MBB pro­motes fi­nan­cial lit­er­acy amongst en­trepreneurs

The Malta Business Weekly - - NEWS -

Speak­ing in a re­cent Con­fer­ence or­gan­ised by the Malta Busi­ness Bureau and the Mediter­ranean Bank Net­work as part of the EU­funded IN­VEST project, lo­cal en­trepreneurs as­serted that one of the key ways to es­tab­lish­ing a sus­tain­able and suc­cess­ful busi­ness is con­tin­u­ous learn­ing. Ed­u­ca­tion, flanked by ex­pe­ri­ence, pro­vides en­trepreneurs with tools that en­able them to ex­am­ine their prod­uct roadmaps and ac­cu­rately de­fine their com­pany’s short-term and long-term goals.

Evarist Bar­tolo, Min­is­ter for Ed­u­ca­tion and Em­ploy­ment, re­in­forced this claim by stat­ing that the fo­cus of good ed­u­ca­tion is in­deed holis­tic learn­ing. He em­pha­sised that, “it does not make sense to speak of dif­fer­ences be­tween aca­demic and vo­ca­tional ed­u­ca­tion - the only real dif­fer­ence is be­tween good and poor ed­u­ca­tion”.

Aaron Far­ru­gia, Par­lia­men­tary Sec­re­tary for EU Funds and So­cial Di­a­logue, added that the ed­u­ca­tion and train­ing of en­trepreneurs can be sup­ported by Eu­ro­pean Union funds. He fur­ther ex­pressed his will­ing­ness to con­tinue sup­port­ing ini­tia­tives that seek to im­port good prac­tices from other Eu­ro­pean coun­tries.

Project Co­or­di­na­tors Marika Hu­ber and Mar­ija Elena Borg pre­sented par­tic­i­pants with the fi­nalised ver­sion of the IN­VEST Fi­nan­cial Lit­er­acy train­ing model, which is a free and pub­licly avail­able on­line tool­kit ( http://www.in­vest­pro­ject.eu/), of­fer­ing 30 hours of train­ing. This tool­kit has been specif­i­cally de­signed to ad­dress ex­ist­ing gaps in fi­nan­cial knowl­edge, within both the Mal­tese and wider EU mar­kets. The gaps were iden­ti­fied fol­low­ing re­search in­ves­ti­gat­ing the ex­ist­ing level of fi­nan­cial lit­er­acy amongst en­trepreneurs in the five part­ner coun­tries, namely Greece, Italy, Malta, the Nether­lands and the United King­dom.

MEPs Miriam Dalli and Roberta Met­sola com­mended the work of the MBB in the pro­mo­tion of fi­nan­cial lit­er­acy, which is a key pri­or­ity on a Eu­ro­pean level. In­creas­ing fi­nan­cial lit­er­acy, ex­plained MEP Dalli, would mean that ex­ist­ing jobs are pro­tected and ad­di­tional ones are cre­ated. She em­pha­sised that "in an age where tech­nol­ogy is re-shap­ing the fi­nan­cial in­dus­try with Fin­tech cryp­tocur­ren­cies and other tech­no­log­i­cal de­vel­op­ments, fi­nan­cial lit­er­acy be­comes even more rel­e­vant”. MEP Met­sola added that, “a greater fo­cus on fi­nan­cial lit­er­acy skills will go a long way in pre­vent­ing busi­ness fail­ures. It will also en­sure that those who do fail, will be more likely to be granted a sec­ond chance”.

MBB Pres­i­dent Si­mon De Ce­sare in­vited all en­trepreneurs in at­ten­dance to be among the first to ben­e­fit from the IN­VEST Fi­nan­cial Lit­er­acy Tool­kit. He as­serted that this Tool­kit has the po­ten­tial of mak­ing a sig­nif­i­cant dif­fer­ence amongst the mem­bers of the busi­ness com­mu­nity, par­tic­u­larly “when con­sid­er­ing that in Malta, mi­cro en­trepreneurs ac­count for 93.5% of to­tal en­ter­prises and em­ploy 32.5% of the labour work­force”.

Speak­ing on be­half of the HSBC Malta Foun­da­tion, CEO An­drew C. Beane of­fi­cially en­dorsed the IN­VEST project. He went on to an­nounce the com­mence­ment of a part­ner­ship with the Malta Busi­ness Bureau, with the in­ten­tion of ex­tend­ing the life­time of this project by reach­ing out to a wider tar­get au­di­ence.

For more in­for­ma­tion on the IN­VEST project please visit the fol­low­ing web­site: http://www.in­vest­pro­ject.eu/ or con­tact Project Co­or­di­na­tors Marika Hu­ber and Mar­ija

Elena Borg on info@mbb.org.mt re­spec­tively.

Four en­trepreneurs – Matthew Spi­teri, Monique Cham­bers, Se­bas­tian Ri­pard and David Seisun – par­tic­i­pat­ing in a panel dis­cus­sion chaired by MBB CEO, Joe Tanti.

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