Financial literacy has become a policy priority globally and is defined as having the awareness, knowledge, skills, attitudes and behaviors to make sound financial decisions and achieve financial well-being. Research shows that higher financial literacy is associated with positive outcomes. Evidence suggests that Cypriots have low levels of financial literacy, representing a challenge in Cyprus. Experts argue it is time for Cyprus to design and implement a national strategy to improve financial literacy.

2. On financial literacy
Financial literacy has gained a prominent position in the
policy agenda of many countries and recently has been a
priority in the agenda of world forums and organizations
(e.g., G20, OECD).
Definition of financial literacy:
― A combination of awareness, knowledge, skill, attitude and
behaviour necessary to make sound financial decisions and
ultimately achieve individual financial wellbeing.
― It refers to people’s ability to process economic information
and make informed decisions about financial planning,
wealth accumulation, debt, pensions, et cetera.

3. On the benefits of financial literacy
Overall, it is well documented in the literature that higher
levels of financial knowledge are associated with positive
outcomes, such as:

4. Evidence for Cyprus
out of
Cypriots appear to be financially illiterate

5. Evidence for Cyprus
in
Cypriots appear to be financially illiterate

6. The financial literacy challenge in Cyprus

7. The financial literacy challenge in Cyprus
Time for action: Time to design and implement a National Strategy

8. Speakers/Talks
• Dr Dennis Philip: Implementing a National Strategy for Financial
Education
• Dr Adele Atkinson: Financial literacy: A National Strategy for
Cyprus
• Dr Stavros Zenios: The Cyprus Initiative: A National Financial
Literacy Strategy
• Dr Michael Haliassos: Financial Literacy: Some Policy-relevant
Lessons from Research
• Dr Alexandros Michaelides: Financing Retirement: The Role of
Financial Education
• Dr Sofia Anyfantaki: Financial Literacy and its Influence on
Consumers' Internet Banking Behaviour