New centre of excellence launched to boost financial literacy and entrepreneurship in Malta

A new Centre of Excellence aimed at enhancing financial and entrepreneurial skills among students and educators has been launched through a strategic partnership between the Ministry for Education, Sport, Youth, Research and Innovation, the HSBC Malta Foundation, and JA Malta.

The Centre of Excellence in Financial Capability and Entrepreneurship (CoE) is designed to equip both teachers and students with the tools and knowledge needed to make informed financial decisions and contribute positively to society. The initiative is being described as a collaborative effort involving school leaders, educators, families, NGOs, and students themselves.

Recent studies have highlighted concerning gaps in financial literacy among young people and adults in Malta. According to the PISA 2022 results, 15-year-olds in Malta scored below the OECD average in core subjects closely linked to financial literacy. The OECD/INFE 2023 survey also revealed that adults aged 18 to 29 in Malta tend to display negative financial attitudes and limited digital financial skills. Across all age groups, Malta’s financial knowledge scores fell below the OECD average.

The Centre will offer accredited training for educators, based on the EU and OECD competence frameworks for financial literacy in youth.

The pilot phase of the programme is already underway in five schools from different sectors – state, church, and independent – all of which have shown a commitment to improving financial education.

The schools have incorporated the Centre’s framework into their curricula, helping to foster a culture of financial literacy and entrepreneurship among their students.

This week, the HSBC Malta Foundation and JA Malta then teamed up to deliver a hands-on financial literacy experience for local students.

Hosted at St Clare’s College Pembroke, a hackathon brought together 22 teams of young teens aged 12 to 14 who tested their skills in budgeting, planning, and real-life money decisions. Students were challenged to work through a “Teen Life Planner” scenario, balancing a budget, making smart choices, and staying focused on a future goal.

Newark School, St Augustine School, and St Benedict School, claimed the top three spots.

Reflecting on the initiative, Matthew Caruana, CEO of JA Malta commented, “financial Capability is more than just understanding money – it’s about building a mindset that helps young people protect their future. This hackathon provides a practical and engaging platform for students to apply economic concepts in real-world scenarios which they are accustomed to.”

Glenn Bugeja at HSBC Malta Foundation added: “At HSBC Malta, we believe that financial literacy should be nurtured from an early age, giving young people the tools they need to make informed and responsible financial decisions. The enthusiasm and ingenuity displayed by the students during this hackathon are a testament to the importance of such initiatives in shaping future generations.”