Financial literacy, as defined by the Organisation for Economic Co-operation and Development (OECD), is the combination of knowledge, skill, attitude and behaviour, necessary to make sound financial decisions, and ultimately achieve individual financial wellbeing.
The Central Bank of Cyprus (CBC), acknowledging the significant role of financial literacy in enhancing the wellbeing of individuals in Cyprus and the broader economy, has launched several initiatives in this area over recent years.
Specifically, it has taken a leading and coordinating role in the development of the National Strategy for Financial Literacy and Education in Cyprus. The strategy, which was largely based on the 2018 CBC sampling financial survey results, was officially adopted by the Council of Ministers on 28 June 2022. This adoption marks a significant step towards the empowerment of citizens with the necessary knowledge and skills to improve their financial wellbeing.
Moreover, as from December 2023, the CBC chairs the Cyprus Financial Literacy and Education Committee (CyFLEC), which is responsible for the implementation of the National Strategy. Furthermore, in line with its pivotal role in promoting financial literacy in Cyprus, the CBC also serves as a coordinator of Global Money Week within the country. The initiative, organised by the OECD, is centered on increasing awareness and improving the financial literacy of young people.
The CBC is also a full member of the OECD's International Network on Financial Education (OECD-INFE) and plays an active role in its activities and decisions.
Further to the above, the CBC has organised various seminars and events, such as the first International Conference on Financial Literacy in Cyprus in March 2023, contributing to the enhancement of citizens' awareness on the importance of financial literacy. Additionally, it actively participates in various initiatives to strengthen financial literacy among primary and secondary school students in Cyprus. It also plays an active role in working groups of the European Commission, focusing on the development of strategies and policies that promote financial literacy.