Association of Cyprus Banks expands financial literacy initiatives

Nicosia, Cyprus. The Association of Cyprus Banks (ACB) expanded its financial literacy initiatives during 2025 and the first half of 2026, contributing to national efforts to improve financial education.

The programmes were developed as Cyprus recorded strong economic growth while facing increasing social and economic pressures.

Support for national strategy

In an article published by Banking Insight, its online publication, the ACB said its work complemented the National Strategy for Financial Literacy and Education.

The strategy is coordinated by the Cyprus Financial Literacy and Education Committee (CyFLEC), which is chaired by the Central Bank of Cyprus.

The ACB provided expertise, trainers and educational resources to support practical programmes for students, young adults and other members of the public.

Economic backdrop

Cyprus recorded real economic growth of about 3.5 per cent in 2025, placing it among the faster-growing economies in the European Union.

Growth was driven mainly by the services sector, which continued to account for the largest share of national output.

The labour market strengthened during 2025, with unemployment falling to historically low levels approaching full employment by European standards.

Employment growth was particularly strong in construction, tourism and professional services, although the expansion contributed to labour shortages in several sectors.

Businesses increasingly relied on foreign workers to meet production and service needs, highlighting a challenge associated with rapid economic growth.

Inflation declined compared with previous years, easing pressure on household budgets and supporting domestic consumption.

Public finances remained stable, supported by what the ACB described as responsible fiscal policy and investment through European recovery programmes focused on digital transformation and environmental sustainability.