. The stages in your life journey when it comes to money management are basically 5. The Table below presents how your attitude and…
This post presents money management Rules of Thumb for teenagers and young adults are to follow. Rules of Thumb are useful short-cuts that nudge people of all ages and in different contexts to make financial decisions. Research overseas shows that most young people welcome tips and Rule of Thumb guidance to help them manage their…
For the 4th consecutive year, ĠEMMA as part of its Onfoq bil-Għaqal campaign is releasing 5 new recipe videos that are simple to make and at a low budget. Look out for them as they are being uploaded gradually on this post, but also can be seen via our Videos tab, and on our Facebook…
Today, Thursday 17th December, the 4th Think Forward Initiative Summit (and the 1st to go virtual) will be offering a full day of planned insights, interest and inspiration planned. You will be (virtually) a part of an important conversation around how research and innovation can help us to achieve a financially healthy society. Featuring keynote…
So – we are now nearly a week away from Christmas. The likelihood is that you have already triggered your Xmas and New Year plans and are now ramping up for the final stretch. This post is a continuation of the one we had last week – more financial tips for you to consider. …
Since the launch of GEMMA in November 2017 GEMMA launched the Onfoq bil-Ghaqal Campaign. 2020’s campaign kicked off on Thursday 10th with a webinar on spending during the festive period. The panel consisted of Mrs Denise Farrugia, Project Leader for Hiliet il-Komunita at the Agency for Community and Therapeutic Services; Ms Abigail Mamo, CEO at…
Yet again, we enter a new festive season. To many, the festive season can be stressful – buying presents for children, relatives, financing the partying, etc. The likelihood is that this festive season will be on the quiet side – COVID-19 has turned out to be a party spoiler. Here are some ĠEMMA financial tips…
If you have multiple debts – more than one credit card, home loan, car loan – have you ever wondered what strategy you are to adopt to pay off your debt. Earlier this quarter ĠEMMA posted a series of articles with regard to debt. These included tips to reduce the cost of your credit card…
This is part V of ĠEMMA’s series on Rules of Thumbs that act act as a useful and reliable steer which engages persons offers a better course of action than not following it is in the withdrawal of savings from your retirement pot. Today’s post explores the Life Expectancy Rule. This Rule sees you each…
The ĠEMMA team has uploaded a new resource tool – the ‘Savings Goal Tracker’. First you need to set your savings goals. What are you saving for? Your savings goals may be for carrying out maintenance on your home or purchasing a new bed for your daughter. You may be saving for a family vacation.…
This is part IV of ĠEMMA’s series on Rules of Thumbs that act act as a useful and reliable steer which engages persons offers a better course of action than not following it is in the withdrawal of savings from your retirement pot. Today’s post explores the Fixed Date Rule. This Rule sees you run…
This is part III of ĠEMMA’s series on Rules of Thumbs that act act as a useful and reliable steer which engages persons offers a better course of action than not following it is in the withdrawal of savings from your retirement pot. Today’s post explores the Inflated 4% Rule. This rule is tested for…
ĠEMMA on 7rd November held a webinar on key matters that one should be aware of with regards to Household Money Management. The panel consisted of Josef Bugeja – Secretary General of the GWU; Abigail Mamo – CEO of the Chamber of SMEs; Frans Camilleri – Economist; and David Spiteri Gingell – Team Leader, ĠEMMA.…
In last Tuesday’s post ĠEMMA referred to the importance of following successful Rules of Thumb that nudge and guide persons to reach financial and money management decisions. One important area where Rules of Thumb act as a useful and reliable steer which engages persons offers a better course of action than not following it is…
IMPORTANT. The information below has been superseded with newer information, and therefore please note that the information below may no longer apply. Kindly refer to https://socialsecurity.gov.mt/en/ for the most up-to-date information. ĠEMMA on 3rd November held a webinar on key matters that one should be aware of with regard to the social security contributory system. …
Not everybody wants individual financial advice and not everybody can afford it. Those who get individual financial advice want comfort that it is robust and reliable. Rules of Thumb are used in some savings and pensions markets to give general advice to retirees. A working definition of a Rule of Thumb is: “A simple principle,…
If you are in receipt of one of the above benefits, you will receive payment on particular dates. Want to keep track of when payments will be deposited in your account? Click here to download and save our calendar for 2021. Payments are issued on a four weekly basis, resulting in a total of thirteen…
In the first part of this post we discussed the importance of determining whether you will be able to afford to go flatting and still have enough money to have a good social life. ĠEMMA also discussed the matter of rent and the rental contract to be entered into with a landlord. As well as…
PRESS RELEASE The Central Bank of Malta is cooperating with ĠEMMA to produce another set of videos aimed at promoting financial capability. The Bank provides ongoing practical assistance to the agency and will also help with the dissemination of the videos via its social media presence. “Although financial literacy is not directly one of our…
So – you have decided that it is time you reach out for yourself and start living on your own or share a flat with some mates. First thing that you must take note of is that going independent means you will now start paying for expenses for things that you would have taken for…
Retirement – you must have thought about it! To be free to do what you have long dreamt about; No more demanding working schedules; No more being caught up in bumper to bumper traffic to get to work; No more constant stress; On retirement, finally, you are your own master. To enjoy your retirement, you…
It is important that you note that you must have paid a minimum threshold of social security contributions for you to qualify for the Social Security Contributory Pension. The amount of social security contributions that you must pay depend on your date of birth. These are presented in the Table below. Date of BirthTo Qualify…
The first step is to check how much debt you have, and what sort it is. The high-interest debt costing you the most is the priority, not the no- or low-interest stuff. Loans that don’t charge high interest or fees are okay for now you should consider as a lower priority. It is s the…
ĠEMMA is pleased to announce that the General Worker’s Union as part of implementing its Strategic Partnership with us has included a section on ĠEMMA in its new portal gwu.org.mt. The section on ĠEMMA is accessed by means of clicking on the ĠEMMA icon – as shown below: In the ĠEMMA section you will find…
The following are ĠEMMA tips directed to help you to get your debt under control. 01. Get a clear understanding of what monies you owe. This is the first step – taking stock. Put together a clear picture of your debts as well as (a) the minimum monthly repayment obligations. Include credit cards, loan repayments,…
The ĠEMMA team has uploaded a new calculator – the ‘Inflation Purchasing Power Calculator’. Prices have a way of increasing from year to year, so most of the goods and services that we buy tend to cost more next year than they do now. This is called inflation. Over enough years, even small annual price…
An overdraft is a way of borrowing money from your bank, linked to your current account – basically so you can occasionally spend more than you have. A bank overdraft can be authorised or unauthorised: Authorised overdrafts are arranged in advance. You agree a borrowing limit with your bank, and you can spend money up…
Unless you manage your credit card debt well you are likely to pay far more than you should on the debt your incurred through credit card use. Here are some ĠEMMA tips which we suggest you follow. Often people have more than one debt on several credit cards. If this is your case, pay the…
Cost of living allowance – An overall income increase of €1.75 weekly which is also extended to all pensioners together with a further €3.25 per week to be enjoyed by all pensioners over and above the COLA increase thus totaling €5.00. Elderly, aged 62 and over, who would have reached their state pension age but…
When it comes to money – do you know what your personality is? Do you spend, and let tomorrow worry about itself? Do you worry so much that you save every cent you can so that you are prepared for any future eventuality – whilst losing out on today? ĠEMMA is pleased to make available…
After some solid thought you have decided to invest in a Personal Pension Plan. A number of financial services providers offer Personal Pension Plans. We at ĠEMMA strongly suggest that you shop around before you make a decision. We ask you that, as a minimum, you should take following matters into account: Ask for the…
There are interesting findings in the third survey, commissioned by ĠEMMA, within the Ministry of the Family, Children’s Right and Social Solidarity and undertaken by EMCS for the month of August 2020. The subject covered Household Money management during the COVID 19 pandemic. It seems that two thirds of the population (63%) did not have…
The Handbook is in Maltese and provides guidance and tips in relation to: Importance of budgeting. Avoiding debt. Increase your abilities to increase your earnings. How to seek employment. How to save. Seeking independent living accommodation. Obtaining the EU Disability Card. Use of Assistive Technology. Social benefits you are entitled. Other benefits you are entitled…
Prior to investing your savings into a private retirement pension product or any other savings or investment product, it is important that you think carefully about your unique needs and overall financial situation. This will allow you to determine whether the investment is right for you. The following are matters you should take into account:…
The ĠEMMA Pulse Survey on Household Money Management – September 2020 looked into the spending and saving habits of just over 400 households. It was carried out between August 31 and September 9.
