Malta’s first financial literacy quiz activates hundreds

The first edition of a national financial literacy quiz attracted 42 teams of five students each from all around Malta, according to a press statement sent to Business Malta. Bishop’s Conservatory Secondary School in Gozo won the event ahead of St Maria Regina College Mosta Zokrija Secondary and St Monica School Birkirkara.

The event was conceptualised by the Department of Accounting and Business Studies within the Directorate for Learning and Assessment Programmes (DLAP) at the Ministry for Education and Employment (MEDE) and supported by HSBC Malta Foundation as part of its Future Skills programme.

Malta ranks in the lower end among the OECD (Organisation for Economic Co-operation and Development) countries in terms of adults making money decisions in their household by themselves or together with others in the household, the press statement says.

The school quiz was designed to distinguish between needs and wants, budgeting, earning, spending and saving money, investments, insurance, banking services, and even donations.

“Considering that this was a first-of-its-kind quiz in Malta and Gozo, the enthusiasm shown by schools was remarkable and encourages us to continue creating more financial literacy-related events in future. The high participation also demonstrated that financial literacy needs to be more prominently discussed in the imagination of the public,” said Joanne Zammit, Education Officer for Accounting and Business Studies at DLAP.

More questions focused on students’ responsibility, awareness and knowledge when buying online, fixed and variable costs, and debt. The quiz was online, allowing students to use tablets and their mobile phones to answer the questions, aimed at increasing digital literacy as well. The Directorate for Digital Literacy and Transversal Skills provided the tablets and guided students on how to use the quiz app.

During the event, officials from the government’s financial capability strategy (2017-2019), Ġemma, and from HSBC also held presentations. MEDE Permanent Secretary Dr Frank Fabri handed the prizes and certificates.