CySEC joins global forces in promoting financial literacy

The Cyprus Securities and Exchange Commission (CySEC) on Friday announced its active participation in the annual Global Money Week (GMW2024), a pivotal global campaign dedicated to promoting financial literacy, with a special focus on the younger population.

Organised by the Organisation for Economic Co-operation and Development (OECD), the 12th edition of GMW2024 is scheduled to take place from March 18 to 24, 2024, under the theme “Protect your money, secure your future.”

In this context, more than 176 countries are uniting their efforts to enhance public awareness about financial literacy, which encompasses the knowledge, skills, habits, and behaviours necessary for effective financial management, especially among the youth. Importantly, the Cyprus delegation, consisting of various organisations and bodies, is actively engaged in a series of planned events and initiatives designed to further this cause.

Significantly, CySEC is participating in Global Money Week for the third consecutive year, leading a variety of initiatives aimed at raising awareness among the investing public about the importance of basic financial education. This effort is crucial for empowering individuals to protect themselves from potential risks associated with financial investments and financial services in general.

In the lead-up to GMW2024, CySEC Chairman Dr George Theocharides delivered a university lecture at the European University of Cyprus. This event stressed the benefits and significance of financial education, highlighting its crucial role in equipping young individuals with the financial acumen necessary for making informed financial decisions and securing their future.

Additionally, CySEC is extending its outreach efforts by hosting several informational presentations at schools. This initiative ensures that efforts to promote financial literacy are directly aligned with the needs and interests of the educational community.

Furthermore, in a collaborative effort with the Central Bank of Cyprus, the Ministry of Education, and the Ministry of Finance, CySEC has prepared educational materials. These materials, which will be distributed throughout the week of the campaign to all primary and secondary schools, are specifically designed to foster financial understanding among younger children.

As a part of the GMW2024 activities, CySEC will publish a new Investor’s Guide focusing on the trends of online investments and will launch an online campaign. This campaign aims to disseminate key investor protection messages through daily social media posts, ensuring widespread reach and engagement.

Theocharides commented on CySEC’s participation in GMW2024, stating, “Our participation in Global Money Week allows us to underscore the vital role of financial education in combating widespread financial illiteracy. From early childhood to continuous lifelong learning, nurturing financial literacy is paramount.”

He further emphasised the significance of this initiative in the current era, concluding that, “particularly in today’s digitised financial landscape, where social networks pervade our daily lives and financial risks abound, empowering citizens with financial knowledge is more crucial than ever for their overall well-being.”