in-cyprus 12 October 2023 - by Annie Charalambous
Financial literacy and financial stability go hand in hand yet six out of 10 Cypriots – especially young ones – are financially illiterate, according to recent studies.
In fact, Cyprus ranks at the bottom of the league table in terms of financial literacy, Philenews also reported on Thursday.
The biggest problem and gap in financial literacy is found among young people, especially those who had no contact with finances till the age of 18.
These are just some of the findings of surveys carried out as part of the work done over the last three years by many institutions involved in the preparation of the National Strategy for the Promotion of Financial Literacy and Financial Education. The green light for this was given in 2022 by the former cabinet.
At the same time, the issue of financial literacy and its great importance to all social groups was debated on Wednesday before the House Education Committee in the presence of all stakeholders.
Representatives said they are now ready to see in practice the implementation of the National Strategy they have already developed.
The representative of the Central Bank of Cyprus said the implementation will be carried out by a new Commission, which will be set up and will function as a state body. This is the Cyprus Financial Literacy and Education Committee (CFEC).
