CyFLEC underscores practical financial skills at Nicosia event on women’s financial education

Nicosia, Cyprus. The Cyprus Financial Literacy and Education Committee (CyFLEC) highlighted the importance of practical financial skills at an event in Nicosia organised by the Financial Wellbeing Institute. A Central Bank of Cyprus official said success depends on the ability to use financial knowledge.

Event focus on women’s financial education

According to the Central Bank of Cyprus (CBC), Pany Karamanou, head of the Financial Stability and Resolution Directorate at the CBC and head of the CyFLEC secretariat, spoke at an event last week centred on the financial education of women and its role in shaping social and economic resilience.

Emphasis on applying knowledge

“Success is not for citizens to know more, but to be able to use what they know,” Karamanou said.

Data points to environmental factors

Karamanou said available data does not indicate a lack of financial knowledge, but instead points to how the surrounding environment influences participation in financial decisions. “The data does not show a knowledge gap, but how the framework either facilitates or limits participation in financial decision-making,” she said.

Call to improve the decision-making framework

She added that improving this framework is essential to strengthening both economic inclusion and individual financial capability.

How do you think the surrounding framework affects people’s participation in financial decision-making?