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2017 - 2019

2017 - 2019. BACKGROUND. 2010 Pension Working Group and 2015 Pension Strategy Group Recommendations Draft National Retirement and Financial Literacy Strategy National Consultation and Discussion. Outcome of National Consultation & Discussion. Vulnerable persons

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2017 - 2019

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  1. 2017 - 2019

  2. BACKGROUND • 2010 Pension Working Group and 2015 Pension Strategy Group Recommendations • Draft National Retirement and Financial Literacy Strategy • National Consultation and Discussion

  3. Outcome of National Consultation & Discussion • Vulnerable persons • Establishing Locum of Responsibility for Coordinating Strategy Implementation • Financial Education in the National Education Curriculum • Home Equity • Breadth of Education, Knowledge and Information Campaign • Careful Messaging of Communication Strategies • Refer to Financial Capability and not Financial Literacy • Communicating in Maltese and English

  4. Low Level of Preparedness for Retirement Planning • What Constitutes ‘Enough’ Retirement Income? • Risks Affecting Savings during Retirement Importance of Retirement Capability Born between 1952 and 1961 Born on and After 1962

  5. Importance of Financial Capability National impact Vulnerable groups Behavioral Heuristics Importance of Understanding Financial Products and Knowing One’s consumer rights

  6. Action Vision “improving the personal financial capability of Maltese citizens during life-events and retirement to enable them to reach better informed financial decisions that fit their individual circumstances.” Core Knowledge and Skills Domains for a Maltese Citizen to be Financially Capable Managing debt Managing daily budget Building a safety net Planning for the future Understanding the basics of the financial landscape Understanding basic consumer rights

  7. Action Use of Educational Pathways to Promulgate Knowledge Teaching resources portal Work with interested stakeholders to put together a gamification portfolio Work with local communities, unions, employers and NGO to design and deliver financial education programmes covering different life-cycle stages Work with compulsory education to see how the Retirement and Financial Capability Framework can be implemented across Levels 8, 9 and 10.; and work with stakeholders in higher and further education to create knowledge routes on retirement and financial capability

  8. Action Trusted and Independent Knowledge, Education and Information Teenagers Young Adults (20-34 year old) Female Young Adults (20-34 year old) Adults (35 year old to pre-retirement) Female Adults (35 year old to pre-retirement) Self Employed Persons Adults (and families) in Low Income Employment or in a State of Deprivation Adults in Employment and Not Having their Social Security Contribution Paid Separated and Divorced Women Older Women (60+) and Women in Widowhood Single Mothers

  9. Action Work in Partnerships to Strengthen Connections among all Parties Involved Establish ad hoc working groups Work with and through existing bodies Participate in international fora Twin with similar organisations overseas

  10. Implementation Coordinating Body Retirement and Financial Capability Group Ministry for the Family and Social Solidarity Ministry for Finance Ministry for Education and Employment Ministry for Social Dialogue, Consumer Affairs and Civil Liberties Department for Social Security FinanceMalta Office of the Permanent Secretary, MFSS

  11. Next Steps Follow up with stakeholders to: Establish strategic partnerships Identify joint initiatives Establish resource sharing MoUs Launch Communications Strategy Establish working relationships with similar entities with overseas similar bodies

  12. Realising the Strategy Financing Government Institutional Partners Members / Affiliate Members In-kind Support European Social Fund Secretariat Small Work with and through existing networks

  13. Key Messages: Knowledge Planning Action Branding and Key Messages Honeycomb and the Honey Bee • Growth • Provision • Nurturing • Community • Organisation • Productivity

  14. financialcapability.mfss@gov.mt david.spiteri-gingell@gov.mt

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