Financial wellbeing workshops for employees launched in Malta: Empowering the island’s workforce

When Luca Caruana, Malta’s first Certified Money Coach, launched the Money Coaching Hub earlier this year, his aspiration was clear: to make financial knowledge accessible to all, particularly professionals and entrepreneurs who find it challenging to discuss personal finance.

Reflecting on his past, Mr Caruana shared: "Growing up, I witnessed the toll that limited financial knowledge had on my family. The hardships shaped my mission, driving me to change the narrative for countless others grappling with monetary issues."

Though often sidelined, personal finances play a pivotal role in one's life. Regrettably, many still view this topic as taboo. This reluctance to discuss money can take a toll on various aspects of an individual's wellbeing. PwC’s Employee Financial Wellness Survey (2023) disclosed that financial concerns negatively impacted:

• Sleep
• Mental health
• Self-esteem
• Physical health
• Relationships at home

A staggering 57 per cent identified finances as their primary stressor. Moreover, 74 per cent sought financial guidance during decisive financial moments or crises. Given these insights, it's perplexing that while there's significant emphasis on health and mental wellbeing, financial wellness remains sidelined.

Addressing this gap, Mr Caruana's approach rests on three foundational pillars:

1) Money and mental health

2) Money management

3) Savings and investments

By orchestrating informative workshops and interactive sessions, he hopes to enhance financial literacy among Malta’s professionals. These sessions not only promote knowledge but can also inspire confidence in personal financial decisions.

He emphasises: "It's essential to recognise the ripple effect of financial well-being on an individual's overall health and productivity. Businesses, by fostering a culture of financial literacy, can not only bolster employee morale but also improve retention."

Financial wellbeing is gaining traction in countries like the UK, where it receives Governmental support. For numerous private firms, it's an integral part of their employee benefit packages.

As we look towards a financially informed future, it's imperative to embrace the adage: Knowledge is power. Mr Caruana's final words resonate with this sentiment: "Let’s build a brighter, financially secure future together."

About Luca Caruana

Luca Caruana, a Certified Money Coach (CMC)® and Founder of the Money Coaching Hub, aims to guide individuals towards healthier financial relationships. His offerings range from personal budgeting and investing to transformative programs and corporate financial wellbeing workshops. Luca can be contacted through his LinkedIn Profile, or by email.