It was a first for Malta and Gozo. The national Financial Literacy Quiz took place online, with 42 teams from schools across the country answering questions on their mobile phones and tablets. The teams were made up of five students each and was aimed at teaching teenagers the difference between needs and wants. It also encouraged students to learn about budgeting, earning, spending and saving money as well as investments, insurance, banking services and giving donations. Questions about how to behalf online were also included. These were to encourage responsibility, awareness and knowledge when buying online as well as fixed and variable costs and debt. The winners were Bishop’s Conservatory Secondary School in Gozo who received a € 300. St Maria Regina College in Mosta Zokrija Secondary came in second and received €200 while St Monica School in Birkirkara came in third and received € 100.
Speaking after the event Joanne Zammit, Education Officer for Accounting and Business Studies at DLAP said: “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.”
According to figures from the OECD Malta ranks in the lower end of the 36 members when it comes to adults making financial decisions in their household by themselves or sharing the burden.
The idea for the quiz came from the Department of Accounting and Business Studies within the Directorate for Learning and Assessment Programmes (DLAP) at the Ministry for Education and Employment (MEDE). It was supported by HSBC Malta Foundation as part of its Future Skills programme.