The Cyprus Financial Literacy and Education Committee (CyFLEC) highlighted the importance of practical financial skills during a recent event organised in Nicosia by the Financial Wellbeing Institute.

“Success is not for citizens to know more, but to be able to use what they know,” said Pany Karamanou, head of the Financial Stability and Resolution Directorate at the Central Bank of Cyprus (CBC) and head of the CyFLEC secretariat.

According to the CBC, Karamanou was speaking at an event last week centred on the financial education of women and its role in shaping social and economic resilience, which focused on the broader impact of financial literacy.

Karamanou stressed that available data does not point to a lack of financial knowledge, but rather to how the surrounding environment influences participation in financial decisions.

“The data does not show a knowledge gap, but how the framework either facilitates or limits participation in financial decision-making,” she said.

She added that improving this framework is essential to strengthening both economic inclusion and individual financial capability.