Retirement Income and Financial Literacy in Malta
The Draft National Strategy for Retirement Income and Financial Literacy presents a vision and principles for addressing retirement income and financial literacy in Malta and an action plan for the period 2016 – 2018.
The Vision, Principles and Action Plan are subject to a national discussion and consultation process. Following such discussion and consultation these will be firmed up.
The proposed Vision is:
“Improving the personal financial well-being of Maltese citizens during life-events and retirement by enabling them to make better informed financial decisions that fit their circumstances”.
The principles underpinning the Draft National Strategy underline a state of play wherein you:
- Understand how the State pension system works and the resulting retirement income you will receive as a result of life choices you make; and hence you are in a position to make better-informed lifetime decisions with regard to the management of your money across different life events, including retirement.
- Understand the importance of saving and investing for different life events and your retirement; and thus, you are more actively engaged in preparing for your retirement.
- Understand better than previous generations the range of complex financial management strategies encompassing matters such as asset management, tax and succession planning, and insurance.
- Are more competent with regard to how financial markets operate and with deciding on investment and savings products.
- Are aware of your rights and protection mechanisms when investing or saving in financial products.