Retrospective – If you stop working for a period during your working life and resume at a later stage, your state pension may be affected. If you do not have a full contribution record, you risk not qualifying for the full two-thirds pension. This means you will have a reduced pension income. If you are…
Over 51 entries were entered by 36 different authors in the ĠEMMA Financial Capability Education Fun Books Competition which closed on the 30th September 2020. The stories needed to cover topics related to financial capability like managing a debt; budgeting; building a safety net; planning for the future; underdstanding basic investment and understanding basic consumer…
The ĠEMMA Risk Profile Quiz COVID-19 is having a negative impact on businesses and economies. For some of you this may be an opportunity – investing in shares whilst they are down: as the adage goes, what goes down, goes up. With the banking sector rendering it hard to get much interest back these days…
The Minister for the Economy, Investment and Small Businesses Silvio Schembri spoke about how many couples had to postpone or cancel their wedding/civil unions altogether this year due to the COVID-19 pandemic. Unfortunately, some deposits have been lost too. In light of this, couples whose weddings/civil unions had to take place between 8th March and…
The Handbook is in Maltese and provides guidance and tips in relation to: A self-employed person’s obligations under the laws of Malta. Importance of paying yourself a wage as well as family members who work with you. Separating immediately on being paid the amount you need to pay for VAT and income tax purposes. Importance…
ĠEMMA is running a financial capability education campaign that is co-financed under the European Social Fund. The campaign is directed towards different 14 categories of persons. As part of its campaign ĠEMMA has launched the following handbook titled ‘Taħdem għal rasek?’ providing guidance and tips to persons who are self-employed on financial capability and money…
Click below to download the ĠEMMA e-Book on How to Go Self-employed in Malta. Click here to see the ĠEMMA Webinar on being Self-employed. On 30th September, ĠEMMA organised a webinar on being self-employed. During the Seminar, Mr David Spiteri Gingell launched its e-Book on how to go self-employed in Malta. The eBooks provide information…
Interest is often thought of as the amount of money a bank charges you for a loan you take out. The term interest also refers to the income you earn on savings and investments. There are different forms your retirement plan can take so that you build a retirement egg nest. You can save in…
Are you thinking of going self-employed? Or, are you self-employed but not sure whether you are meeting the necessary regulatory obligations that self-employment brings with it? This ĠEMMA eBook is designed to provide you with the necessary knowledge and understanding of the questions you need to ask but to which you have no answers. There…
The Poster Competition Award Ceremony took place on the 22nd September at Esplora Interactive Science Centre in Kalkara. Minister for the Family, Children’s Rights and Social Solidarity Michael Falzon praised this initiative and the collaboration of partnerships between ĠEMMA, HSBC Malta Foundation and the Directorate for Learning and Assessment Programmes. He also stressed the importance…
In a recent post, we discussed how life expectancy could impact your retirement planning. There are other key factors to take into account when planning for your retirement. The first is inflation. Inflation represents the general sustained increase in prices resulting from the demand for goods. Obviously, the prices of selected goods may increase for…
ĠEMMA is running a financial capability education campaign that is co-financed under the European Social Fund. The campaign is directed towards 14 different categories of persons. As part of its campaign ĠEMMA has launched the following Handbook titled ‘Taħdem fin-negozju tal-familja? Il-bolla hija mod ta’ kif tassigura l-pensjoni tiegħek. Hallasha!’ directed towards persons who are…
An important aspect you need to take into account when you are planning for retirement is determining when you will actually retire. Do you wish to retire on your statutory date of retirement? Do you know your statutory date of retirement? If you do not, these are presented in Table I below. Table I– Understanding…
ĠEMMA is running a financial capability education campaign that is co-financed under the European Social Fund. The campaign is directed towards 14 different categories of persons. As part of its campaign ĠEMMA has launched the following Handbook titled ‘Sibt ruħek bla xogħol u għandek loan?, directed towards unemployed persons. The Handbook is in Maltese and…
Going Back to School is an exercise in planning and preparation which helps to reduce any anxiety that it may cause. Especially in uncertain times such as these, proper planning helps to prioritise and avoid any surprises. On the 25th of August, 6 panellists discussed their opinions, useful tips and shared their experiences on how…
Students intending on furthering their education locally or internationally may incur a hefty expense when deciding which options to consider. Money Management was the topic of discussion in the last webinar conducted by ĠEMMA. In partnership with Bank of Valletta the webinar focused on Money Management and the various tools and products available for students.…
The government pension system was introduced in 1979. It was designed in a manner that the pension income a person receives over time would be 2/3rd of the gross wage of the highest public service salary which in 1979 was equivalent to €13,980. The objective was that the 2/3rd relationship between the pension income and…
ĠEMMA is running a financial capability education campaign that is co-financed under the European Social Fund. The campaign is directed towards 14 different categories of persons. The campaign seeks to educate persons, within a specific population cohort on the financial capability skills and knowledge that are best suited to them. Resulting-in that they are in…
On the 8th of June 2020, the Maltese Government announced an economic regeneration plan aimed to revive Malta’s economy after the COVID-19 pandemic-induced economic slowdown. Following the announcement of such plan, the Maltese Government recently launched details relating to the Rent and Electricity Refund Scheme. Over 20,000 enterprises that have been granted the COVID Wage Supplement will be able to apply for a…
During a meeting with the Malta Chamber members, Prime Minister Robert Abela announced that both wage supplement and government vouchers would continue until the end of October. These were initially both valid until the end of September. The wage supplement which came into effect last March, of €800 or less depending on eligibility, is the…
It is crucial to understand how the 10% social security contribution you pay monthly as an employee works. A wrong understanding of how this works can affect your decision making for retirement negatively. The 10% social security contribution is paid on your average gross wage only. This means that you do not pay any contribution…
ĠEMMA is running a financial capability education campaign that is co-financed under the European Social Fund. The campaign is directed towards 14 different categories of persons. As part of its, campaign ĠEMMA has launched the following Handbook titled ‘Kief tieħu ħsieb flusek jekk id-dħul tal-famila huwa baxx’ directed towards persons in low employment income. The…
Before, life expectancy was such that enjoying a long retirement was not possible. In fact in 1960, the life expectancy of a Maltese male person was of 66 years, whilst that of a female was 71 years. Today, in 2020, the life expectancy is 79 years for males and 84 years for females. We are…
The poster sets out the key message of the campaign. We at ĠEMMA encourage you to print any one of these posters and circulate them to people you know – like your butcher, stationery, grocer, etc. This results from the fact that persons who are employed with a family business receive a low wage. At…
In late July, the HSBC Malta Foundation invited the ĠEMMA team to participate in a webinar directed towards HSBC staff to introduce the ĠEMMA Know, Plan, Act government initiative on financial capability as well as to present the Pulse Survey ĠEMMA is currently carrying out on Household Money Management. This is one other initiative that…
ĠEMMA and BOV is holding a Webinar on 26th August 2020 on students in further education and money management and student loans. Do you have children who will be following further education, particularly, overseas? Will this be their first experience in living alone abroad – in managing a budget, renting a place, handling day to…
Ministry for the Family, Children’s Rights and Social Solidarity – ĠEMMA Ministry for Education and Employment – Directorate for Learning and Assessment Programmes Financial Capability Education Fun Books Competition ĠEMMA Know, Plan, Act within the Ministry for the Family, Children’s Rights and Social Solidarity and the Directorate for Learning and Assessment Programmes within the Ministry…
ĠEMMA Know, Plan, Act has today presented 5 gift vouchers of €100 each to 5 winners at the Ministry for the Family, Children’s Rights and Social Solidarity. The Ministry’s permanent Secretary Mr Mark Musu presented the vouchers to the winners. These vouchers are to be redeemed at the Park Towers Supermarket of both Santa Venera…
ĠEMMA Know, Plan, and Act within the Ministry for the Family, Children’s Rights and Social Solidarity and the HSBC Malta Foundation and are once again collaborating on a financial capability programme directed at primary level children attending Skolasajf this summer. The programme is game and workshop based, titled ‘Fact or Fake’ which focuses on the…
Early on in your mid-20s you took the decision to start planning for your retirement – by saving in a retirement plan and later after you paid the mortgage and the kids left the nest by saving in a bank account. My decision to plan for retirement was influenced by various campaigns carried out ĠEMMA…
Today we upload the 5th video of our 5 video series of how you can eat healthy food on a budget. The ĠEMMA budget healthy food receipe presented today prepared specifically for ĠEMMA by Chef Neil Darmanin is that of Gnocchi. Every Thursday over the past weeks we uploaded budget healthy food recipes that were…
