93% of adults in Malta are active savers

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Tista' taqra bil- Malti.

Malta has for the first time featured in the OECD INFE 2020 International Survey of Adult Financial Literacy issued by the Organisation for Economic Cooperation and Development in which it has been reported that 93% of Maltese adults are active savers.

The survey was undertaken by ĠEMMA on behalf of the Office of the Permanent Secretary within the Ministry for the Family, Children’s Rights and Social Solidarity. In carrying out the research, 1,000 respondents were surveyed.

The following are a number of the key findings;

  • 46% of Maltese adults keep a note of their household finances and spending
  • The study shows that 93% of adults in Malta are active savers, who save in different ways; 84% of adults in Malta save in a savings/deposit account
  • 72% of adults in Malta are able to face a major expense equivalent to their income without having to borrow money or ask family members for help
  • 45% of adults do not have a retirement plan
  • 56% of adults are like to rely entirely on their government pension at retirement age
  • 15% have a private pension plan
  • 64% of adults have not encountered a situation in which their income did not cover their living expenses in the last 12 months
  • 33% who experienced a situation where income did not cover expenses, 86% used existing resources such as cutting back on spending
  • 62% of Maltese people keep a close personal watch on their financial affairs
  • 3 in 4 adults in Malta do not have too much debt right now, whilst 13% said that they do
  • 95% of adults in Malta always/often pay their bills on time.
  • Some 80% of adults always/often take careful consideration of whether they can afford to buy something prior to buying it
  • 44% rate their overall knowledge on financial matters as average

The Minister for the Family, Children’s Rights and Social Solidarity said that ĠEMMA is working hard to promote financial literacy in Maltese society.