Local Councils Association enters into a Strategic Partnership with the Ministry for Social Justice and Solidarity, the Family and Children’s Rights and ĠEMMA on financial capability education
The Ministry for Social Justice and Solidarity, the Family and Children’s Rights and the Local Councils Association today signed a strategic partnership to jointly work together, through ĠEMMA (the government’s financial capability education platform), to improve the financial capability of Maltese and Gozitan residents during life-events, including retirement. The outcome resulting from this strategic partnership between the Local Councils Association and ĠEMMA is to ensure that people are better informed in matters that affect their finances and thus can make the right decisions that fit their personal circumstances.
Through the Local Councils Association, ĠEMMA will work with regional and local councils to carry out financial capability programmes – which range from budgeting to protection against scams and frauds – within the communities. ĠEMMA will also make resources – such as videos, handbooks, etc. – on financial capability available to regional and local councils so that these are accessible to persons within the communities from their offices, or as may distributed within the communities.
The Local Councils Association will make its digital resources available to ĠEMMA – including its You Safe portal, Facebook site, the LCA website as well as faciliting partnering between ĠEMMA and respective regional and local councils digital resources – to assist ĠEMMA in broadening its reach with regard to financial capability knowledge and information amongst Maltese and Gozitan residents.
This is the 11th strategic partnership that the Ministry for Social Justice and Solidarity, the Family and Children’s Rights entered on behalf of ĠEMMA with other institutions and bodies. The other strategic partnerships include the Central Bank of Malta, the University of Malta, BOV, MAPFRE MSV Life, the General Workers Union, the eSkills Malta Foundation, Mental Health Malta, the Malta Chamber of SMEs, and the UĦM Voice of the Workers.
Dr Michael Falzon, the responsible minister, stated that this strategic relationship between ĠEMMA and the Local Councils Association is a game changer with regard to bringing financial capability knowledge and education closer to Maltese and Gozitans persons. Through this strategic partnership, ĠEMMA is now able to inculcate financial capability education and knowledge in the heart of local communities.
Mr Mario Fava, the President of the Local Councils Association underlined that the Association is proud of this relationship with ĠEMMA and the Ministry as it allows it to continue to build on previous and current initiatives to build up within Malta’s and Gozo’s communities understanding of money management and planning for one’s future – and thus directly contribute to the financial wellbeing of residents. Mr Fava stated that the first initiatives between the Association and the regional and local councils and ĠEMMA will be rolled in early autumn of this year.
Mr Mark Musu, the Permanent Secretary for the Ministry, and who is responsible for the stewardship of ĠEMMA, emphasised that building a Malta that is financial capable is a societal objective – one in which government must play a key role, but an objective that a government on its own will not be able to reach.
Mr Musu expressed his satisfaction that the joining up of strategic partners, such as the Local Councils Association with his ministry and ĠEMMA, shows that there is a strong understanding from societal players of the importance of such a joined up approach towards instilling a financial wellbeing in Malta.
The ĠEMMA’s financial capability platform can be viewed at www.gemma.gov.mt.