The Malta Financial Services Authority recently held its second workshop on the findings of responses to a national survey on financial literacy, which is being carried out as part of an exercise for the OECD International Network on Financial Education (INFE).
Key findings
The survey, which was carried out between August and September 2024, revealed that there is a significant financial literacy gap among Maltese residents. Respondents showed relatively low understanding of basic financial concepts, including the relationship between risk and return, the impact of inflation, and the principle of interest compounding.
The workshop also flagged concern about the level of awareness of long-term saving and retirement planning. Less than half the respondents said they were confident about having enough savings for retirement.
Comparison with previous results
Compared with the MFSA's first survey, certain areas showed improvement, particularly in day-to-day financial management. However, the overall score remained below the OECD average, underscoring the need for continued investment in financial education initiatives.
Next steps
The MFSA is using the findings to shape the national financial literacy strategy, working with educational institutions, industry stakeholders, and consumer groups. The results will be submitted to the OECD as part of its international benchmarking exercise.
The Authority has also stressed the importance of integrating financial literacy into the national curriculum and developing targeted programmes for vulnerable groups, including older adults and low-income households.
A full report on the findings is expected to be published later this year.
