BOV supports RetireSmart planning tool

Bank of Valletta is proud to have supported Ġemma in developing the RetireSmart App, which was recently launched by the Ministry for Social Policy and Children’s Rights. This new retirement planning tool helps people calculate their potential state pension and address the income gap at retirement.

Speaking on this initiative, which is also supported by Mapfre Msv Life, Dr Gordon Cordina, as Chairperson of both BOV and Mapfre Msv Life, highlighted the importance of proactive financial planning in Malta, particularly as the general population ages. He remarked that the sustainability of the Maltese pension system for future generations depends on anticipating the challenges that the country currently faces and will be facing in the years to come, so that proactive action can be taken to ensure adequate compensation during the crucial time of retirement.

Dr Cordina noted, “RetireSmart is an important tool for planning and action, helping people be better informed and make timely decisions needed for their long-term financial well-being. The launch of the RetireSmart App is a crucial first step, as we see the potential for further development, providing other services to empower people to be better equipped for the future, thereby enhancing the Maltese pension system.”

Simon Azzopardi, BOV Chief Personal and Wealth Officer, emphasised the importance of well-being and the need to start planning early. “At Bank of Valletta, we believe that financial literacy is crucial to long-term well-being.  Saving for a pension is one of the most important investments that people can make, and through initiatives like this partnership with Ġemma and other collaborators, we are committed to providing people with the knowledge and tools they need to make informed financial decisions regarding long-term savings, pensions, and insurance solutions”.

This event aligns with the Bank’s efforts to improve financial literacy in Malta. Various initiatives being undertaken by the Bank include educational campaigns, community partnerships, and launching tools such as the RetireSmart App, which are all designed to help people achieve greater financial flexibility. The Bank’s Financial Well-Being Centres in Floriana and Ta’ Sannat, as well as its 5 Investment Centres across Malta and Gozo, also provide crucial support to bank customers wishing to discuss and invest in their financial future.