We are failing at teaching children financial literacy - David Curmi
Achieving financial independence is a lifelong goal for most of us. Once achieved, and maintained, it allows for a better quality of life; however, the road to financial independence is complex, and if you are not armed with the right tools, it could be a painful learning experience. Being financially literate goes a long way to help you structure your finances to give you the best chances of success. Developments in recent years have provided both challenges and opportunities to help us learn better the tools we need to equip ourselves with. The pandemic has certainly brought home one of the key components to long-term financial independence – saving for a rainy day. Malta generally has a high savings rate, yet the prospect of losing your job or having minimal income for a protracted period of time is not something we normally plan or budget for. But whether it is at a corporate or a personal level, it is key to providing you an extra level of stability, leaving you better equipped to cope with stressful periods when the unexpected happens. Even when you do save, things may not turn out as you expect them. One clear example is the general level of interest rates. Speak to any...