The event, held on Wednesday, November 29, drew a full audience at the Anastasios G. Leventis Council-Senate building, marking a successful turnout. The primary objective of the discussion was to enlighten and apprise the public about finance, investments, and the pivotal role of financial literacy and education in today’s economic landscape. Elena Karkoti, Officer A’ in the Department of Strategy, International Relations, and Communications at CySEC, along with Professor of Finance Andreas Milidonis from the Department of Accounting and Finance at FEM, served as the main speakers. The discussion was moderated by Assistant Professor of Economics Philippos Louis from the Department of Economics.

The presentations featured intriguing data concerning the state of financial literacy in Cyprus and highlighted the positive impact of financial education, particularly on the youth and their family environment. Louis stressed that there is a distinction between financial knowledge and financial behaviour. He noted that even with adequate knowledge, cognitive biases can still influence decision-making. Karkoti underscored the critical importance of financial literacy in today’s swiftly evolving technological investment landscape, particularly in safeguarding the younger generation of investors. She shared insights from CySEC’s survey on retail investor behaviours and habits, shedding light on the disparities between what investors know and how they behave in their investment decisions. The survey underscored the need to initiate financial education from childhood to instil appropriate attitudes and behaviours later in life. Karkoti stressed the significance of lifelong learning, contributing to individual and societal financial resilience and well-being.

CySEC actively pursues initiatives to boost public financial education, leveraging insights from behavioural economics to enhance investor information and awareness. Milidonis highlighted how financial education acts as a crucial shield for citizens against potential financial mistakes, promoting their overall financial well-being.

The University of Cyprus has introduced relevant courses at undergraduate and postgraduate levels, integrating financial education into the curriculum. The Department of Accounting and Finance offers undergraduate courses in financial education and coordinates similar programs in various secondary schools. The Department of Economics has also introduced an undergraduate course in behavioural economics, available as an elective course for all UCY students.

Furthermore, in collaboration with the Department of Psychology, they offer a specialised postgraduate program, MSc in Behavioral Economics.

The discussion’s outcomes have spurred a new research initiative between CySEC and the University of Cyprus, set to provide valuable data for analysis and foster further collaboration between the two organisations.

Source: Cyprus Mail