The Cyprus Financial Literacy and Education Committee (CyFLEC) has marked substantial advancements in the implementation of the national strategy for financial literacy, according to an announcement released on Monday.
The announcement mentioned that this latest progress update was provided following the committee’s fourth board meeting, which took place on November 22, at the Central Bank of Cyprus (CBC) headquarters in Nicosia.
The focus of the meeting centred on updates from the committee’s thematic working groups (TWGs).
“The TWG presidents presented the progress of their work and action plans for the next six months,” the announcement said.
These groups aim to “design and implement targeted initiatives to enhance the financial education and skills of specific vulnerable social groups in Cyprus”.
In addition, the results of these initiatives will be reviewed at the next board meeting, scheduled for June 2025.
Established in June 2024, CyFLEC was created to address the low levels of financial literacy in Cyprus. Its creation followed findings from various studies and consultations.
It should be noted that the committee collaborates with the Organisation for Economic Co-operation and Development (OECD) to ensure the effectiveness of its national strategy.
The committee has achieved key milestones in partnership with the OECD, with its efforts concentrating on three primary actions.
Firstly, “an analytical report on the nationwide financial literacy survey conducted in December 2023 is nearing publication,” the announcement mentioned.
It added that this report will provide critical insights into Cyprus’ financial literacy landscape.
Secondly, “an official national website is under development,” which will serve as a centralised platform for financial education resources.
Another initiaitve mentioned in the announcement involves the creation of an integrated training programme for educators, which is has already been set in motion.
The aim of this programme is “to strengthen adult financial education through specialised workshops and seminars”.
Regarding these last two initiatives, the announcement explained, “the implementing bodies have already been identified through international tenders, and work has begun towards their completion”.
CyFLEC’s collaborative efforts also extend to its stakeholders group and other institutions across Cyprus.
The announcement said that the latest meeting also discussed “the potential for developing further partnerships to enhance the effectiveness of CyFLEC’s actions”.
Furthermore, the board approved CyFLEC’s budget for 2025. The budget includes funding for “public awareness campaigns, an international financial literacy conference, educational workshops, and other initiatives”.
These projects will involve close cooperation with the scientific advisory committee and the stakeholders group to ensure “broad participation and public needs coverage on financial literacy issues”.
Finally, the announcement said that CyFLEC continues to work intensively toward its goal of creating “a society more informed and resilient to financial challenges“.
