Home Economics Seminar, MyMoneyBox, Investor Education
Key actors in financial education and financial literacy
In Malta, aspects of financial literacy are tackled through some subject syllabi studied at secondary level. Furthermore, the Home Economics Seminar Centre facilitates seminars for both primary and secondary school children, including a seminar aimed at primary school pupils which seeks to empower pupils with the knowledge, skills and attitudes to become financial literate from an early age and to make informed decisions when handling financial resources. At this centre, there is also a mock bank sponsored by an Malta Bankers’ Association (MBA) member bank whereby the students are introduced, through role-play, to various banking services.
The Malta Financial Services Authorities (MFSA), through the Education Consultative Council, organises Job Exposure Programmes in collaboration with the Directorate of Education Services and the schools. The Programme provides a job-related experience to Form IV students pursuing studies in business, accounting and economics. Selected students experience a one week work exposure within a financial services related firm, including a number of MBA member banks. This Programme complements the familiarisation visits to the MFSA organised for students. During such visits, students are introduced to the ‘careers in finance’ website, and are also provided with information related to financial literacy. Similar familiarisation visits for students are organised regularly by the Central Bank of Malta. The Consumer Complaints Unit within the MFSA is quite active on financial education initiatives in Malta. Its internet portal ‘MyMoneyBox’, which provides impartial information to consumers about financial products and services, is updated periodically with new subjects, and a monthly electronic newsletter is also sent to subscribers of the portal. The Unit is also active on radio and TV programmes and occasionally invites the MBA and other stakeholders to provide speakers.
Malta Bankers’ Association & members
The Malta Bankers’ Association is often involved in the publication of booklets / brochures on topical financial issues, and in the launch of educational campaigns, such as a recent campaign which was aimed at encouraging consumers to move away from the more traditional forms of effecting payment (cash and cheques) to more efficient and secure electronic payment instruments (cards, direct debits, internet banking, etc.). Another campaign is planned for 2015 in conjunction with the Malta Communications Authority (MCA). The aim is to increase the take-up of internet banking by explaining its benefits and assisting those who find it difficult to use such tools. This training will be available free of charge, using the MCA’s nationwide Community Technology Learning Centres. Some of the Malta Bankers’ Association‘s member banks offer education programmes on their own initiative. One such Investor Education Programme, which is open to the general public and is free of charge, has been conducted every year since 2002. It comprises four courses held in four different localities spread around Malta, with every course comprising five two-hour presentations. The content of the Programme is tailored for persons who have never had any formal financial education.
The Institute of Financial Services, through its membership of the European Banking and Financial Services Training Association (EBTN), has also been involved in the area of financial literacy through its participation in the EU funded project entitled “European Financial Education Partnership”. The project aimed to test the feasibility of developing volunteer networks, using finance and other professionals, to deliver financial education workshops in schools and identify the potential for, and encourage the development of, similar models in other European countries.
Example of good practice
The inclusion of financial literacy in the subject curricula for secondary school students, and the ongoing close cooperation in this area between the Education Authorities, the Regulators and the financial services sector, are examples of good practice which can be viewed by other Member States.
Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): did not take part