Life Events and Savings Cycle Potential LifeCycle Events
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Life Events and Savings Cycle Potential Life-Cycle Events -Continuing with further and higher education - Starting work - Buying a car - Setting up a new home - Getting married - Having children - Getting a pet - Losing a job - Starting a business - Planning for retirement - Getting separated or divorced - Being victimised by fraud - Inheriting money - Coping with illness or disability - Dealing with death - Caring for a loved one - Living one's retirement
Additional Annual Income Required over and above Pension Income to Maintain 75% of Quality of Life Enjoyed in Employment Additional Income Required 1, 250 1, 486 3, 105 10, 605 18, 105 25, 605 33, 105 40, 605 48, 105 Pension 10, 000 11, 895 11, 895 75% of Annual Salary 11, 250 13, 381 15, 000 22, 500 30, 000 37, 500 45, 000 52, 500 60, 000 DO YOU KNOW? If you invest € 500 annually between 35 to 65 years of age in a normal savings account with an interest rate of 0. 1%, your € 15, 500 capital will increase to € 15, 734. 80. On the other hand, if you invest the same capital in a savings account with an annual 3. 0% interest rate return, your capital increases to € 25, 001. 34.
Do You Know? 41. 6% of Maltese persons state that the information available on retirement is poor whilst a further 39. 8% say that it is adequate. Of those who say that the information is poor, 90. 3% do not save for retirement. Most of the respondents in a survey on financial literacy do not hold a specific savings plan for retirement. Those who do, invest approximately € 1, 161 annually - € 97 per month 66. 4% and 78. 9% out of a sample of the Maltese population of 1, 255 do not know the Maximum weekly social security pension income. Only 61. 4% of Maltese persons are able to answer correctly the question of whether an inflation of 5% results in more or less purchasing power.
Understanding Retirement Income § Addressing gaps in knowledge about retirement § Understanding what constitutes ‘enough’ retirement income § Understanding life-events and how these affect savings § Understanding risks § § § Life expectancy Inflation Quality of life Management of savings Withdrawal of savings
Understanding Financial Literacy § § Understanding behavioural responses Understanding the complexities of financial markets Understanding financial products and choices and associated risks Understanding rights and protection
Draft National Strategy for Retirement Income and Financial Literacy § Ministry for the Family and Social Solidarity § § Malta Financial Services Authority Finance. Malta Department of Social Security Directorate for Quality and Standards in Education
Proposed Branding and Key Messages § § § Growth Provision Nurturing Community Organisation Productivity
Draft National Strategy for Retirement Income and Financial Literacy Proposes as Vision: Improving the personal financial wellbeing of Maltese citizens during lifeevents and retirement by enabling them to make better informed financial decisions that fit their circumstances
Draft National Strategy for Retirement Income and Financial Literacy Proposes as Underlying Principles. Maltese citizens: § § § Understand how the Social Security pension works & resulting impacts Understand importance of saving and investing for one’s retirement Understand better than previous generations range of complex financial management strategies More competent on how financial markets operate and with deciding on investment and savings products More aware of their rights and protection mechanisms
Draft National Strategy for Retirement Income and Financial Literacy Proposed Strategic Thrust 1: Financial Education § Compulsory education § Youth education § Adult education § Local community § Vulnerable groups
Draft National Strategy for Retirement Income and Financial Literacy Proposed Strategic Thrust 2: Trusted Information, Knowledge Provider § Understand the state of play § Disseminate information and knowledge to different target populations § Engage the media, civil society, constituted bodies § Engage employers, unions, local communities, financial services operators § Leverage digital media
Draft National Strategy for Retirement Income and Financial Literacy Proposed Strategic Thrust 3: Partnering § Establish a Consultative Council § Establish ad hoc working groups § Work with and through existing bodies § Participate in international fora § Twin with similar organisations overseas
Draft National Strategy for Retirement Income and Financial Literacy Realising the Strategy Establish a Coordinating Vehicle § Coordinate ‘soft’ reforms directed at culture and behaviour Financing § Government § Institutional Partners § Members / Affiliate Members § In-kind Support § European Social Fund Secretariat § Small § Work with and through existing networks
National Consultation and Discussion Process § Will be carried out between 27/01 and 23/03 § Draft National Strategy will be revised as appropriate to incorporate feedback
financialeducation. mfss@gov. mt
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