The Malta Bankers’ Association (MBA) and ĠEMMA, in collaboration with the National Association of Pensioners (NAoP), launched a pilot project on October 17 aimed at fostering financial literacy in the digital age among pensioners in Malta.
This project consists of four weekly two-hour sessions by industry professionals from the MBA’s members who will cover three topics from a financial literacy
perspective, while the final one will be an information session by ĠEMMA’s representatives on social benefits.
All sessions so far were held at the Paola local council between 9 am and 11 am and were conducted in the format of an informal social gathering, complemented by refreshments. The feedback resulting from this pilot project will subsequently be assessed by both the MBA and ĠEMMA with the aim of implementing a more comprehensive financial literacy programme for senior citizens, in the coming months in other local councils.
The first interactive session was held on October 17 and consisted of an introduction to the principles underlying online and mobile banking. The second session, held on October 24, introduced attendees to key principles which they should adopt to protect themselves from financial abuse, normally undertaken through scams or other types of fraud, and to ensure that any online payments made will be done safely.
On October 31, the pilot project hosted a practical session for attendees which guided them on the use of ATMs to illustrate the advantages of using such facilities, which beside withdrawal of cash also include cheque deposits. This should encourage a greater take-up from senior citizens, thus helping to reduce queues at branches. Attendees at this session were also given an informative leaflet on the use of ATMs.
The final session will be held tomorrow, November 7, and will shed light on other useful aspects of personal financial management through information on the various benefits and services that pensioners in Malta are eligible for.
The MBA’s secretary general, Karol Gabarretta, said: "This pilot project will provide useful information to enhance
private-public collaboration through the implementation of a more comprehensive programme which aims to foster adult financial literacy. The collaboration between ĠEMMA and the MBA has been very fruitful and the MBA’s members have dedicated due time and resources to reach out to that cohort of society, which for various reasons and through no fault of their own, is not always receptive to the continuing evolution of banking in the digital sphere.”
Petra Ellul-Mercer, on behalf of ĠEMMA, said: “Research clearly shows that that the share or older persons in the total population will continue to increase significantly. Unlike younger generations, seniors have not grown up with technology, therefore they are increasingly getting marginalised due to digital illiteracy. Seniors rarely have people instructing and guiding them on how to use today’s technologies, and it is our specific objective at ĠEMMA to give these people the opportunity to get the needed skills via adult training providers and partnerships with key stakeholders that can make a difference.”
Sessions were delivered by representatives from MBA members, APS Bank, BOV, HSBC and ĠEMMA, while representatives from the MBA Secretariat and the NAoP were present.