The Malta Independent on Sunday
MBB and HSBC launch mentoring programme to boost financial literacy
The Malta Business Bureau (MBB) and HSBC Malta Foundation launched INVEST+, a project seeking to improve levels of financial literacy in Malta through mentoring sessions and workshops on finance, accounting, savings and investment. The objective is not to turn participants into financial experts, but to give them an understanding of crucial concepts, therefore allowing them to become financially independent on a personal and professional level.
In his address, MBB President Simon De Cesare said that “As a business-representative organisation, the Malta Business Bureau has embarked on various distinct initiatives, covering different policy areas, to help bring together the EU vision and interests of the Maltese business community”.
Mr De Cesare explained that financial education matters for the EU for three key reasons, “First of all, keeping in mind the rapidly ageing population, financial literacy helps to reduce the pressure on pension systems by promoting a shift towards personal insurance schemes. Secondly, basic financial knowledge also helps individuals to understand the implications of indebtedness, especially when considering that mortgage-debt makes up an overwhelming share of the total debt of euro-area households. Thirdly, by contributing to economic growth, financial education can help mitigate poverty, inequality, social exclusion and social immobility in the EU”.
Speaking on behalf of the HSBC Malta Foundation, CEO Andrew C. Beane stated that the Foundation’s support to MBB is “an investment which is part of a much broader, and deeper commitment to developing ‘Future Skills’ – a key part of the bank’s updated sustainability strategy”. Mr. Beane added that, “the ‘Future Skills’ campaign focuses not only on financial literacy but also on employment. It is a concerted effort to help people in Malta and Gozo acquire and put into practice the knowledge they need to build a successful future”.
In her presentation, Project Manager Marija Elena Borg described INVEST+ as a follow-up initiative to a past EU-funded project that successfully developed a free financial literacy online toolkit, accessible to the public via: http://www.investproject.eu/. She emphasised that the ultimate objective of INVEST+ is to ensure that the financial content which has been collected and developed in this past project reaches as many people as possible, through an interactive educational and mentoring programme. Ms. Borg noted that the launch of this programme would not have been possible without the support of HSBC employees – ranging from graduates to directors - who have willingly committed themselves to mentor INVEST+ participants throughout this programme. The first INVEST+ mentoring sessions will be organised in October and November, in conjunction with the Malta CSR Institute. Interested individuals are encouraged to request an application form by sending an email to admin@mbb.org.mt For more information on INVEST+, please contact Project Manager Marija Elena Borg on mborg@mbb.org.mt or +356 21251719. The INVEST+ Project is run by the Malta Business Bureau in collaboration with the HSBC Malta Foundation.