Wednesday 22 May 2024

A decade of boosting financial education

Numerous initiatives mark the tenth European Money Week in Malta

The Malta Bankers’ Association (MBA), alongside various national banking associations throughout Europe, participated once again in European Money Week (EMW) that is organised by the European Banking Federation (EBF) with a range of events that took place on 18-22 March.
This year marks the tenth anniversary that the MBA, together with its European counterparts under the coordination of the EBF, has organised this event aimed at fostering financial literacy and education among young people. Aligned with OECD’s Global Money Week, it is an annual initiative that involves young people in more than 35 European countries.
EMW 2024 was jointly launched by the MBA and the Home Economics Seminar Centre within the Directorate for STEM and VET Programmes, during the opening event held on the 18 March at the St Nicholas College Mġarr Primary School.
Delivering the opening speech, Karol Gabarretta, Secretary General of the MBA, spoke directly to the students about the critical importance of financial literacy, particularly in the digital age that defines our current era. Highlighting various initiatives in which the students participated throughout the academic year, Mr Gabarretta provided valuable context for the importance of understanding financial concepts and practices in today’s world.
The students were also addressed by Ms Melanie Casha Sammut, Director STEM and VET Programmes, who praised the students for wholeheartedly participating in the initiatives, commending them for embracing the programmes with enthusiasm and unleashing their creativity. Ms Casha Sammut emphasised the students’ recognition of the importance of acquiring financial literacy skills, acknowledging their proactive engagement in learning and applying these essential abilities.
Ms Lorraine Dimech Magrin, Education Officer for Home Economics within the Directorate for STEM & VET Programmes delivered a comprehensive overview of the initiatives that characterized the 10th year of collaboration between the Directorate and MBA. Ms Dimech Magrin emphasised that these initiatives significantly enhanced students’ understanding of financial literacy, underscoring its status as a cross-curricular area.
Key among this year’s events were the programme ‘Be Money Smart!’ targeting Year 6 schoolchildren; the ‘Be Wise, Pay Smart’ programme for older students in Year 9, Year 10 & Year 11, and an interesting training webinar for teachers.
The launch event wrapped up with the presentation of prizes to the winners of the 2024 Financial Literacy Challenge, generously sponsored by the MBA. Additionally, the MBA distributed a number of cash prizes as tokens of appreciation to several participating schools.