For the second year running, the Malta Bankers’ Association will be participating in a Europe-wide initiative, organised by the European Banking Federation, to promote financial literacy and financial education, in particular among youths and schoolchildren. 

This year, European Money Week will be held next week between March 14 and 18.

Educating consumers about financial matters has always been considered by the banking sector as being of crucial importance. Consumers need to understand how to manage their finances and how to avoid unnecessary risks which could lead to excessive debts and, possibly, financial exclusion.  

Knowing and understanding the opportunities which the financial products available on the market may offer is also indispensable for a consumer to be able to make an informed choice as to the products which best meet his needs,  and to be able to plan ahead. As such, the banking community firmly believes that financial education is an issue which needs to be tackled actively and on an ongoing basis.

To this end, a number of activities will once again be organised over the course of this year’s European Money Week by the Malta Bankers’ Association in collaboration with the Home Economics Seminar Centre within the Department of Curriculum Management, Ministry of Education and Employment, the Malta Financial Services Authority, the Central Bank of Malta, the Malta Stock Exchange, and the Institute of Financial Services.

Consumers need to understand how to manage their finances and how to avoid unnecessary risks, which could lead to excessive debts

A new initiative which will be taking place during this year’s Money Week is the organisation of daily sessions entitled ‘Be Wise Pay Smart’ for 15- to 16-year-old students who are undergoing the Core Curriculum Programme and the Alternative Learning Programme. 

During these sessions, students will experience hands-on use of ATMs and EPOS terminals. Around 240 students will be visiting a bank throughout the week for a 90-minute practical session. This visit will entail watching a filmed sketch which is aimed at provoking discussion/questions regarding the use of ATMs and EPOS terminals, the different types of bank accounts which can be opened, and the use of debit cards and credit cards. This will be followed by hands-on training, carrying out ATM and card transactions. Sessions will be facilitated by teachers from the Home Economics Seminar Centre and bank personnel. 

Organised visits to the Central Bank of Malta by Form 4 (Year 10) students aged 14 to 15 will also be taking place. The students will be given a presentation covering the basic role of a Central Bank, banking supervision and an animated presentation on inflation. They will also be taken on a tour of the bank’s currency museum, with the history of Malta explained and illustrated through coinage by the museum curator. 

Visits to the Malta Stock Exchange for post-secondary students aged 16 and over are also planned.  The visits will include a tour of the trading floor, as well as a talk on the role of the Exchange and the basic features of bonds and equities which are listed and traded on the Exchange. These visits are aimed at educating students at large, and do not specifically target those who have chosen to pursue their studies in business-related subjects.

The Money Matters programme which was introduced during last year’s Money Week will continue to be run at the Home Economics Seminar Centre. 

This programme, aimed at 10- to 11-year-old pupils, has the objective of helping schoolchildren to acquire the right knowledge, understanding and skills to become financially responsible and to make informed decisions for handling their financial resources. A number of interactive sessions are held, with pupils moving from one activity to another and engaging themselves in games, debates, drama workshops and case studies.

This year’s European Money Week builds on the success achieved in the first edition held last year, and the intention is to establish this initiative as an annual pan-European event going forward.

James Bonello is the secretary general of the Malta Bankers’ Association.