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. Post-secondary School Students are identified as a vulnerable group with regard to financial capability. This research was commissioned to assist ĠEMMA in designing a…
Press Statement The Ministry for the Family, Children’s Rights and Social Solidarity is pleased to announce that it signed a Memorandum of Understanding with the Bank of Valletta and MAPFRE MSV Life on financial capability education. During the term of this Agreement, which is 5 years, the Bank of Valletta and MAPFRE Life will work…
Today we upload the 4th video of our 5 video series of how you can eat healty food on a budget. The ĠEMMA budget healthy food receipe presented today prepared specifically for ĠEMMA by Chef Neil Darmanin is that of Pulpetti. How many times have we heard – My monthly spending goes towards food. I…
An important once-a-year action -preparing wisely for the new scholastic year Have you received promotional stationery leaflets already? Was the famous back-to-school list attached to exams results? Have you ever thought about the stocks of stationery that you have accumulated over the past years? Recycling has already become part of our day-to-day actions. So, why…
Today we upload the 3rd video of our 5 video series of how you can eat healty food on a budget. The ĠEMMA budget healthy food receipe presented today prepared specifically for ĠEMMA by Chef Neil Darmanin is that of a Moussaka. What can you do to eat healthy food on a wafer thin budget? …
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…
ĠEMMA’s mandate is to inculcate retirement and financial capability – focusing primarily on the following financial capability life skill domains: budgeting, saving, managing debt, preparing for the unexpected, planning for the future, understanding the basic investment framework, and understanding one’s basic consumer rights. One important education matter is that of making sure that people are…
One of the money management COVID-19 measures that the Government introduce was that which allow eligible borrowers to apply with their bank or financial institutions on a moratoria on for example: o Mortgages. o Business and commercial loans. o Buy-to-let loans. o Personal loans. o Bullet loans. o Overdrafts. o Bills of exchange (including endorsed…
Today we upload the 2nd video of our 5 video series of how you can eat healty food on a budget. The ĠEMMA budget healthy food receipe presented today prepared specifically for ĠEMMA by Chef Neil Darmanin is that of a frittata. What can you do to eat healthy food on a wafer thin budget? …
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…
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…
On a tight budget? Your fear that eating healthy is beyond you means? To keep expenses low you are opt for processed food or take aways? The first budget healthy food recipe on cooking a Chocolate Fondant carefully prepared by the renowned Chef Neil Darmanin specifically for ĠEMMA What can you do to eat healthy…
The ĠEMMA team is pleased to present Part II in the series of its Little Black Book of Scams and Frauds. This new e-book discusses the following frauds and scams and offers you tips to protect yourself: ATM use fraud. Elderly relatives financial fraud. Cold Calling scams Business e-Mail compromise fraud Phishing, Vishing, Smishing and…
DOWNLOAD ĠEMMA PULSE SURVEY ON HOUSEHOLD MONEY MANAGEMENT APRIL AND MAY 2020 ĠEMMA, government’s financial capability education platform, is carrying out a longitudinal study on Household Money Management within the context of the COVID-19 situation. The first report which surveys opinion in March and April 2020 is launched. The survey was carried out by EMCS. …
You decided to go overseas to further your studies or to carry out an internship necessary for you to graduate. Do not under estimate the money challenges of studying abroad – particularly if this is the first time you will be living abroad for some extended time. Studying abroad places pressure on you – settling…
Money Management and Economic Recovery The Government on Monday 8th June announced a number of money management measures that you should be aware of. These are: If your business operates in the tourist accommodation, travel agencies, language schools, events organisation, and air transport you will continue to receive the monthly €800 wage supplement per employee…
To be financially healthy it is very important that you keep your debts to a level that you can afford. Life, unfortunately, is not a straight line. There will be moments when your financials are suffering – and you must make sure that when these moments occur you can manage your debts. To…
Money Management and Economic Recovery The Government on Monday 8th June announced a number of money management measures that you should be aware of. These are: If you work in the tourist accommodation, travel agencies, language schools, events organisation, and air transport the monthly €800 wage supplement is retained till the end of September. If…
The ĠEMMA team has uploaded a new calculator – the ‘Savings Calculator’. This Calculator helps you to work out the following: Your total savings including interest earned from the day you start to invest. The period during which you save is set to a maximum of 45 years. The calculator allows you to set the…
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. Teenagers are identified as a vulnerable group. Teenagers acquire financial capability skills from two sources. First, from education. The new curriculum introduced in 2012…
The ĠEMMA team has revamped its Compound Interest Calculator. The compound interest principle is one of the most important principles in money management. Compound interest and time are your most effective strategy tools to accumulate wealth. Even small deposits to a savings or retirement plan started early and invested over the long term will significantly…
One particular term relating to credit cards that confuses the mind is the ‘Annual Percentage Rate’ – or as it is better known, the APR. The purpose of this post is to de-mistify the APR. A credit card comes with an interest rate. This is the price you pay for borrowing money. When you buy…
The ‘Tools’ section on the ĠEMMA portal has been refreshed. On this page you will now find the following:Calculators Eligibility Calculator for Retirement Pension Children’s Allowance Calculator In Work Benefit Calculator Tapering of Benefits Calculator Unemployment Benefit Calculator Widows Pension Calculator My Services Gateway – This gives you access to the following services: Application monitoring…
On the 20th May, ĠEMMA team will be launching its first Part 1 ebook on Scams and Frauds which aims to increase your knowledge and awareness of potential scams and frauds, thus enabling you to take the necessary action to prevent you from being scammed with the possibility of suffering financial loss. Through this easy…
Our behaviour when it comes to retirement planning is conditioned by behavioural heuristics. In simple terms this means that our decisions are based on rules of thumbs that simplify decisions under conditions of uncertainty. In the pre-COVID world the key rule of thumbs that impacted our decision-making on retirement planning is that retirement is a…
This first e-book is Part I of a two part series on scams and fraud. This e-book stemmed from the realisation that knowledge and tips on how to protect yourself against scams and frauds is fragmented – and we realised that we too were creating content on scams and fraud in a non-structured manner. We…
Is your money safe at your bank during the COVID-19 crisis? The ĠEMMA team recommends that you should prioritise your spending during the COVID-19 period, and in doing so spend only on essentials. There is a good chance that you are cutting down on certain costs – for example, you should be saving on fuel…
At the end of April the Government announced that the Wage Supplement will be extended to May and June 2020. Those who will be applying for COVID-19 Wage Supplement in May will be paid for May, and subsequently for June. Those businesses which already applied for the COVID Wage Supplement in March and April do…
Our ĠEMMA team has tried for the past 3 years to update its website gemma.gov.mt with the latest ongoing information relating to household money management, budgeting by means of various calculators, retirement schemes, healthy eating as well as applications enabling one to budget according to one’s stage in life focusing always on priortising the needs…
My ĠEMMA Budget Planner To download the guidebook, please click here. Last week, on the 15th of May 2020 we posted the following: “Budgeting: A lesson we must take with us from the COVID-19 Experience” The subject of our post today is once again on the importance of budgeting. Today we discuss 3 important steps…
To download the guidebook, please click here. One important lesson that we must take with us from the COVID-19 crisis is how important it is for us to budget. What is a budget? A budget is a written plan that helps you know how much money you have coming in and what you need to…
With the stock markets the world over plummeting it is natural if you are panicing. You are thinking whether you liquidate and exit now to save something of your investments, or you let your investments ride the COVID-19 with with the possibility of losing everything. The ĠEMMA team suggests that you follow these two steps…
The Central Bank of Malta recently published an interesting survey setting out the payment habits of the Maltese population. You can download the survey by clicking here. The survey findings are thought provoking: Since 2018 the use of mobile banking increased marginally. Major increase in payment channels between 2013 and 2018 is the use of…
Assistance in Payment of Rents The Government announced that persons negatively affected by COVID-19 can receive benefits that cover up to 80% of the rent. The persons who are eligible for this benefit are: Persons who lost their employment and hence are not receiving any wage Persons who are temporarily suspended on unpaid leave Self…
The Government announced that it has reached agreement with all commercial banks to limit the interest rate on working capital loans to 3.5%. The banks involved are Bank of Valletta, HSBC, APS Bank, MeDirect, BNF, Lombard Bank, Izola Bank and FCM Bank Moreover, the Government will cover the first 2.5% of the interest rate for…
