Empowering youth through financial literacy: the key to personal and professional growth

Marigeorgia Voskaridou is dedicated to fostering growth, firmly believing that every individual has the inner power to reach their full potential. With a bachelor’s degree in Education, followed by postgraduate degrees in Inclusive Education and Counselling, she’s also a certified HRDA trainer and a Global Career Development Facilitator.

Through personalised coaching sessions and targeted training, she empowers individuals and businesses with the tools and support they need to thrive, fostering both personal and professional growth.

One area where Voskaridou’s commitment to personal development shines particularly brightly is in financial literacy. Financial literacy is a lifelong process that ideally begins at a young age, ensuring individuals are well-prepared to manage their finances throughout their lives.

In Cyprus, it’s well known that guardians often handle the budget and expenses of their children without engaging them in daily financial processes. This hands-off approach leaves many youngsters unprepared, with a low level of financial independence and literacy. Recent surveys indicate alarmingly low levels of financial literacy in the country.

As Robert Kiyosaki aptly said, “By not understanding money, the vast majority of people allow its awesome power to control them.” The transition from parental financial support to managing one’s own money typically occurs when young people enter university, around the age of 17. Concepts such as savings, budgeting and investing are often unfamiliar to them, presenting several challenges.

Her approach to career development includes addressing these financial challenges. “One major issue is the lack of financial experience,” Voskaridou explained.

“Young adults, having rarely made financial decisions during their upbringing, often find themselves unprepared for the responsibilities of budgeting and expense management. This lack of experience can lead to poor financial decisions and increased stress for both the young adults and their families,” she added.

Moreover, university students usually receive a fixed monthly allowance from their families or earn their first income through part-time jobs. They are expected to manage tuition fees, housing expenses, everyday costs and leisure activities with this amount. Without proper budgeting skills, many students struggle to stretch their funds to cover all necessary expenses throughout the month. “In my coaching sessions, I often incorporate practical financial management skills to help young adults navigate these challenges more effectively,” Voskaridou said.

Another concern is credit card debt. Young individuals, who may own credit cards, often overuse them without fully understanding the associated liabilities and financial consequences. This is an issue that the country should address with utmost seriousness, taking comprehensive measures to educate its citizens.

From integrating financial literacy into school curriculums to offering robust adult education programmes, it’s essential to ensure that everyone acquires the necessary knowledge and skills.

Guardians have a pivotal role in educating their children about basic financial concepts from a young age. Simple activities and games, such as giving children a small weekly allowance and helping them divide it into three categories – spend, save and give – can introduce them to fundamental financial concepts. “Involving kids in family finances and engaging them in discussions about how the market, demand and prices work is crucial,” Voskaridou advised. She often counsels parents on how to integrate these practices into their daily routines.

Moreover, involving children in setting saving targets and then letting them enjoy the benefits of their efforts is an interactive way to understand the value of money and maintain good financial habits as they grow up. “Understanding the role of money and financial management can be nurtured during early years, making every activity that teaches kids how money works beneficial. Parents should lead by example,” Voskaridou emphasised.

Educational institutions also play a crucial role in developing financial literacy. By integrating financial education into the curriculum through theory, practical exercises and engaging activities, students can learn that managing money, budgeting and investing are essential life skills. Financial literacy should be recognised as a learning process that formal education should encourage.

Voskaridou’s dedication to fostering growth encompasses these financial literacy principles, demonstrating that growing up with these skills and healthy financial habits leads to informed decisions on important matters, enabling individuals to face and overcome potential obstacles. Her work in this field emphasises the importance of financial literacy in achieving both personal and professional growth. “Financial literacy is not just about managing money; it’s about building a foundation for a secure and successful future,” Voskaridou concluded.