CySEC actions encourage financial education in Cyprus

The Cyprus Securities and Exchange Commission (CySEC) on Friday released an announcement summarizing all of the actions and initiatives it carried out as part of this year’s Global Money Week.

Global Money Week 2023 is a major global campaign aimed at raising awareness about the importance of financial education for young people.

The commission noted that CySEC chairman George Theocharides stressed the importance of financial literacy as a vital life skill in today’s rapidly evolving financial landscape.

This skill, the commission explained, empowers investors to enhance their knowledge and have a better comprehension of financial risks.

Moreover, as part of its initiatives for Global Money Week, CySEC arranged a lecture by the Theocharides at the University of Nicosia and developed educational resources to encourage financial literacy in schools across Cyprus.

As part of the commission’s activities, Theocharides gave an interview to economic analyst George Georgiou, on the latter’s podcast, called ‘Koumanto stin tsepi sou’, to promote financial literacy among children, youngsters, and vulnerable groups.

The CySEC chairman also delivered a lecture at the University of Nicosia where he emphasised the imperative need for financial education from a young age combined with lifelong learning.

Students were encouraged to test their knowledge through a CySEC knowledge quiz, which is hosted on the commission’s website.

As a result of the lecture, a substantial number of students had the opportunity to take the short quiz, allowing them to evaluate their basic financial knowledge and learn more about this topic.

Additionally, among the commission’s new initiatives, CySEC also worked with the Ministry of Education, the Central Bank of Cyprus (CBC), and the Ministry of Finance to prepare educational and informative material, including posters and lesson guides for primary and secondary school pupils.

Throughout the week, CySEC disseminated the campaign’s key messages through a series of daily social media posts, while it directed the public to the official website of the campaign through an active link and the GMW 2023 logo prominently positioned on its homepage.

Furthermore, as part of its objective of protecting the public, CySEC issued a new investor guide on how the public can stay safe and protect itself from online investment fraud.

Regarding CySEC’s strategic objectives pertaining to the promotion of financial education, the commission launched an annual award for two students from Cypriot universities’ economics departments.

In addition, it also launched a survey on retail investor behaviours and habits, while it also participated in the ad-hoc committee for the establishment of a national strategy for promoting financial literacy and education in Cyprus.

“As a regulator, one of our core missions is to protect consumers,” CySEC chairman George Theocharides said.

“Whilst the digitalisation of financial services and new digital products are making it easier for people to save and invest, navigating these services can be confusing and consumers can unknowingly put themselves at risk,” he added.

Moreover, Theocharides said that the commission’s campaign is aimed at helping investors better understand the risks, their rights and responsibilities.

“We participated in this year’s Global Money Week with the same mindset and same goal as our participation last year, which is to provide better information to investors and raise their awareness of the risks involved in investments and promote proper investment behaviour and financial decision,” Theocharides stressed.

“At the same time, through the activities and events of GMW 2023, we emphasised the importance of financial education and the need to combat financial illiteracy in general, both from a young age and through lifelong learning,” he added.

The commission chairman also said that “the financial education of the public is its first line of defence, which is why CySEC attaches great importance to its various actions”.

“This is a matter that international supervisory authorities have repeatedly raised, and one that we must address swiftly in Cyprus,” he concluded.