Malta took part in the international research of the Organization for Economic Co-operation and Development (OECD) where a survey was carried out on financial literacy. This is so that there is more knowledge on the subject, and measures and recommendations come into force.
In a news conference, the Minister for Social Policy and Children’s Rights Michael Falzon announced the results of this survey.
More than 1000 participants took part in this research, aged between 18 and 79, which included both Maltese and foreign residents. The data of each participating country has been compiled in an OECD publication. This research was also compared with that of 2018 so that the change in the local financial field and the way citizens look at money management could be analysed.
This study found that more people are continuing to invest in their careers, by improving their employment and pay, and this is leading to more Maltese residents being comfortable when they reach retirement age.
The study also found that only 12% of those who participated did not have a plan for their retirement, this in contrast to the 45% that was there in the year 2018.
Minister Michael Falzon said that the Government has taken note of these results, which will also lead to more tangible and focused measures, which will serve as a basis for the next Financial Capacity Strategy.
The minister also spoke about how important knowledge and long-term planning for retirement is also through private pensions and mentioned that discussions are currently underway with insurance companies and other interested parties regarding this.
