Ad hoc committee on financial literacy begins work

The Ad-hoc committee on promoting financial literacy in Cyprus began operations analysing the results of a sample survey carried out by the Central Bank of Cyprus to ascertain the level of financial knowledge in Cyprus and reviewing international and local bibliography on financial literacy.

The committee said, according to a press release, that the main findings of the study, which will form the basis for the drafting of Cyprus` national policy for promoting financial literacy, will be presented during an online conference on April 15.

Furthermore, the committee said it plans to hold a series of meetings and exchange views with all stakeholders on the issue.

“The level of financial literary in Cyprus, as outlined by relevant studies and statistics is low especially compared with other EU member-states,” the committee said.

The committee was founded following a decision by the Parliamentary Committee on Education and aims to shape Cyprus' National Strategy to promote financial literacy. Operating under the auspices of the Central Bank, the committee is composed of representatives of the Finance Ministry, the Central Bank, the Ministry of Education, the Securities and Exchange Commission and the University of Cyprus and the Cyprus University of Technology.