Publication date: 14/03/2025

The conference organised by the Cyprus Financial Literacy and Education Committee (CyFLEC), entitled “Financial Literacy for the Youth: Preparing the Next Generation”, provided valuable insights through international experiences, good practices and practical examples. Held on Thursday, 13 March 2025, the conference aimed to highlight the importance of strengthening financial education from the earliest stages of citizens’ lives.

The conference focused on ways to enhance financial literacy among young people, as well as practices for developing sound financial habits.

The keynote speaker at the conference was the President of the Republic, Nikos Christodoulides, who stated during his address: “Financial literacy is a key factor in maintaining the prosperity and resilience of the economy and strengthening competitiveness, while it also affects our country’s society and each and every one of us at an individual level. An economy that is supported by financially literate citizens, consumers and employees is clearly more resilient to crises. Recognising, therefore, the importance of financial literacy, our Government has made financial education an important priority.”

Welcoming the conference, the Governor of the Central Bank of Cyprus and Chair of CyFLEC, Christodoulos Patsalides, stressed that the need to strengthen financial education in Cyprus is imperative, as also confirmed by the findings of the recent Cyprus Financial Literacy Survey. “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 all of us – the state, institutions, universities, businesses and society.”

The Minister of Education, Sport and Youth, Athena Michaelidou, noted in her address that, through the Global Money Week initiative, Cyprus is taking steps to strengthen financial literacy, with the aim not only of financially empowering young people but also of protecting them from pitfalls that can often lead to financial crises and difficulties in their lives. “The Ministry of Education is ready to take an even more active role in strengthening financial education, continuing its efforts to shape a responsible society that will be able to address financial challenges with wisdom and strategic thinking.”

As part of his contribution to the conference proceedings, the Vice-Chairman of the Cyprus Securities and Exchange Commission, Panikos Vakkou, pointed out that financial literacy serves as a lifeline towards a safer and more sustainable future, equipping citizens with the knowledge and skills necessary to make more informed decisions. “It is up to us to work collectively, consistently and with clear objectives today, so that the fruits of this effort can help the younger generation build a more prosperous and resilient society tomorrow,” he stressed.

The conference concluded with two round-table discussions.

The first discussion, moderated by Michalis Haliassos, Professor and Chair for Macroeconomics and Finance at Goethe University Frankfurt, was entitled “Learning from the World: Global Best Practices in Youth Financial Literacy”. Participants included Adele Atkinson, Professor of Practice at the Centre on Household Assets and Savings Management (CHASM), University of Birmingham; Maria Demertzis, Chief Economist for Europe at The Conference Board Europe and European University Institute Affiliate; Alex Alexandros Michaelides, Professor of Finance at Imperial College Business School; and Dennis Philip, Professor of Finance at Durham University Business School.

The second discussion, moderated by Sofia Anyfantaki, Senior Economist at the European Central Bank / Research Economist at the Bank of Greece, was entitled “Empowering Cyprus’ Youth: Strategies and Opportunities in Financial Education”. Participants included Panayiotis Andreou, Associate Professor of Finance, Department of Finance, Accounting and Management Science, Cyprus University of Technology; Leonidas Kyriakides, Professor of Educational Research and Evaluation, University of Cyprus; and Andreas Milidonis, Professor of Finance and Head of the Department of Accounting and Finance, University of Cyprus.

The conference was held under the auspices of the President of the Republic and took place as part of Global Money Week, the annual global campaign held every March, which aims to inspire young people to acquire the knowledge, skills and attitudes required to make sound financial decisions.

Targeted Actions

In addition to the conference, as part of Global Money Week, CyFLEC also organised thematic workshops for journalists, educators, social organisations, university students and school students. All activities were coordinated by CyFLEC’s Coordination and Management Team, which is based at the Central Bank of Cyprus.

About CyFLEC

The Cyprus Financial Literacy and Education Committee is a national initiative aimed at promoting financial education across all segments of society. It was established to implement the National Strategy for Financial Literacy and Education, and one of its key objectives is to develop effective initiatives and programmes to raise public awareness and strengthen financial knowledge and behaviours in Cyprus.