By Sarah Pulis – Head, Conduct Supervision, MFSA
Financial literacy is a fundamental life skill, akin to communication, collaboration, and critical thinking. It contributes to an individual’s holistic wellbeing. A financially literate consumer is an empowered consumer who can ask the right questions to their financial services providers and who can make the right financial decisions.
As part of its remit to protect consumers of financial services, the MFSA has made financial literacy a cornerstone of its strategic priorities. In order to ensure that the targets set in this regard are achieved, the MFSA has set up a Financial Education Committee. This committee oversees various initiatives aimed at raising awareness and improving financial literacy among the local population, with a particular focus on vulnerable groups, such as the elderly and youth.
The MFSA's Financial Education Committee has been instrumental in driving a range of initiatives throughout 2024. MFSA experts actively participated in several TV programmes, radio talks and podcasts to discuss critical financial matters and consumer protection.
With regards to community engagement, the MFSA has been equally active, and during 2024, has conducted numerous face-to-face presentations reaching various audiences on various occasions, such as: a presentation to Teachers on Cryptos within the context of the European Money Week, participation in the Public Service EXPO, presentations for the elderly on scams and safety, and addressing the Malta Association of Small Shareholders Association on critical financial matters.
The MFSA plays a leading role within the national financial education stakeholder committee, the aim of which is to coordinate different national organisations involved in financial education initiatives, map their activities in relation to financial literacy and ultimately bring positive results in financial education on a national level. Furthermore, the MFSA is spearheading a TSI project on Financial Literacy which is funded by the European Commission, and through which, it will obtain assistance from the OECD to implement certain initiatives with the purpose of improving the financial literacy levels of the Maltese population, including retail investors.
As 2024 draws to a close, the MFSA's commitment to financial literacy remains strong. The Authority is already planning further initiatives for 2025, including additional presentations to consumer associations and local schools. The upcoming TSI project will also play a crucial role in shaping the future of financial education in Malta. By fostering financial literacy, the Authority contributes to a more financially resilient and economically vibrant society.
