The Central Bank of Cyprus used a financial literacy event to present findings from a targeted survey showing that citizens’ savings remain heavily concentrated in traditional products such as bank deposits, despite the existence of savings. The survey also found heightened insecurity around financial decisions and a perception among a significant share of respondents that they do not have equal access to savings and investment products compared with other Europeans. The event framed financial literacy as a practical condition for broader participation in the European Union’s Savings and Investments Union. In the roundtable discussion, Governor Christodoulos Patsalides linked weak participation in investment products to limited financial knowledge, low trust in investments, risk perception and entrenched saving behavior. He said banks should act as a bridge between savers and investment opportunities, while the Savings and Investments Union should complement rather than replace bank financing by expanding choices for citizens and improving system resilience through diversification. He also stressed that wider participation requires equal rules, adequate protection and transparency, while market fragmentation in Europe remains an obstacle. Bank of Greece Governor Yannis Stournaras, speaking at the same event, argued that deeper capital markets alongside strong banks are associated with higher investment and productivity, and pointed to measures such as automatic enrollment in occupational pension schemes and a savings and investment account with common features across member states. As a next step at national level, Patsalides referred to stronger financial literacy initiatives, including the forthcoming website of the Cyprus Financial Literacy and Education Committee, which is intended to serve as a central and reliable information source for citizens. He also pointed to efforts focused on linking financial knowledge to everyday life, supporting vulnerable groups and giving financial education a more established place in the education system for young people.
Central Bank of Cyprus2026-06-18
Central Bank of Cyprus highlights survey findings showing savers favor deposits and lack confidence in investing
The Central Bank of Cyprus presented survey results showing that households still keep much of their savings in bank deposits, while many citizens feel insecure about financial decisions and see unequal access to investment products. At the event, officials linked stronger financial literacy to wider participation in investment markets and said a national financial literacy website will be launched.