The financial literacy of primary schoolchildren is set to be boosted through a series of books that form part of an initiative to tackle the nation’s overall lack of knowledge of the subject.

A competition has been launched for the creation of fun financial-capability books that introduce children between Grades 1 and 6 to life skills that include managing debt, budgeting, planning for the future, understanding basic investment and understanding basic consumer rights.

According to a 2018 study, one in three adults feel they have a low level of overall knowledge of financial matters.

The study, which surveyed roughly 1,000 locals, was based on an OECD (Organisation for Economic Co-operation and Development) study on adult financial literacy and was carried out by a local market research consultant on behalf of the Ministry for the Family.

“With today’s focus on unbridled spending – more on wants rather than needs – these books will be the initial foundation for young children to build strong money habits as early as 6, 7 8, 9, 10 and 11 years of age and thus avoid, later on, making financial mistakes that would lead to lifelong money struggles,” said Iris Camilleri Mifsud, consultant to the financial literacy portal Ġemma (save).

Ġemma, which falls within the Ministry for the Family, Children’s Rights and Social Solidarity, launched the initiative in collaboration with the Directorate for Learning and Assessment Programmes within the Ministry of Education and Employment.

“By educating children about financial matters when young, and how one can save and spend wisely, Ġemma will be reaching its long-term goals of inculcating the importance of money management,” said Camilleri Mifsud.

This, she added, would eventually lead to financial security particularly during the retirement phase.

The winning narratives will be published in digital format as e-books.

The competition closes on September 30. For more information one may visit  www.gemma.gov.mt.