Research shows that banknotes and coins do not ‘pose a particular risk of infection for the public’. The probability of the risk of getting infected from handling banknotes and coins is smaller than from many other objects used in everyday. To read more go to this article: https://www.bundesbank.de/en/tasks/topics/cash-poses-no-particular-risk-of-infection-for-public-828762
You can apply for the COVID-19 social measures on-line as follows: Person with a Disability Benefit Persons with disability employed in the private sector of Malta, who after 8th March 2020 due to the impact of COVID-19 cannot go to work on medical advice and are not able to work from home, may apply for…
As we are experiencing COVID-19 there is a good possibility that you are working from home, your children are schooling from home – and generally, you are spending more time at home. Also as we have underlined in our posts, given the uncertainties it is very important that you manage your costs. Cost management can…
The ĠEMMA team is pleased to inform you that is has launched a new calculator – The Latte Tracker. The Latte factor was coined by a certain David Bach who brought out the simple idea that the trivial things we spend on every day matters add up to a large sum over the period of…
The Ministry for the Family, Children’s Rights and Social Solidarity (MFCS) and the University of Malta signed a Memorandum of Understanding on the financial capability gamification concept and prototype design. Under this Memorandum of Understanding between the Department of Artificial Intelligence within the University of Malta and the ĠEMMA unit within the Ministry, the students…
The COVID-19 may have created money pressures for your and your family. A reduction or loss of salary is bound to do this. You may have had a Rainy Day Fund in hand to see you over a money emergency. You have been trying to keep things normal and you have been dipping into the…
The ĠEMMA Team refers you to its Money Management and COVID-19 post – MORATORIUM ON LOANS AND OTHER CREDIT FACILITIES – click here. This post relates to the COVID-19 measure that established a moratoria on bank loans and other credit facilities. On 24th April the Central Bank of Malta issued a clarification. The clarifications are…
You may wish to note that BOV together with the MDB has launched the BOV-MDB COVID Assist scheme (BMCA). The purpose of this scheme is that of assisting large and SME companies that are facing unprecedented disruptions because of COVID-19. The scheme will help employers meet working capital requirements, aiding them with the following costs:…
The ĠEMMA team has uploaded a new calculator – the ‘ĠEMMA My Net Worth Calculator’ Net worth is a relatively quick and easy calculation to make, and it’s a valuable way to track your financial progress and see if you’re really getting ahead. So what is net worth and how do you work out your…
How to stay safe from scams during COVID-19 This article is posted by Tom Harman on New Zealand’s Sort-It. It is being presented on the ĠEMMA portal. The original article is to be found here: https://sorted.org.nz/must-reads/how-to-stay-safe-from-scams-during-covid-19/ If there’s one way that scammers are predictable, it’s that they will take advantage of people whenever they can.…
To download the guidebook, please click here. We are living in game changing times. Some are bearing the brunt of COVID-19 more than others. Yet all of us are affected in a way that will scar us for the rest of our lives. Whilst health is foremost on our mind, next top on our priorities…
Step 1 – First choose the product or service that you are interested in.Go Step 2 – I wish to look at Fixed Term Deposits. Click on Fixed Term Deposits and the following screen comes up.Go Step 3 – Click on banks you wish to compare. In this case the data base allows you to…
You are to note that the government has issued instructions that loans / credit (capital) and interest payable is suspended for 6 months. This moratorium applied on credit facilities provided by credit and financial institutions is to support persons who have been materially effected by the COVID-19 outbreak. The moritorum applies to: Non-financial corporations Micro,…
Eligibility criteria – Persons employed in the Maltese private sector on a full-time or part-time basis, who after the 27th March 2020, due to the impact of Covid-19 are neither allowed to commute to work nor work remotely as instructed by the Superintendent of Public Health of Malta to stay safe at home, are not…
Eligibility criteria – Persons with disability **, employed in the private sector, full-time or part-time, who, as of 8th March 2020, due to the impact of COVID-19, cannot go to work on medical advice and are not able to work from home. Registered with Jobsplus as a person with disability ** ** You have a…
Eligibility criteria – Parents employed in the private sector, with children under 16 years of age, who, as of 8th March 2020, due to the impact of COVID-19, are not able to work from home, cannot go to work to take care of their children. (Does not include employees, working with private companies, and…
Has the COVID-19 situation since 8th March 2020 resulted in you losing your job (full time or part time) with your private sector employer? If so you are eligible to apply for the Additional Unemployment Benefit. To qualify for the Additional Unemployment Benefit you are to register for work with Jobs+. To register for work…
Whether you are self-employed or a company the Government is providing financial support – the level of which depends according to the sector you operate in. This is explained in the Table below. Critically Hit Business Sectors These are: Certain wholesale activities Certain retail activities Accommodation Food and beverage service activities Rental and leasing of…
The Government has introduced a scheme that allows you to postpone payment of the taxes presented below – and thereby providing you with liquidity to manage you cash flow in this difficult time. THE SCHEME CLOSES THIS WEDNESDAY – 15TH APRIL 2020. MAKE SURE THAT YOU APPLY IF YOU BELIEVE YOU SHOULD BENEFIT FROM IT. …
The most important measure that you need to take at this point in time is that of seeing how much cash you actually have on hand right now – and the essential payments you need to make. Be clinical and set up a strategy. We present 4 tips that you should take into account in…
The Banks have issued a number of measures to ease the financial stress that families or businesses face because of the Covid-19 virus. The ĠEMMA team suggests that you speak to your bank or access its website to see what these measures are and how these may benefit you. We further recommend that you look…
In situations like this, loan sharks will target you. They may appear friendly and if you keep up your repayments, they might stay that way. But the reality is, even if you do, any money you borrow will come at a very high price. There are many risks attached to borrowing from a loan shark:…
As the entire world anxiously monitors and battles the spread of the Coronavirus (COVID-19) with all its resources, it seems that the novel virus continues to bring growing concerns to every home and industry alike. Today in the Tech world, cybercriminals are preying on the increasing global fears and misconceptions surrounding the virus. Using sophisticated…
One of ĠEMMA’s strategic thrusts is that of working with the Education Division and other partners to inculcate financial capability among children and teenagers so that they understand better how to manage their money to avoid financial difficulty now and in the future is on. The OECD recognising that the low level of financial literacy…
Register Now A half day seminar! ĠEMMA, within the Office of the Permanent Secretary in the Ministry for the Family, Children’s Rights and Social Solidarity, is organising a half-day seminar: ENHANCING FINANCIAL CAPABILITY THROUGH RESEARCH-DRIVEN COMMUNICATION on Thursday 26th March 2020 | 08:00 – 12:30 at The Chamber of Commerce, Industry and Enterprise under the…
Last year, ĠEMMA launched a long term financial education campaign – which will close in the 2nd quarter of 2021. The financial capability campaign targets the following cohorts of Malta’s population: o Persons in low income employment. o Persons in unemployment. o Self-employed persons. o Family members working in family businesses but not paying a…
Just like any computer devise, ATM have vulnerabilities. Thus, they are open to being hacked. The majority of ATM frauds involve a level of physically manipulating parts of the machine or introducing devises. Scams can include: Skimming: this normally involves the installation of a card reader device (skimmer) and a keypad overlay or pin hole…
Senior Citizen Grant, also known as SCG The €300 allowance was first introduced in 2012 to those aged 80 and over. In 2013, age was decreased to 78 years. In 2014, the age group was widened again whereby the age was lowered to 75, allowing more elderly persons to benefit from such a grant. It…
download, read and shareWhat will your retirement look like? Most people do not start planning for their retirement until they are in their late 40s. There is a reason for that. At the start of your first job or on completion of tertiary studies, between the age of 18 and 23 , the last thing…
First and foremost, your very first step towards improving your financial capability is a reflection of your present situation. Questions that will help you think How much effort are you putting in managing your own money? Are you keeping track of what you are spending in a day, week, or month? Do you…
Find Out How This Might Affect You EU citizens arriving in the UK up to 31st December 2020 will enjoy the same rights and guarantees as those who would have arrived before Brexit. The same applies to UK arriving in the EU. In terms of social security rights, cross-border workers, posted workers, and Workers Employed…
Going self-employed in Malta – As you have seen (click here to read our previous post about self/employed part 1), there are a number of issues to take into account prior you start working for yourself, (also known as freelance) or prior to becoming owner of your own business. Part (1) provided you with valuable…
ĠEMMA Ftit play at Għajnsielem Primary Financial capability is an essential life skill – to have a more financially sustainable future. ĠEMMA FTIT – an interactive play directed towards Year 4 to Year 6 students Interaction is managed by an animateur bee character, a video and the children. This play is organised with the HSBC…
