European Money Week 2018 launched in Malta

This year’s European Money Week, now in its fourth year, was officially launched by Dr Francis Fabri, Permanent Secretary in the Ministry for Education and Employment, earlier this month at St Nicholas College, Middle School, Rabat.

The European Money Week is a Europe-wide initiative of the European Banking Federation, aimed at promoting financial literacy and financial education amongst students and youths. A programme of events and activities for this purpose was organised by the Malta Bankers’ Association in collaboration with the Home Economics Seminar Centre within the Directorate for Learning and Assessment Programmes, the Central Bank of Malta, the Malta Stock Exchange, the Institute of Financial Services, Junior Achievement Young Enterprise, and Global Payments Ltd.

Speaking at the inauguration, Dr Fabri said: “Good education systems consider financial literacy one of the basic literacy skills that are being covered by the curriculum and teaching and learning experience in schools. Critical to success in these initiatives is a relevant and practical curriculum that facilitates the development of these higher order skills among students. Financial literacy education is embedded in our curricula giving teachers the opportunity to enable students with evolving competencies to make appropriate and timely decisions and increasing the possibility of further sustaining a qualified workforce capable of taking up challenges in an ever-evolving society and world of work.”

In his address, the Secretary General of the Malta Bankers’ Association, James Bonello, stressed that “financial education is an important key for students’ future empowerment as it equips them with basic knowledge and competencies which are essential and which will serve them in good stead as they progress through life”.

Mr Bonello said that this year’s Money Week programme was built on a number of successful events which had been held in past years. One such event was the “Financial Literacy Challenge” for Year 5 to Year 8 students aged 9 to 13. The seven participating school teams had to plan and implement an activity aimed at promoting awareness related to financial literacy and education. The cash prizes awarded by the Malta Bankers’ Association are to be used to fund school initiatives related to financial literacy. Another successful event included in the programme focused on teacher development training. Around 50 Home Economics teachers were invited to participate in a morning seminar entitled “Financial Literacy Education – New Developments”. The training was aimed at updating the participants on new, fast-moving developments in various areas of financial services.

In addition to these and other past years’ events, this year’s programme also introduced an innovative initiative entitled “Economics for Success”. Based on the Junior Achievement Young Enterprise Malta programme, this programme was supervised by affiliate volunteers from the banks in collaboration with JAYE Malta and the Home Economics Seminar Centre. The event was sponsored and hosted by the Central Bank of Malta at its Binja Laparelli conference Centre. Around 50 Year 9 and Year 10 students, aged 13 to 14 participated in the full morning programme in which students learnt how to set goals for their future, and understand the connection between personal finance, education and careers.

Mr Bonello thanked all concerned for their valued support and cooperation in organising this year’s Money Week which has established itself as an annual event and which plays an important part in boosting awareness on the benefits of better financial education among young people and the community at large.

St Ignatius College, Middle School, Handaq together with Dr Francis Fabri (first left), James Bonello (fifth left) and Stefania Attard Vella (first right)