Nicosia, Cyprus. Central Bank of Cyprus governor Christodoulos Patsalides has called for a standalone and compulsory financial literacy course in schools, saying stronger financial education is needed to prepare young people for an increasingly complex economic environment.
Call for compulsory financial education
In an article entitled “Investing in the financial literacy of the new generation”, Patsalides said the issue of financial education and its role in shaping responsible attitudes and behaviours has become increasingly prominent in public debate in recent years.
He said this attention is fully justified.
Cyprus rankings and youth performance
Patsalides said Cyprus consistently ranks among the countries with the lowest levels of financial literacy in the European Union.
He added that young people record the weakest performances among all age groups.
Survey findings
Referring to findings from the Organisation for Economic Cooperation and Development’s 2023 survey on Cyprus, he said only 58.8 per cent of young people achieve the basic level of financial knowledge.
By comparison, 80.1 per cent of people aged between 40 and 49 reach the same benchmark.
He also said that only 12.9 per cent of young people attain the minimum level of overall financial literacy, compared with 19.1 per cent among those aged 40 to 49.
According to Patsalides, the overall indicator reflects people’s knowledge, behaviour and attitudes towards financial matters.
Governor’s assessment
“These figures leave no room for complacency,” he said.