Financial Literacy Accredited Course at the Malta College for Arts, Science & Technology (MCAST) The Ministry for the Family, Children’s Rights and Social Solidarity in collaboration with the Malta College of Arts, Science and Technology is offering an accredited course in Financial Literacy at MQF Award level 3 to those working with disadvantaged groups. The…
Applicable to those non-pensioners who would have reached state pension age but who do not have enough Social Security Contributions to qualify for a Contributory Pension. Deficiency Contribution Bonus DCB was a budget 2015 measure which came into effect as from 1st January 2015. With effect from January 2020, bonus will not come to a…
Targeted towards families having an annual income from a gainful occupation and with children below 23 years of age living within their household. The benefit of this initiative is to encourage the unemployed to join the workforce as well as assists the following categories: • single parents in employment who earned more than €6,600 and…
Going self-employed in Malta – Wondering from where to start? What steps to take? What applications to submit? ĠEMMA has got a guide — Self-Employed Start-Up — divided into two parts to enable you to understand the key steps to start up your own business in Malta Jobs+ You need to register with Jobs+ (formerly…
ĠEMMA, as part of its 3rd Onfoq bil-Għaqal Campaign, in December 2019 / January 2020 partnered with the Aladdin Panto (held at the Catholic Institute, Floriana) to integrate within the Panto story a scene highlighting the importance of saving and how one can prioritise on spending. Another scene was dedicated to the interaction with children…
Although the 2007 pension reforms increased the retirement age as follows: Date of BirthRetirement Age1952 to 195562 years of age1956 to 195863 years of age1959 to 196164 years of ageOn and after 196265 years of age you can still retire at the age of 61 years (known as the early-opt-out) if: Born between 1959 and…
What is a contribution? The social security contribution is also referred to as ‘bolla’ in Maltese. ‘Bolla’ refers to the ‘stamp’ that used to be manually affixed to a person’s notebook showing the number of contributions a person paid. A social security contribution is also referred to as SSC or NI, in abbreviated terms. The…
The value of money, like the value of anything else, is whatever it can be exchanged for – in other words – it’s purchasing power. A rise in prices means that the value money has fallen (buying less with what you have); a fall in prices means that the value of money has risen. Employees,…
Financial Literacy Accredited Course at the Malta College for Arts, Science & Technology (MCAST) The Ministry for the Family, Children’s Rights and Social Solidarity in collaboration with the Malta College of Arts, Science and Technology is offering an accredited course in Financial Literacy at MQF Award level 3 to those working with disadvantaged groups. The…
It can be easily described as an electronic payment system that enables customers of the bank to carry out a range of financial transactions through the financial institution’s website. Online banking is also known as internet banking. This service can be used via a personal computer/laptop, tablet, smart phone or smart tv. Online banking allows…
Set aside some money from each pay to cover fixed and variable expenses, including gifts along the year. Use used jars or used envelopes, or set up separate bank accounts for specific expenses. Be prepared for the unexpected! Set up a rainy day fund. Use used jars or used envelopes or a bank account for…
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A calculator by the financial and capability group for you to make use of, to plan expenditure during the festive season (December and January). Click here to download it for free. step 1 – Your income for December and January – Your take-home pay after taxes and social security contributions deductions. – It is highly…
Spending money wisely this Christmas and the Christmases to come Most of us are filled with enthusiasm as Christmas approaches, starting as early as beginning of November, only to be dismayed to find that many of us would have spent a good proportion of our salary, if not all, for gift giving or partying. This…
ĠEMMA was invited on Matilde’s TV programme on PBS where the discussion focused on • money management, • future planning and state pension, and • investment planning.
The Education Officer for Accounting, Business Studies and Retail within the Directorate for Learning and Assessment Programmes at the Ministry for Education and Employment together with the HSBC Malta Foundation and the Retirement and Financial Capability Unit within the Ministry for the Family, Children’s Rights, and Social Solidarity presents the ĠEMMA-HSBC Foundation Poster CompetitionWho is…
If you get the facts about saving and spending wisely and follow through with an active realistic budget an intelligent plan that prioritises expenditure and eliminates certain wants choosing one thing and forgoing another desirable behaviors informed and effective decisions getting the most from the money you have you should be able to achieve and…
Up to year 2019, applicable to those who are aged between 62 and 74 and who do not have enough Social Security Contributions to qualify for a Contributory Pension. Deficiency Contributory Bonus, also known as DCB, was a budget year 2015 measure which came into effect on 1st January 2015. Those who have paid between…
Are you a pensioner, a widow, a widower or in receipt of the invalidity pension? When will your benefit be paid by the Department of Social Security for year 2020? R – Retirement Pension W – Widow / Widower’s pension I – Invalidity
A big transition. Having a baby is one of the most exciting experiences, yet it changes your priorities. A baby requires commitment: It involves lots of hard work from the moment the baby is born. It involves financial costs, time, dedication and will impact you in practically every area of your life. In fact, children’s’ needs…
Your wedding is one of the happiest days of your life. In addition, weddings in Malta are a major social event, traditionally paid for by the bride’s father. Whoever is paying for the wedding, make sure that you spend on your wedding what you truly can afford. Have a discussion with your partner, and your…
Parents who terminate their employment to care for suffering from a rare disease or disorder, which affects less than 1 in 2,000 Maltese residents, may be entitled to 208 credited contributions whereby the parent would have had to be born between 1st January 1952 and 31st December 1961, and shall not exceed 416 contributions in…
An Interactive Learning Experience in Financial Capability for Primary School Puplis – Year 4 to Year 6CIRCULAR Financial capability is an essential life-skill and early exposure to basic concepts help young people to have a more financially sustainable future. Year 4 up to Year 6 pupils now have the opportunity to an engaging learning event…
What is identity theft? This is the fraudulent practice of using another person’s personal information, assuming his/ her identity in order to obtain a material advantage to commit fraud or other criminal acts. What can you do to protect yourself? Limit the amount of personal information you provide, especially on social media. The more information…
HSBC Bank Malta plc is organising a workshop focusing on financial literacy for adults and you are invited if you would like to know more about how you can manage better your finances and save for your future. Light refreshments will be served after the workshop. Kids, too, between the ages of six and eleven…
Can anything be done to get out of debt? The answer is yes. Here are some clever tactics to help you … List all of your debts, enter the balance that is still pending, enter the annual interest rate, and enter the required monthly payment for each debt. Repayments need to be greater or equal…
The consequences of you not paying off some debts before other debts can be serious. If you are struggling to make your repayments on time, you need to look at all your debts and split them as follows: Debt emergencies. Priority debts. Non-priority debts. What distinguishes a debt from a priority debt? Priority debts are…
We have been researching games and we came across this brilliant budget game – https://natwest.mymoneysense.com/students/students-8-12/the-budget-game/ If you are a teenager, you will love this NatWest Budget Game. Get yourself playing and you will surely get better with money management. Download our guidebook for free.
Are you aware of the benefits offered by the Social Security Department? Social Security Benefits are not only for those who are unemployed, sick or have the care and custody of their children. Nor can they be associated solely with retirees and surviving spouses. The Department provides a wide range of benefits under provisions of…
Vigilance is crucial so take all the precautionary steps : Verify the trustworthiness of the online vendor – Look for “secure transaction” symbols. Compare card transactions with the actual receipts – any suspicious or unknown transactions? When keying in your PIN, cover the keypad so others cannot see. Be sure that you get your card…
If you are considering terminating your employment through an early/voluntary redundancy scheme you may wish to consider the following: Option AOption B ** If after the lapse of the six months you are still unemployed, registering under the Part I of the JOBs+ register, you are granted unemployment benefits (UB) and awarded with social security…
14 August 2019 Kids Getting Budget Savvy! HSBC Malta Foundation and the Retirement and Financial Capability Group (RFCG) within the Ministry for the Family, Children’s Rights and Social Solidarity, through its Ġemma initiative, are collaborating on a financial literacy programme aimed at young children attending a number of Skolasajf centres this summer. Central to this…
Reducing Your Credit Card Debt Credit cards usually have high interest rates. There are several ways you can reduce the cost of your credit card. First and foremost use debit cards since debit cards draw money directly from your checking account when you make the purchase. Pay More than the Minimum Repayment Paying the minimum…
You pay more money over time in credit card interest charges. Focus on paying off debt first and place priority on those debts with highest interest rate. Therefore, jot down your complete financial situation and organise a realistic spending plan that will let you pay off debts. Keep to the plan!
