MBB and HSBC Malta launch financial literacy scheme

The Malta Business Bureau and the HSBC Malta Foundation have launched a new scheme to improve financial literacy in Malta.

INVEST+ will hold mentoring sessions and workshops on finance, accounting, savings and investment.

MBB President Simon De Cesare said the objective was not to turn participants into financial experts, but to give them an understanding of financial independence on a personal and professional level.

He added: ‘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 three key reasons.

He said: ‘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.’

HSBC Malta chief executive Andrew C. Beane said the bank’s support was ‘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.

‘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’.

The first INVEST+ sessions will be held in October and November.

If you’re interested in taking part, email [email protected]

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