The Ministry for Social Justice and Solidarity, the Family and Children’s Rights and the UHM Voice of the Workers signed a strategic partnership to jointly work together through GEMMA (the government’s financial capability education platform). The main aim is to improve the personal financial capability of Maltese and Gozitan citizens during life events, including retirement, to enable them to reach better informed financial decisions that fit their individual circumstances.
Minister Michael Falzon stated that the fact that important bodies and institutions such as the UHM Voice of the Workers entered into such strategic partnerships with GEMMA denotes the increasing understanding of societal stakeholders partnering up with government to instil a culture of financial capability within Malta—particularily so given the strong correlation between being financial capable and financial wellness and well being.
Minister Michael Falzon further added that he is encouraged by the fact that, despite that GEMMA is still in its infancy, surveys show that 30% of Malta’s population are familiar with it, and those who have actively engaged with its portal and social media channels and other resources increased from 9% to 21% between March 2020 and 2021.
Permanent Secretary Mark Musu, who is responsible for the stewardship of GEMMA, also underlined that inculcating and securing financial capability in Malta, is a societal objective—one in which government must play a key role, but an objective that a government on its own would not be able to reach. Mr Musu expressed his satisfaction that the joining up of strategic partners, such as today’s signing with UHM Voice of the Workers with the Ministry and GEMMA, shows unequivocally that there is a strong understanding from societal players, including the private sector, of the importance of such a joined-up approach towards instilling a financial-capable culture in Malta.
Source: Office of the Prime Minister