You are allowed to pay for credit-card purchases in two ways: full payment within a grace period of about a month, for which there is no interest fee or extended payments over a number of months, for which there are interest fees and charges. In many cases there is also an annual fee charged for…
Buy now, pay later: Goods, money, or services are given to you in exchange for the promise to pay at a future date. No money changes hands but you are billed monthly, because at the end of the day, money drawn would not have been drawn directly from your checking account, until the cost is…
Going abroad is a financial goal, that requires thought, planning and a travelling budget. It is not just buying a flight ticket and placing a deposit on accommodation. There is much more to it. Do you need a checklist? Do you need a calculator to plan? Make the most of your abroad experience! Get our…
In Malta, Government Bonuses are fixed as indicated below and obligatory, whereby payments are made by the employer (whether public or private) to the employee. The full statutory (government) bonuses and the weekly allowance entitlements are issued as follows: End of June €135.10 covering period January to June End of December €135.10 covering period July…
GEMMA.GOV.MT is an informative website on financial literacy and retirement planning. Its’ aim is to serve as a practical and comprehensive guide to readers, in whichever stage in their life cycle they might be, being teenagers, employees, self-employeds, parents as well as pensioners in their everyday financial planning by the use of simple calculators and…
Admission into a home for the elderly The population continued to climb at a record rate. Age population has been increasing and more elderly might require the service of a care home. There are government homes, as well as homes which are privately owned. There are also beds in private homes purchased by the government…
What is instant gratification? Do you struggle with instant gratification? Why do you suffer from instant gratification? What can be done? What is instant gratification? Instant gratification is the desire to experience pleasure or fulfillment now without any delay. It is the opposite of what we have been taught – that of trying hard to…
Where is your money going Month to Month? Identify where your money is going on a day-to-day basis. Then, the next step is to look where your money is going on a month-to-month basis. Categories weekly basics (like food, groceries, toiletries) insurance (like home, motor, life insurance, car registration.) utilities (Internet and telephony, electricity, water)…
… often passed on by means of a legal document called a will or testament. A will does not take effect until the testator’s death, and it can be cancelled or altered until then. Provisions of a will signed prior date of death state the wishes of the deceased regarding the disposition of his or…
What David Spiteri Gingell says. David Spiteri Gingell, who has been involved in pensions reform since 2004, is responsible for the implementation of the 2017-2019 Retirement and Financial Capability Strategy. Have you missed the first part of the interview conducted by The Malta Independent with David Spiteri Gingell. Click here. What has been the effect…
Set a monthly budget for your expenses. Find a job to learn the value of earning for a living. Separate savings money from spending money. Learn the difference between a debit card and a credit card. Prioritise the things you need to buy over the things you want to buy. Learn price consciousness – how…
Informative articles of value to parents. Teaching your children – 3 to 4 years5 to 6 years7 to 8 years9 to 11 years
In November 2018, the Gemma initiative held a seminar on the findings of a survey on financial literacy in Malta. The survey was based on the OECD / INFE financial education Toolkit. The survey is one of the initiatives co-financed under the ESF 2.69 project on addressing vulnerable people and professionals working with vulnerable people.…
14 May 2019 First National Financial Literacy Quiz Held Conceptualised by the Department of Accounting and Business Studies within the Directorate for Learning and Assessment Programmes (DLAP) at the Ministry for Education and Employment (MEDE) and supported by HSBC Malta Foundation as part of its Future Skills programme, the 1st edition of a national financial…
Losing your job is stressful and places a strain on your personal finances. Even if you have received compensation from a redundancy payment, losing your job can impact your ability to keep up with your financial obligations. Having a plan in place will make a difference on your financial and emotional well-being. The very first…
Seems complex , yet so simple. What is a bond? A bond can be thought of as basically a loan agreement. There are different classes of bonds, with differing bond characteristics. Who can issue bonds? Businesses and governments issue certificates of debt, called bonds. It is a certificate showing that the bondholder has lent a…
People who build savings are also likely to be more resilient to financial shocks and better able to meet financial goals. This part of the research looks at how Maltese and Gozitans behaved over the past 12 months vis-a-vis how they smoothed their income and expenditure flows, thus supporting their budgeting behaviour.
After trying our profile, click here to read our post related to it so that you will acquire knowledge and be in a better position to take informed decisions relating to your financial matters that fit your personal circumstances.
An interview was conducted by The Malta Independent with David Spiteri Gingell, about Malta’s pension system, which is stronger than ever. However, more work needs to be done – David Spiteri Gingell. Click here to view the full interview. Click here to read the first part of the interview. What has been the effect of…
An interview was conducted by The Malta Independent with David Spiteri Gingell. David Spiteri Gingell, who has been involved in pensions reform since 2004, is responsible for the implementation of the 2017-2019 Retirement and Financial Capability Strategy. This strategy seeks to increase an individual’s financial and retirement capability to be in a better position to…
Going abroad is a financial goal, that requires thought, planning and a travelling budget. It is not just buying a flight ticket and placing a deposit on accommodation. There is much more to it. Click on below links to download our guide and calculator to plan, achieve and make the most of your abroad experience!…
What is Phishing? Phishing… fishing for information We live in a world where people buy more online, are consistently online doing e-banking, e-bills payment, e-shopping, and sharing personal information. The result is that they leave a digital footprint behind. A digital footprint that allows cyber thieves to get to your personal financial information – and,…
Risk is the probability an investment would not give you the outcomes you want. For example, you may expect your investment to grow but its value falls or is lost entirely. In another scenario, you may expect regular interest of 10% but interest payments fall to 5%. Or you may expect to be able to…
This part of the research looks at how Maltese and Gozitans make a choice with regard to a financial product or service; and the choice they made.
Below is a list of terms that are frequently used in investment together with their significance TermDescriptionAnnual Management ChargeAdministration charge to cover the services provided. The charge Is usually a percentage of the total fund value.AnnuityAn annuity uses a member’s accumulated pension fund to provide payments at regular scheduled intervals upon retirement.Annual Percentage RateAn annual…
Senior Citizen Grant, also known as SCG The €300 allowance was first introduced in 2012 to those aged 80 and over. In 2013, age was decreased to 78 years. In 2014, the age group was widened again and the age was set to 75, allowing more elderly persons to benefit from such a grant. It…
This part of the research looks at how Maltese and Gozitans plan for their retirement – to complement their social security pension income in order to enjoy during retirement a quality of life that is equal to that enjoyed whilst in employment.
Whether you are in your young adulthood ranging in age from late teens / early twenties up to mid-thirties, in your adulthood from thirty-five years of age up to pre-retirement stage, whether you are working as an employee or a self-employed / self-occupied person, it is never too early nor too late to plan for…
Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living, over time, are often reflected in a cost of living index. In Malta, cost of living calculations are based on the prices of 40 products including food, water and electricity, clothing, etc. which are monitored to…
Our new Investment menu … a truly comprehensive, educational, interesting, and enjoyable reference tool. We welcome you to explore Gemma’s resources and reading and we hope that each journey will prompt you to question, learn, explore more and share that knowledge with others. Investing: your introductory guide When do you start investing? What to ask a…
Initial coin offerings (ICOs) are a way for developers of Blockchain technology to raise development funds. ICOs have been used to raise hundreds of millions of dollars for blockchain-related projects, often with limited information about their goals. ICOs sound similar to initial public offerings (IPOs); however, they are not the same and usually do not…
If you are a self employed individual in Malta, you are still required to pay your National Insurance (NI) contributions. The rate that needs to be paid is of 15% of your net annual income. Watch this video to learn more.
