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Cyprus banks and Junior Achievement educate students on smart spending

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The Association of Cyprus Banks on Tuesday announced that it is teaming up with Junior Achievement Cyprus to carry out the “Spending Smartly” educational programme for the eighth consecutive year.

The programme, which is aimed at students in the sixth grade of primary schools, kicked off in February and will last until the end of March.

According to an announcement by the Association of Cyprus Banks, a total of 763 students from 16 primary schools in all cities are participating in this year’s programme.

The three courses, lasting 80 minutes each, are held thanks to the voluntary participation of 33 professionals from banks and the private sector.

“After the pandemic, the programme has this year returned to its natural form, which includes creative play and interactive activities between children and mentors,” the association said.

“The Association of Cyprus Banks identified the gap in financial education in Cyprus almost a decade ago and thus undertook initiatives and specific actions to implement financial education programmes and actions,” it added.

Moreover, the association explained that the NGO Junior Achievement Cyprus undertook the event’s management, the material and the coordination of the volunteer trainers who participate in the programme every year, while the Ministry of Education has also been an ardent supporter of the programme

Commenting on the implementation of the “Spending Smartly” programme for the eighth consecutive year, the general manager of the Association of Cyprus Banks, Michalis Kammas noted that “we did not imagine that years after the programme, for which we are proud that we had the initiative to implement in our country, would become one of the most useful institutions of financial education in Cyprus”.

“What we constantly emphasise is the need for the next, decisive step for financial education in our country, which, of course, concerns the adoption of a permanent financial programme or course in our schools, at all levels and for all students,” Kammas added.

Meanwhile, the managing director of Junior Achievement Cyprus, Antigoni Komodiki, stressed that “the financial literacy programmes we implement in collaboration with the Association of Cyprus Banks are a very important step towards informing and educating children about basic financial concepts”.

“We contribute to the development of economic understanding, and the proper management of personal finances, thus limiting the risk of eventual financial failure and contributing to their personal and professional success,” she added.

Komodiki also thanked all of the volunteers from the banking and business sectors who participate in the programme.

Finally, the Association of Cyprus Banks also stated that the project is implemented with the long-term support of the Ministry of Education.

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