Maltese rank 13th in financial knowledge, EU survey shows / Malta News Briefing – Friday 11 August 2023

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Maltese rank 13th in financial knowledge, EU survey shows

Maltese individuals have demonstrated a moderate level of performance in financial literacy, according to a survey by Eurobarometer. When compared to respondents from 14 other member states, the Maltese showed a higher level of financial knowledge. However, in comparison to respondents from 12 other member states, their financial knowledge was comparatively lower. 74% of Maltese respondents correctly replied that an investment with a higher return is riskier, while 64% gave the correct response to the question about how inflation works. 58% of Maltese understood the value of diversification in investing and 43% answered correctly when asked about compound interest. However, just 24% understood the link between interest rates and bond prices. (Maltatoday)

91% of young people who graduated in Malta last year are employed

The post-tertiary employment rate for young individuals in Malta, including graduates from institutions like the University of Malta and MCAST, stands as one of the highest according to a report released by Eurostat, the statistical office of the European Union. Based on Eurostat’s data, the previous year saw 91% of recent Maltese graduates securing employment. The leading positions in this regard were held by Germany (92%) and the Netherlands (93%). Throughout 2022, 82% of young Europeans aged between 20 and 34 who had completed their education found employment. Eurostat noted that the employment rate for this specific demographic rose by 7% from 2014 to 2022, with the pandemic being the sole hindrance to this upward trend.

July sees record passenger movements through MIA

In the month of July, Malta International Airport greeted 848,716 travelers, surpassing the airport’s prior monthly record set in August 2019 by over 25,000 passenger movements.
Aircraft activities during this period remained consistent with the levels observed in July 2019. However, there was a 3.8 percent rise in seat capacity, attributable to the utilization of larger aircraft on routes to Malta. The seat load factor for the month experienced a growth of 2.1 percent compared to pre-pandemic levels, reaching a notable 89.1 percent. This increase underscores the sustained robust demand for travel throughout another consecutive month. (Times of Malta)

Morning Briefing

July hottest on record – Met Office

July has officially become the hottest month ever documented, the Met Office has revealed. The average air temperature for the month reached 29.6°C, surpassing the previous record set in August 1999, where the average temperature stood at 29.2°C. During the past month, a heatwave gripped the Maltese Islands, leading to the highest temperature peaking at 42.7°C. Over a span of six consecutive days, temperatures soared to 40°C and beyond. The highest temperature on record, 43.8°C, still belongs to August 1999. The Met Office reported that within the course of last month, the mercury climbed above the month’s typical climate average of 31.7°C for a total of 24 days.

PN insists on need for new economic model

The Nationalist Party has emphasized the need for change to Malta’s economic framework. Opposition Leader Bernard Grech asserted that the focus should shift from quantity to quality. During an interview on Net FM, Grech underlined the aspiration for improved lives and promising futures for Maltese families and young individuals. He additionally advocated for a departure from the grip of a select few in power, emphasizing the requirement for strong leadership in the country. According to Grech, the current administration is benefiting from established economic foundations but has failed to prepare for or predict the emergence of novel pillars that could further bolster the economy. Rather than prioritizing this aspect, Grech pointed out that the government seems solely fixated on increasing the influx of foreign workers, a trend that he believes is eroding the country’s standard of living. (Maltatoday)

€1m invested in improving schools in Malta and Gozo

€1 million has been allocated for the upkeep and enhancement of all schools across both Malta and Gozo during the summer months. Education Minister Clifton Grima conducted visits to several schools currently undergoing maintenance on Thursday. He expressed that a dedicated team of workers is diligently managing these tasks to ensure a continuously improving educational environment. (Newsbook)

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