Are property prices going to go down?

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…

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Saving Money for a Rainy Day and the Ensuing Economic Tsunami

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…

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PRESS RELEASE: ĠEMMA Launches VORPS training sessions

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…

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ĠEMMA’s webinar on Putting Retirement on a Young Person’s Radar

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…

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66 Years of Social Security

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…

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Saving for a Rainy Day!

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…

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Awards presentation for the three winners for the ĠEMMA Money Monsters Challenge

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…

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2022 Pension Payment Dates

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…

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Awards presentation for the ĠEMMA Ftit Interactive Play Competition

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,…

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ĠEMMA on Various Portals

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…

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LAUNCH: Financial Capability Drive held between ĠEMMA, CARITAS and HSBC Malta Foundation

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…

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Think twice – harnessing the impulse purchase instinct

“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…

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Managing your credit card Money Matters and the Family – Part 8 – Video 4

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…

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The importance of knowing your money personality Money Matters and the Family – Part 7

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.…

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What leads to family arguments about money – Money Matters and the Family – Part 3

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…

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Buying a New Home Money Matters and the Family – Part 2 – Video 1

One of the videos ĠEMMA produced with the Central Bank of Malta on money matters and the family series. Download the Central Bank of Malta and ĠEMMA Video on ‘Buying your home’ by clicking here. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in a…

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Do Money Problems lead to divorce? Money Matters and the Family – Part 1

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…

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Lördagsgodis: Sweden’s Saturday-only candy tradition

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…

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ĠEMMA on PRIME TIME

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…

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How to spot fake messages and avoid a Gumtree scam?

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…

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ĠEMMA LAUNCHES FUN EDUCATION EBOOKS ON FINANCIAL CAPABILITY BY USE AND PARENTS

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…

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Going Abroad

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…

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ĠEMMA, HSBC Malta Foundation and Financial Literacy Sessions

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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Anti Virus Scam

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…

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Senior banker ‘taken aback’ by financial abuse of the elderly in Malta

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…

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Phishing Scam

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…

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ĠEMMA’s Video Series on Budgeting – X’Inhu Baġit?

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…

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Ġemma and the eSkills Malta Foundation

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…

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Are you born on and after 1962? Do you truly know how the pension system works in your regard?

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…

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Smishing Scam

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…

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Press Statement – Local Councils Association enters into a Strategic Partnership with MSFC and ĠEMMA on financial capability education

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…

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ĠEMMA’s Video Series on Budgeting – Tipprepara għat-tieġ

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 –…

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UĦM teams up with MSFC and ĠEMMA on Financial Capability Education

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…

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ĠEMMA Launches its ĠEMMA FTIT 2 Interactive Play Educational Video

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 –…

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Strategic Partnership with Mental Health Services within the Ministry of Health

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’…

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Financial Capability Fun Books Education Competition: Announcing the Results

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…

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What makes a Self-employed Business Owner Financially Capable?

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…

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ĠEMMA launches 18 Month Education Campaign on Pensions and Retirement

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…

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What ĠEMMA readers want to know

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…

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Understanding Money Management across Different Life Stages

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…

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Money Management Rules of Thumb for Teenagers and Young Adults are to Follow

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…

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ĠEMMA and GWU

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…

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ĠEMMA Financial Capability Awareness Campaign for Disabled Persons

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…

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What Factors should I consider before I decide to Invest in a Personal Pension Plan?

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:…

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GEMMA Fun Book Education Competition

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…

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Self-Employed

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…

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Hon Michael Falzon inaugurates students exhibition for GEMMA initiative

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…

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Understanding Key Factors that may Impact your Retirement: Inflation (1)

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…

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ĠEMMA Financial Capability Awareness Campaign for Persons Employed with a Family Business

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…

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Financial Capability Awareness Campaign for Persons who are Unemployed

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…

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Back-To-School

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…

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Rent and Electricity Refund Scheme

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…

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ĠEMMA Handbook for Persons on Low Income

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…

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Financial Capability Education Fun Books Competition

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…

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ĠEMMA & Presentation of 5 Gift Vouchers

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…

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ĠEMMA Research: Post-secondary School Students

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…

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Back-To-School List

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…

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ĠEMMA Research: Unemployed Persons

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…

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ĠEMMA partners with the eSkills Malta Foundation on Digital Skills and Scams and Frauds

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…

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COVID-19 AND YOUR MONEY MANAGEMENT: POST 24

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…

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PRESS STATEMENT

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…

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PRESS STATEMENT

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…

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Eating Healthy Food on a Budget

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…

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Studying Abroad? The ĠEMMA Money Management Tips for Studying Abroad

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…

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Launch of Business Money Measures by Government

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…

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Launch of Family Money Measures by Government

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…

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New Resource: Savings Calculator

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…

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ĠEMMA Research: Teenagers

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…

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The Compound Interest Calculator

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…

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