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…
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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,…
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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…
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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…
ĠEMMA launches Money Monsters – the Educational Money Management Game for primary school children Understanding the concept of money management during the early school years goes a long way in establishing core fundamental traits throughout our life. The first game that comes to mind when talking about money management is Monopoly. The popular board game…
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…
On 18th June ĠEMMA posted the results of a survey it carried out the knowledge amongst persons who are born on and after 1962 on how the pension system works in their regard. The general picture is worrying. Most people have an extremely vague idea of how the state pension system works and how it…
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…
The likelihood is that you do not know how the pension systems works in your regard. In May this year ĠEMMA carried out a survey amongst persons born on and after 1962 to understand their knowledge of how the pension system works, and hence their ability to make informed decisions with regard to their retirement…
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…
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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…
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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…
ĠEMMA on 3rd November held a webinar on key matters that one should be aware of with regard to the social security contributory system. If you missed the Webinar and you wish to view it click here. Missed the Webinar … Do you want to go through it? Click here to download the presentation delivered…
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…
