The Ministry for Social Policy and the Family has opened a six-week public consultation on the National Strategy for Financial Capability 2026-2031. This is with the aim of having a long-term strategy, equipped with tools and opportunities, so that more people are in a position to make informed financial decisions.
This strategy establishes a clear direction for work in the coming years, strengthens coordination between the parties involved and promotes an approach based on evidence, research and collaboration.
Financial capability does not only involve how money is spent, but also helps individuals make informed and wise choices, plan for the future, avoid unnecessary risks and have more control over their lives.
These details were announced at a conference addressed by the Minister for Social Policy and the Family Michael Falzon during which he emphasised the importance of being smart when it comes to sustainability, planning and managing finances.
“We are continuing to strengthen all structures in order to provide information, tools and skills for people who want more help on the subject. We must be resilient and prepare a framework that helps our children and future generations to understand the importance of long-term planning when it comes to financing,” stated Minister Michael Falzon.
Chairperson of the Pensions Strategy Group, Mark Musu, expressed satisfaction with the way in which the Government has welcomed the group’s recommendations, to create the creation of a debt advice service (Debt Advice) – Flusi Malta. This service will be offering professional support to individuals and families who require guidance and assistance related to debt, which also includes outstanding bill payments.
“For such a service to be sustainable, it must be based on competent and qualified professionals. Therefore, in collaboration with MCAST, an accredited programme was developed which provided specialised training to professionals who will be at the forefront of service delivery. Today we are pleased to recognise the first group of qualified debt consultants”, stated Permanent Secretary Mark Musu.
These initiatives emerged from ĠEMMA, the smart financing platform within the Ministry for Social Affairs, together with the Foundation for Social Welfare Services, MCAST and the European Consumer Debt Network which was of great value in designing the services launched.
For more details about the public consultation one can visit: https://www.gov.mt/mt/publicconsultation/Pages/2026/NL-0028-2026.aspx .
Photos: DOI/MSF
