Cyprus

GMW national coordinator: Central Bank of Cyprus (CBC) Participating organisations: Association of Cyprus Banks, Bank of Cyprus Cultural Foundation, Chartered Financial Analysts Society Cyprus, Cyprus Securities and Exchange Commission, Cyprus University of Technology, Financial Wellbeing Institute, Institute of Certified Public Accountants of Cyprus, Institute of Chartered Accountants (ICAEW) Cyprus, Junior Achievement Cyprus, Ministry of Finance, University of Cyprus, Youth Board of Cyprus, Ministry of Education, Culture, Youth and Sports Total number of participating organisations: 14 Number of children and young people reached directly: 12,000 Number of adults reached directly: 630 Number of people reached indirectly: Not reported

During Global Money Week 2022, the Central Bank of Cyprus (CBC) and the Bank of Greece co-organised an online panel discussion at which both Governors of the monetary authorities took part. The online discussion aimed towards raising awareness regarding the importance of financial literacy for children and youth. Moreover, the CBC in collaboration with the Ministry of Education, Culture, Youth and Sports (MOEC) organised lectures for secondary school students. The sessions took place at the Central Bank’s amphitheatre and focused on the importance of financial education from an early age. Furthermore, the CBC distributed informational material and posters regarding Global Money Week to MOEC and, via the specific Ministry, reached all lyceum schools and technical schools in Cyprus.

Throughout GMW2022, various organisations, including the CBC, the Cyprus Securities and Exchange Commission (CySEC), the Cyprus University of Technology (CUT) and the University of Cyprus used website and social media posts in order to raise public awareness on Global Money Week and the importance of financial literacy.

During GMW, CySEC published on their website two brief Investor Guides featuring easy-to-use and practical advice on investments. Additionally, CySEC announced an introduction to an annual award for the best postgraduate dissertation in fields associated with Economics and Finance.

The Cyprus University of Technology (CUT) and the Youth Board of Cyprus co-organised a round of six online lectures on “Personal Finance Management”. These were free, open to the public and aimed towards enhancing young individuals’ understanding of key financial literacy concepts.

Similarly, the Financial Wellbeing Institute, in collaboration with MOEC, organised an online discussion on “Financial Literacy in Cyprus: The problem, the consequences and its treatment.” The main topics of the discussion focused on future challenges associated with financial literacy, as well as the role of financial literacy in the digital era. The main target audience for the initiative was secondary education teachers.

Furthermore, this year, secondary school students had the opportunity to participate in various activities related to financial education. Such activities included presentation of short educational videos, student tours to the Bank of Cyprus Museum of the History of Cypriot Coinage, the Cyprus Stock Exchange and other local financial institutions. Students also participated in creative projects and competitions highlighting financial education matters.

Finally, several associations, including the Association of Cyprus Banks, Chartered Financial Analyst (CFA) Society Cyprus, Junior Achievement Cyprus, Institute of Chartered Accountants in England and Wales (ICAEW) in Cyprus and the Institute of Certified Public Accountants of Cyprus, organised lectures and online discussions in various high schools all over the country. The sessions focused on financial literacy and personal financial management.