What is a budget? A budget is a written plan that helps you know how much money you have coming in, what you need to spend it on and how much can be saved. It helps you keep track your spending patterns. Making a list of all your expenses, you can then compare it against…
Budgeting is widely accepted as being a valuable tool for money management and a component of financial literacy. This section looks at how Maltese and Gozitans go about their day to day financial planning competencies relating to creating and using a budget and managing income and expenditure, as well as longer term planning competencies such…
Banks offer various financial packages to cater for different stages in one’s life. Amongst the diverse accounts, you can start by opening a current account which is an account from which money may be withdrawn without notice. It is typically an active account catering for frequent deposits and withdrawals by cheques. This type of account…
Financial knowledge is an important component of financial literacy for individuals, to help them compare financial products and services and make appropriate, well-informed financial decisions. This part of the research assesses the extent of Maltese and Gozitans’ basic knowledge of financial concepts, and the ability to apply numeracy skills in a financial context, ensures that…
Beyond the long list of costs related to buying a home, maintaining a home costs money, too. In this section, you’ll find information about the types of essential expenses you will need to budget for. Mortgage Payments This will be one of your biggest on-going expenses. Speak with your bank about automatically deducting your mortgage…
The Retirement and Financial Capability Group within the Ministry for the Family, Children’s Rights, and Social Solidarity launches a two year communication and awareness campaign on financial capability that is co-financed under the European Social Fund programme – Project 2.63: Knowledge, Training, Communications and Supports Measures in Support of Vulnerable Groups. The campaign is designed…
This part of the research looks at how Maltese and Gozitans have set goals and whether they have made plans for their retirement.
Targeted towards families having an annual income from a gainful occupation and with children below 23 years of age living within their household. The benefit of this initiative is to encourage the unemployed to join the workforce as well as assists the following categories: single parents in employment who earn more than €6,600 and less…
This part of the research looks at whether Maltese and Gozitans experienced a situation when their income does not quite cover their living costs and the strategies they used to meet such a shortfall.
The right time to move out of home is different for everyone. Some people leave as soon as they are able, others might wait until they’ve saved enough money to buy their own place. Before you move out, create a budget to help you work out your moving costs and your new living expenses. You…
Remarrying or living with a new partner or spouse often involves adjusting to a different financial relationship. Accommodating changed money roles and personalities may require breaking old patterns and adopting new ones. There are typical issues that arise with any newly married couple such as when to spend versus save, how much debt is too…
Actions and behaviour of Maltese and Gozitan persons are what ultimately shape their financial situation and wellbeing, in both the short and longer-term. Some types of behaviour, such as putting off bill payment, failing to plan future expenditures or choosing financial products without shopping around, may impact negatively on an individual’s financial situation and well-being. …
Buy now pay later services are offered by retailers and service providers so you can buy a product immediately and delay payment. You then pay off the product in installments over a longer period of time. Buy now pay later services are often advertised as ‘interest-free’ or ‘0% interest’, but the cost will add up…
The 2017-2019 Strategy for Retirement and Financial Capability was approved by Government in January 2017 following a 12 month consultation process on the draft strategy. A Retirement and Financial Capability Group within the Office of the Permanent Secretary for the Ministry of the Family, Children’s Rights and Social Solidarity was set up. The Strategy identified…
Actions and behaviour of Maltese and Gozitan persons are what ultimately shape their financial situation and wellbeing, in both the short and longer-term. Some types of behaviour, such as putting off bill payment, failing to plan future expenditures or choosing financial products without shopping around, may impact negatively on an individual’s financial situation and well-being. …
The Retirement and Financial Capability Group carried out a research study based on the OECD survey instrument on financial literacy in Malta. In an event on the 22nd November, we presented these findings, which you can review via the presentations below, which capture the salient points identified in this research. We have also now published…
In 2016, the Money and Mental Health Policy Institute, UK (http://www.moneyandmentalhealth.org) issued a research paper titled ‘Money on Your Mind’. The research paper found that money management and mental health are intricately linked. Mental health problems tend to make it hard for people to manage their finances and that living in financial stress exacerbates mental…
Every day, we make decisions that affect our financial performance. Often we lack the basic financial skills that allow us to understand the financial implications of our decisions. Thus, to alleviate your stress and make sure you do not start the New Year with a tight budget or with a feeling of guilt for having…
There is a link between having money problems and poor mental well-being. Worrying about your money situation can render you low. And being low is likely to make it tougher for you to manage your money. What is Poor Mentally Well-being? We all are likely at one point or another in our life to face…
Most of us will have some memory loss as we age. Significant memory loss, arising from illnesses such as dementia, can, for some people, be a problem. Memory loss can make it difficult to stay in control of your money. Things you found easy before – like checking your bank statements or paying your bills…
After some solid thought you have decided to invest in a Personal Pension Plan. A number of financial services providers offer Personal Pension Plans. We at ĠEMMA strongly suggest that you shop around before you make a decision. We ask you that, as a minimum, you should take following matters into account: Ask for the…
You start making relationships the moment you are born. Each relationship differs according to the relation we have with the persons in concern. Adolescence lasts for several years from around 11 years of age up 18 years of age or older. It involves all kinds of changes, to your mind, changes in your emotions and…
get the ball rolling Investments vary a great deal from one another and the opportunities available to invest in a flourishing economy are numerous. Each broad investment type—from bank products to stocks and bonds—has its own general set of features, risk factors and ways in which they can be used by investors. Risks are two-fold: There…
Loans are an effective financial tool that helps you achieve your goals. Nevertheless, loans must be used wisely. If you are thinking about borrowing money, consider your options carefully. Types of loans There are two type of loans. The first type is a Secured Loan. A secured loan is when you offer a security in…
The decision to get insurance depends on your circumstances and your stage in life, such as: o Buying a home or renting a home or an apartment. o Starting a business o Buying a new vehicle. Insurance can protect you and your loved ones from financial loss or hardship. Insurance can help cover costs if…
An important aspect of managing your money is that of reducing your expenses. You can achieve this in various ways, as shown below. At the store Resist impulse buying. Ask yourself these questions: Do I really need it? Do I need it today? What if I do not buy it now? Can I purchase it…
Borrowing is, many a time, a convenient way for you to purchase something that you would otherwise take a long time to save up for. For example, home buyers rarely can settle the full cost of a home. Most borrow a large part of the purchase price, except for the down payment as security. Mortgage…
Dear Viewers Today we are celebrating our first anniversary since the launch of our portal – as your independent trusted portal on retirement and financial capability. We have over the past 12 months brought to your attention: Information on the social security contributory pension. Information on money management and financial matters. Information on life events…
The term social security benefits refers to various benefits (contributory and non-contributory) that fall under the remit of the Department of Social Security (DSS) in accordance to the Social Security Act (Cap. 318.) whereby the applicant would receive monetary benefits. Benefits include pension payments to retirees, payments to widowers, invalidity pension payments, maternity payments, payments…
First and foremost, credits are credited contributions by the government and when entitled to, fill the gaps for when there are missing contributions in our contribution history sheet. Do not forget that the pension rate depends on the amount of contributions an employee contributes and credited contributions for which s/he is entitled to. Credited contributions…
When you know your needs, your goals and your risk tolerance. When you have done an investment plan, outweighing different types of products, and choosing the one that best suits you, among many alternatives. When you have checked all the charges involved. When you have got plenty of money in your cash savings account –…
Claiming a pension at state pension age (as per new pensions reform), not at the age of 61 (early-opt-out) and remaining in employment beyond retirement has a lot of positive benefits: to boost your pension to keep fit and active to enjoy a higher quality of life (basically two incomes – a pension and a…
Maltese persons who maintain an ordinary residence in Malta and are employed on a contract of service abroad, not in an EU state and/or with an institution of the EU, WHO, ILO, UN and who do not pay national insurance contributions (NI) in the country of employment have the option to pay a…
Investment … to put money to use; financial products are something you buy or put your money into to get a profitable return; such as compound interest products. The simplest way to save is to put a sum of money aside and continue adding to it periodically. However, money saved in this way is not…
Prices increase (inflation) and thus everybody would want their incomes to increase so as to keep up with rising prices. Obviously, prices of selected goods may increase for reasons unrelated to inflation. For example, the price of vegetables and fruit may rise when they are in shortage due to either heavy rainfalls or droughts. With…
Increasingly, have you been hearing more and more about crypto-currencies? … which is one form of crypto currencies, has become part of our language. Yet most of us do not know what crypto currencies are and how they work. This is a link to a short BBC feature which explains in a simple manner what…
