A commission on financial literacy and retirement income has been established to raise awareness of the need to plan for retirement.

Set up by the Justice Ministry, the commission was recommended by the Pensions Working Group in its review of the pensions system published in May.

Among its terms of reference, the commission has to devise a strategy to create a financially educated population and educate on financial management and planning.

It has to carry out studies on retirement planning behaviour and attitudes, and design knowledge campaigns to make informed financial choices and decisions for their retirement.

It must commission a survey to assess the level of financial literacy in Malta which would act as a baseline study for a National Strategy for Financial Literacy. This has to be completed by the end of the year.

The commission is chaired by David Curmi.