A new five-year framework for cooperation focused on financial well-being and the application of research to public policy is being launched by the Financial Wellbeing Institute (FWI), the University of Nicosia, and its academic and research arm in Athens, UNIC Athens, are launching a new five-year framework for cooperation centered on financial wellbeing and the application of research to public policy, with the signing of a five-year Memorandum of Cooperation.

At the heart of this collaboration lies an issue that directly affects people’s daily lives—specifically, how financially secure they feel, how resilient they are in the face of an economic downturn, and how much financial stress they experience. These are the key dimensions captured by the Financial Wellbeing Index, which the FWI has developed and implemented in Cyprus since 2023.

Through the Memorandum, the Index, developed by the FWI, will also be implemented in Greece, with the aim of collecting representative data based on the FWI’s methodology and adapting it to the Greek context in a way that maintains comparability with Cyprus. This development will allow for a more systematic comparison of financial wellbeing in the two countries and will help highlight both the common challenges and the significant differences faced by citizens.

From measurement to practice

Collaboration is not limited to the implementation of a research tool. The five-year framework places particular emphasis on research oriented toward public policy, utilising data and findings to develop evidence-based proposals, policy reports and interventions that can be utilised by policymakers and policy implementers.

At the same time, plans call for organising at least one joint public event each year in Athens, focusing on financial wellbeing and education and presenting the Index’s results. The goal is for the data to move from measurement to public discourse and the policy-making process, contributing to the development of actions with a practical impact on citizens’ financial wellbeing.

A partnership based on mutual contribution

A central element of the Memorandum is the complementarity of the two organisations.

The FWI’s contribution focuses on the Index, the methodology it has developed, the expertise gained from its implementation in Cyprus, and its institutional linkages. UNIC Athens, the research and academic base of the University of Nicosia in Athens, contributes its academic and research infrastructure, its human resources and its presence in Greece, supporting the implementation of joint initiatives and the application of their results to public policy issues.

As part of this five-year partnership, the University of Nicosia is recognised as an Academic Partner of the Financial Wellbeing Institute, while the two organisations aim to serve as a stable channel for the exchange of knowledge and best practices, as well as for the development of joint public policy-oriented initiatives between Cyprus and Greece.

‘Research should inform public policy’

Dr Panayiotis C. Andreou, President of the Financial Wellbeing Institute, stated:

“Our collaboration with the University of Nicosia and UNIC Athens adds a new dimension to the Financial Well-Being Index, generating comparable insights for Cyprus and Greece. For us, the goal is for the data and research to inform public policy and be translated into evidence-based interventions that benefit citizens.”

Professor Petros Lois, Chair of the Department of Accounting, Economics, and Finance at the University of Nicosia, stated:

“The essence of such a partnership is evident in the people involved: the students who gain the skills they need for their professional careers, the universities that demonstrate their social contribution in practice, and the citizens who ultimately benefit from better decisions. Through the five-year framework agreement with the FWI and the expansion of the Financial Wellbeing Index to Greece, the Department of Accounting, Economics and Finance at the University of Nicosia links research with teaching and teaching with society. It is precisely this combination that makes such collaborations not merely useful, but necessary.”

Professor Nikolaos Antonakakis, Director of the School of Business Administration at UNIC Athens, stated:

“The expansion of the Financial Well-Being Index in Greece lays the groundwork for a deeper and more systematic understanding of the economic challenges faced by citizens. For the University of Nicosia, and particularly our academic and research base in Athens—UNIC Athens—this collaboration represents a significant step toward developing research that extends beyond the academic sphere, but translates into evidence-based public policy proposals and initiatives with a tangible social impact.”

Bridging vision and social impact

The Memorandum aims to establish a stable framework for cooperation with a social impact between the two organisations. In addition to implementing the Index in Greece, it also provides for the possibility of developing joint research initiatives on public policy, financial literacy and institutional links, depending on the needs that arise and the capabilities of the two organisations.