Under the European Social Fund project titled ‘Knowledge, Training, Communications and Support Measures in Support of Vulnerable Groups’ (ESF2.63) the Malta Council for the Arts, Science, and Technology (MCAST) partnered with the Retirement and Financial Capability Group (RFCG), within the Ministry for the Family, Children’s Rights, and Social Solidarity to design and launch a training…
By now, you would have surely read our first post related to saving on the back-to-school list. By acting wisely, the necessities for school will not become a financial burden every September. Do not shelve any idea that leads to saving. Wise choices pay off. Time spent planning is worth it. Make your ideas known. – Find…
towards a financial plan and products that are right for you now and in the future If you decide to see a financial adviser, especially if it is your first encounter, you should plan in advance by pulling together your relevant paperwork, your financial goals and a list of questions to ask. An advisor will…
When you decide to save money, you have taken the first step towards making a budget. In order to save, you must plan and act wisely by deciding what kind of budget will work best for you This could be done by trying to take into consideration past spending. The most difficult part of budgeting…
Our spending behaviour survey carried out on facebook is complete. Our aim We conducted a research exercise to learn more about the spending behaviour and money management skills of adults residing in Malta. This survey consisted only 8 questions. The questions we asked: Do you often struggle to meet your expenses? Do you normally just…
Better safe than sorry, Become well-informed: General fraud prevention tips Safeguarding your debit / credit card Internet banking fraud protection Buying safely over the Internet The following are general fraud prevention tips that you should follow: Carry only necessary information with you. Leave your unused credits cards at home in a safe and secure location. Limit…
Understanding the importance of saving and planning for retirement alone does not suffice. Such a clear vision shall guide us to analyse all alternatives, make clear decisions and take actions in making the most of our savings / investment for an ultimate financial reward at retirement. Investment helps to promote growth. It’s money put to…
Students are often wearied by their long years in school, finding it difficult to put to practice what they have studied with the realities encountered during their employment. Employees more often than not, strive for more information regarding their future state pension whilst at the same time, seek other avenues of how to invest in…
Through this post, we are listing down some of our most popular content on this website. As you can see below, the list includes several topics of interest to help you with your day-to-day spending, learning about common financial mistakes and learning how to save for your future. Click the links below to learn more.…
…for families with an annual income from a gainful occupation and with children below 23 years of age living within their household. The benefit incentivises more people to work and helps: single parents in employment who earn more than €6,600 and less than €16,500 and married couples with both parents in employment whose collective income…
Part of a superb series of calculators designed to provide an insight of how best to start planning financially for the quality of life you would wish to have when you retire. To download the calculator, please click here. To view a presentation, that explains this calculator in more detail, please click here. An essential…
Learning is a lifelong pursuit, which is also celebrated in terms of study credits creditable for your study years upon retirement. You can go on our page for more information. If you have a question, just click on contact us.
In our prior posts, we have discussed the assessment of benefit claims, the outcome of which is your pension payment issued on a four-weekly basis. Is the state pension paid monthly? It has been a while, since the 1980s, that pension payments from the Department of Social Security have been paid in advance and every…
In a divorce or separation you will have to divide your finances. The first step in dividing your finances is making sure you know exactly what you own and owe, both as an individual and as a couple. Collect Copies of Important Papers ( (Tab 1) below) Make a List of what You own and…
Separating or divorcing is an enormous transition that can be very stressful. It will bring significant changes to you. In the event that you, unfortunately, have to go through a separation or a divorce you should make sure that you have a separation or divorce agreement. The Agreement …a written agreement that formally sets out…
KNOW ABOUT Power of Attorney A power of attorney (POA) is a document that allows you to appoint a person or organisation to manage your affairs. All POAs are not created equal. It is a legal document (highlighted in our civil law Articles 1856 up to 1890), also known as “prokura” in the Maltese Language.…
Are you eligible for a pension? How much pension will you get? Do you have enough contributions to retire at age 61 instead of at the respective pensionable age? Are you entitled to any credits such as study credits, child rearing credits that would increase your contribution average? How will the percentage (%) increase affect…
Debit cards Debit cards offer the convenience of a credit but work in a different way. Debit cards draw money directly from your checking account when you make the purchase. They do this by placing a hold on the amount of the purchase. Then the merchant sends in the transaction to their bank and it…
First and foremost, there are two ways to use income–you can spend it or you can save it. One thing is certain, that if too much is spent and too little saved, your capacity to fight unforeseen expenses will be diminished. If you are unprepared for an unexpected urgent expense, you will obviously feel nervous,…
Perhaps the most dangerous enemy of saving money is impulse buying. Have you ever bought things on the impulse of a moment and then feel guilt or regret for having done that purchase? A sudden desire for new dress for an occasion, cosmetics which you do not need, new stationery items for every scholastic year;…
Saving Money You save money because you: Want to buy something in the future. You want a safety net in the event that something goes wrong. You want a quality of life when you retire that is nearer to that you enjoy now that you are working. In planning to save you should ask yourself…
Although you might not be conversant in financial matters, it is never too late to comprehend them. Through this website, money management topics are being made simple by following simple online steps. It focuses on how you can prioritise your expenses to cover the MUST expenses such as electricity or internet bills which are considered…
Track your spending by making use of the budget planner tool which is easily accessible. This tool enables you to list your expenses against your income to achieve your financial goals. It’s never too late to start. Be smart, reflect and act.
The Budget planning presentation highlights some useful tips how to improve one’s financial situation as it covers the following topics:- • Why is managing money important? • What are the skills needed? • How can I cut back on expenses? • How can I increase my income? • How can I save more? Click here…
Start now. Do not wait. Time is critical. Start small, if necessary. Money may be tight, but even small amounts suffice as they accumulate and compound over time. On receipt of your pay cheque or the Direct Debiting of your salary put aside the money you are saving for your retirement nest egg first. Have…
Since you have put your thoughts on paper, budgeted and followed our advice and hints, you are definitely satisfied, tranquil and happy. Great news: you have won too because whether it’s for something specific or for the future, you have saved this Christmas and you have put money aside. However, if you are still in…
Although there is no data available with regard to Malta, research overseas shows that elderly financial abuse is a growing trend. Indeed, other than the victim’s age, elderly financial abuse is a crime which is indiscriminate in choosing who it strikes. Factors such as one’s socio-economic status, gender, educational background and geographic location do not…
As explained in our previous communication, budgeting and spending is sometimes overlooked, especially during the Christmas Season. At the same time, if you have never budgeted your spending, money management is a skill learnt over time and it cannot be mastered from one day to another, though simple steps and simple online research will get…
Keeping a pet incurs costs to care for properly and the financial obligations may not be for everyone. Before you get yourself a pet, ask yourself if you can make a lifelong commitment to taking good care of it. The costs of owning a pet The following are some of the expenses you need to…
Most of us are filled with enthusiasm as Christmas approaches, starting as early as beginning of November, only to be dismayed to find that they would have spent a good proportion of their salary, if not all, for gift giving. This would eventually mean starting the New Year with a tight budget or with a…
Buying a house is exciting and life-changing. Saving for the deposit that you place when you come to take a loan is important. Remember, the more money you put down upfront, the less you will borrow, and the lower is the amount of interest you will pay on your loan. Targeting Your New Home In…
First and foremost, to know more about the difference between self-employed and self-occupied, please click here. Whilst self-occupied employment can bring financial and lifestyle rewards – along with enormous personal satisfaction – without the backup of a regular wage or salary, running your own business calls for careful money management and careful planning for your…
Starting your first job is one of life’s most exciting times. While you are enjoying the freedom of financial independence, it is crucial to develop good money management skills to keep you on a solid financial footing. Tax Rates for Basis Year 2020 The Table below presents the tax rates for basis year 2020. https://cfr.gov.mt/en/rates/Pages/TaxRates/Tax-Rates-2020.aspx…
Apart from the fact that children grow at a rapid pace, children are maturing more rapidly than than ever before. As a parent you may be at a loss regarding how best to get your teenage son or daughter to value money and to budget money you provide them with or money which comes into…
Entering and being in relationships brings new opportunities to build wealth that you would not be able to do so on our own. When you move in together with your partner or you get married this mean that you may share earnings, costs and money plans. It is important that you plan your finances together…
Buying a car is exciting, but it also brings financial obligations. If you are thinking about getting behind the wheel, it is time to carefully review the costs associated with buying a car. First and foremost, you need to choose the right car. Buy a car that matches your driving habits and budget. You may be…
