Delivered on: 13/03/2025
Dear President of the Republic of Cyprus, dear friends,
It is with great honour and pleasure that I welcome you to today’s Conference, which is being held as part of our efforts to promote financial literacy in Cyprus. During the previous two years, the Central Bank of Cyprus (CBC) organised similar conferences. Today, I have the honour of welcoming you not only in my capacity as Governor of the Central Bank of Cyprus, but also as Chair of the Cyprus Financial Literacy and Education Committee (CyFLEC).
Following careful study and planning, as well as extensive technical work, a national institutional body responsible for implementing the National Strategy for the promotion of financial literacy and financial education was established in Cyprus on 17 June 2024. This Conference, which is being held as part of Global Money Week 2025, marks another important step for our country in promoting financial education, with particular emphasis on young people.
The need to strengthen financial education in Cyprus is pressing, as confirmed by the findings of the recent Cyprus-wide Financial Literacy Survey, conducted in cooperation with the Organisation for Economic Co-operation and Development (OECD) and published today.
According to the Survey, the average financial literacy score in Cyprus stands at just 56%, based on a sample of individuals aged 15–79, while only 17% of participants are considered to meet the basic proficiency level. Even more concerning is the fact that 39% reported that, at least once during the past 12 months, they were unable to cover their expenses with their income. Further details regarding the Survey were presented at a workshop attended by journalists, which took place earlier today.
The findings of the Survey contribute to the design and implementation of systematic and targeted actions for all citizens, including young people, who represent our future and play a crucial role in our country’s economic prospects. Financial literacy is not simply about understanding banking, financial or economic terminology. It is also about attitudes and behaviours. It develops each citizen’s ability to make sound financial decisions, plan responsibly for the future, avoid financial risks and safeguard their financial well-being. This, in turn, contributes to creating a more stable and resilient economy overall.
As I mentioned, CyFLEC began operating in June 2024, with the participation of the Central Bank of Cyprus, the Ministry of Finance, the Ministry of Education, Sport and Youth, the Cyprus Securities and Exchange Commission, the Insurance Companies Control Service, and the Registrar of Institutions for Occupational Retirement Provision. Four specialised Thematic Working Groups have already been established, with specific objectives defined on the basis of international best practices:
- The evaluation and updating of the National Strategy;
- The promotion of financial education in public and private education;
- Lifelong learning; and
- The strengthening of digital financial literacy.
Specific actions to promote financial literacy in Cyprus have already been implemented, while others are currently under way. I would like to refer in particular to the promotion of financial education in schools and congratulate the Ministry of Education, Sport and Youth on the significant first step achieved through the introduction, from the current academic year, of a financial education programme for third-year lower-secondary school students. This initiative, which will be extended to the remaining lower-secondary school grades from the next academic year, represents meaningful progress in strengthening financial education from an early age and is aligned with the objectives of the National Strategy.
At the same time, work is under way to create a national website for financial literacy. The OECD has undertaken the implementation of the project, with funding that we secured from the European Commission. The website will soon serve as a central hub for information and education, providing citizens with objective and user-friendly information. Development of the website is at an advanced stage, with staff from the Central Bank of Cyprus also actively contributing to the process.
The implementation of a comprehensive train-the-trainer programme has also been initiated, with the aim of strengthening financial education among adults through targeted seminars and workshops.
Finally, as part of the broader implementation of the National Strategy, specialised workshops were held today before the start of the Conference and will continue tomorrow. These workshops aim to provide practical knowledge and skills on financial literacy matters, giving participating groups the opportunity to interact with experts in the field and gain valuable knowledge and experience.
At this point, I would like to express my warmest thanks to His Excellency the President of the Republic, Mr Nikos Christodoulides, who accepted our invitation and honours our Conference with his presence and participation as the keynote speaker.
I would also like to thank the distinguished experts and colleagues participating in the panel discussions and sharing their valuable knowledge and experience with us. During these discussions, we will hear views both on international best practices and on Cyprus’s needs regarding the implementation of financial education policies. Finally, I would like to thank all our colleagues who worked towards the organisation of this Conference.
Ladies and gentlemen, financial education is not a luxury. It is a fundamental right and an essential skill for citizens of the 21st century. The success of our strategy depends on the commitment of us all — the State, institutions, universities, businesses and society.
I invite all of us to become active participants in this effort. Knowledge is power, and through proper education, we can build a more financially resilient future for Cyprus and for generations to come.
Thank you.
