Malta wide-format artistic image


In an increasingly complex financial world, the ability to navigate through various financial products and make informed decisions is more crucial than ever. Yet, the recent financial literacy results from the Organisation for Economic Co-operation and Development (OECD) shed light on a pressing issue in Malta. The island nation, known for its vibrant culture and booming economy, faces a challenge in enhancing the financial knowledge of its citizens, a cornerstone for individual and national prosperity.


Understanding Financial Knowledge

Financial knowledge encompasses a comprehensive understanding of various fundamental financial concepts and the ability to use this knowledge in making effective decisions about personal finance management, investment, savings, and budgeting. It’s not just about knowing the terms; it’s about applying this knowledge in real-life scenarios to optimise financial resources. Financially literate individuals are equipped to navigate through the complexities of the financial landscape, avoid pitfalls, and capitalise on opportunities that lead to personal growth and stability.

Young man learning how money works

The Essence of Financial Well-being

The link between financial knowledge and financial well-being is undeniable. it’s evident that a solid foundation in financial literacy significantly influences one’s financial trajectory. It not only empowers individuals to make wise financial decisions but also shapes a nation’s economic landscape. A populace well-versed in financial matters contributes to a stable economic environment, reduces dependency on governmental resources, and fuels overall economic growth. On the contrary, a lack of financial literacy is often associated with poor financial decisions, leading to stress, anxiety, and a lower quality of life. The ripple effect of individual financial well-being on the broader economy is significant, making financial literacy not just a personal advantage but a national priority.


The Broader Economic Impact

The latest OECD financial literacy results highlight a concerning trend in Malta. Despite its strong economic performance in various sectors, Malta scored (59%) below the OECD average (67%) in key areas of financial literacy. This gap poses risks not only to individual financial security but also to the nation’s economic health, as a financially uninformed society can lead to broader systemic issues. The findings point to an urgent need for interventions to elevate the financial acumen of Maltese citizens.


Bridging the Gap: A Collaborative Effort

Addressing the financial literacy gap in Malta requires a multifaceted approach. Education systems should integrate comprehensive financial literacy programmes starting from an early age, ensuring that young Maltese are equipped with the necessary tools to make sound financial decisions. Adult education programmes, community workshops, and online resources can play a pivotal role in enhancing the financial knowledge of the broader population. Furthermore, government initiatives aimed at promoting financial literacy can foster a more informed and financially savvy nation. Collaboration between educational institutions, the private sector, and policymakers is essential to create a culture of financial awareness and competence. Financial knowledge is not just a luxury; it’s a fundamental aspect of living a stable, prosperous life.



In conclusion, financial knowledge is not merely a personal asset; it’s a societal cornerstone, essential for fostering an informed, empowered, and financially stable nation.

The recent OECD results serve as a wake-up call for Malta, emphasising the need to prioritise financial literacy at all levels of society. Improving financial literacy is a shared responsibility, and through concerted efforts, Malta can transform this challenge into an opportunity. An investment in financial education is an investment in the future, paving the way for a financially aware, empowered, and resilient population, ready to thrive in the complex financial landscape of the modern world. Here at JA Malta, by virtue of being a small NGO, we can rapidly adapt to and address these gaps in financial literacy, and step in to complement efforts being made by the government on a local and European level.