ACTIVITIES, OUTCOMES AND PLANS
The FL Club was inaugurated on the 16th October 2024.Before its formation, the FL Club had already attracted around 80 students who registered as members of the Club. These students were interested in learning more about how to manage finance, budgeting, saving, investing, borrowing, risks and other topics relevant for their future. The FL Club meets during the mid-day break on Tuesdays, Wednesdays and Fridays in Room 3016 and in Room 3323 on rainy days.
Financially literate individuals are better equipped to make sound financial decisions that can lead to wealth accumulation and improved quality of life. This empowerment is important as access to financial education can break the cycle of poverty. Financial literacy enables students to effectively manage their money throughout their lives. Students are aware that they may eventually encounter various forms of debt, such as student loans and credit card debt, making it crucial to understand the implications of taking on debt and how to manage it responsibly. Budgeting becomes an important skill helping students to plan tuition, housing and everyday costs while preventing overspending. Students need to understand how to manage their income, expenses and debt, save, invest and make wise financial choices that could potentially lead to increased assets. Students need to know how to approach major life events like buying a home, pursuing education or setting up a business. Understanding concepts like interest rates, credit scores and financial scams also enable students to avoid common financial pitfalls and protect themselves.
So far, the FL Club welcomed a number of guest speakers namely:
- JA Malta Foundation whose main goal is to inspire and prepare young people to succeed in a global economy through entrepreneurship, financial literacy and work readiness. Representatives from this Foundation conducted serious discussions and very interesting activities where students had to prepare personal budgets based on various income levels, and FL members achieved an understanding of the various insurance policies that cover different insurable risks.
- Central Bank of Malta. The guest speaker explained the different functions of the CBM particularly that the CBM is the only Authority that may print money to replace damaged notes or to increase the money supply in Malta. He explained how notes are circulated in the economy. He also showed students how to identify and recommended action to be taken if presented with counterfeit notes. The guest speaker also spoke about the CBM’s role as the bank of the government and the bank of the financial institutions.
- Responsible Gaming Foundation. The guest speaker tried to create awareness of the possible dangers and consequences of excessive gaming and gambling. He encouraged students to manage their time and money in a responsible manner.
- Bank of Valletta plc. Representatives from this commercial bank accepted our invitation to conduct talks and activities relating to the various services offered by this bank to students, individuals and businesses; explained how commercial banks generate profit and advised students how to manage their income effectively, how to save and earn interest; also explained how and when individuals should apply for bank loans and what is required for an individual to be eligible for a bank loan.
More guest speakers are expected to visit the FL Club during the second scholastic year; however, the most important upcoming activity that the FL Club is preparing for is the European Money Quiz. This is an annual activity organized by the European Banking Federation and our school participates every year. Members of the FL Club have been practicing for this quiz by going through questions from the previous European Money Quiz finals. Three years ago, a student from our school, placed first in the Malta Money Quiz and fifth in the European Money Quiz that was held in Brussels.
If there are any students who wish to join the FL Club, they just need to approach and register their names with Ms Caroline Sammut, Teacher of Business Studies or send an email to caroline.sammut@ilearn.edu.mt.