Cypriots are speaking out about their most painful financial mistakes as part of a new campaign launched on Thursday by the Cyprus Securities and Exchange Commission (CySEC) and the department of accounting and finance at the University of Cyprus (UCy).

From rushed decisions made under emotional stress to falling for dubious schemes promising quick profit, the campaign sheds light on the real-life consequences of poor financial judgement.

“I thought I was making a smart investment, but I lost everything,” one person said.

Stories like this form the core of the campaign, which aims to emphasise how personal financial decisions can lead to long-term damage to both financial well-being and quality of life.

The campaign, titled ‘Make your past financial mistakes lessons for the future’, was launched in 2024 and invited citizens to share their stories.

Through these accounts, the organisers aim to create a real-world resource to help others, especially younger people, recognise red flags and avoid similar pitfalls.

According to the findings, participants admitted to making impulsive financial decisions, taking on investment risks they didn’t fully understand, and purchasing financial products far beyond what they could afford.

One person admitted that they had invested a large sum from the sale of their home into the stock market, only to see it crash by 90 per cent.

Another explained how they had taken out a costly mortgage, but after losing their job were unable to meet repayments, and eventually lost their home.

These stories have since been integrated into a new financial education campaign. Each participant reflects on what they learned in the aftermath of their losses.

One, who saw his cryptocurrency investment collapse, said that “What I learned from the incident is that I should have done my research and made informed decisions about risk levels. Investing without understanding is like gambling, you are essentially leaving your financial future to chance.”

Speaking about the initiative, Elena Karkoti, CySEC Officer A’ responsible for public financial education, said the campaign offers something different.

“The unique aspect of this initiative is that the ‘educators’ are citizens who have learned from their financial mistakes,” she said.

“These are personal and authentic experiences which we hope will resonate with young people and provide them with practical, real-life examples of what to avoid.”

Professor of finance at the UCy, Andreas Milidonis, also expressed concern over the way financial content is consumed by the younger generation.

He pointed out that much of the information shared on social media is misleading. “It creates illusions of quick profits,” he warned, adding that campaigns like this are crucial in helping young people build financial awareness and stay protected from scams and misleading promises.

“These stories will have a significant impact,” Milidonis added, noting that the initiative targets not only university students but also pupils in both public and private high schools.

The campaign complements existing financial education efforts by CySEC and the University of Cyprus, which aim to strengthen financial resilience across the population.

At the same time, it offers valuable insights to the financial sector and policymakers, shedding light on real-life behaviour patterns that often precede financial distress.