CySEC joins global event to promote financial literacy

Cyprus’ financial watchdog, the Cyprus Securities and Exchange Commission (CySEC), is participating in the annual Global Money Week (GMW2023) campaign, aimed at raising awareness of the importance of financial education, particularly for young people.

This year marks the eleventh edition of the campaign, which is organised by the Organisation for Economic Co-operation and Development (OECD), and will run from 20-26 March 2023, under the theme “Plan your money, plant your future”.

More than 225 countries are expected to participate in GMW2023, promoting financial literacy to the public and placing a particular focus on young people.

The commission explained that as part of the campaign, various organisations and bodies from Cyprus will participate in a series of events and actions.

Among them, CySEC will undertake several initiatives throughout the week to increase awareness among the investing public, emphasising the importance of education in basic financial knowledge to protect themselves from the risks of investing in financial products.

CySEC’s programme of activities has been developed from the findings of its recent survey into the behaviours and habits of investors, aimed at increasing understanding of the factors that influence their investment decisions, such as the widespread use of social media, online influencers’ promotion of financial products, and the prevalence of online investment scams.

What is more, as part of GMW2023, CySEC Chairman George Theocharides will participate in various programmes and initiatives. He will be hosted on the financial podcast “Koumanto stin tsepi sou,” where he will discuss CySEC’s planned events and initiatives during GMW2023, outlining the regulator’s strategic actions for the protection of the investing public, mainly through the promotion and communication of educational material aimed primarily at young people and vulnerable population groups.

Theocharides will also deliver a university lecture at Cinestudio, at the University of Nicosia, on March 21, where he will focus on building basic money management skills from an early age to create a new generation of people capable of making sound decisions for their future.

In addition, CySEC will promote an online investment knowledge quiz for students and young people in Cyprus to test themselves, with an informative brochure directing to the quiz via a QR code.

Furthermore, in a joint effort with the Ministry of Education, the Central Bank of Cyprus, and the Ministry of Finance, CySEC has created and designed educational and informational materials, including posters and teachers’ guides, to be sent to all primary and secondary schools.

The commission stated that its goal is to provide younger children with the opportunity to better understand financial behaviour, rules and habits, which are already developing between the ages of 6 and 12, when children attend primary school.

CySEC will also publish a concise Investor’s Guide on the topic of protection against online fraud and will promote and disseminate the key messages of the awareness campaign through daily posts on social media throughout the week.

As it did last year, CySEC will feature the GMW2023 logo prominently on its website, with an active link leading to the campaign’s official website.

“We are proud to participate again in the Global Money Week on this second occasion. Our participation gives us the opportunity to highlight the importance of financial education and tackling financial illiteracy in general, both from a young age and through lifelong learning,” CySEC chairman George Theocharides said.

“The role of financial literacy for the well-being of citizens has become even more important with the digitisation of the modern financial environment, the ever-greater penetration of social networks into everyday life and the increased risks that lurk,” he concluded.