Central Bank of Cyprus promotes financial literacy agenda and points to new initiatives via Cyprus’s EU Council Presidency

The Central Bank of Cyprus published an article by Governor Christodoulos Patsalides arguing that citizens’ economic education and financial literacy are foundational to prosperity, social cohesion and economic resilience, and that better-informed household decisions support financial stability and sustainable growth. The article frames financial literacy as more than technical budgeting skills, extending to understanding economic mechanisms, rights and obligations, and risk assessment to help citizens avoid over-indebtedness and financial precariousness. It links the policy agenda to the European Union’s Savings and Investment Union and the European Commission’s European Union Strategy for Financial Literacy presented on 30 September 2025, noting 2023 Eurobarometer findings that only 18% of citizens have a high level of financial literacy and almost half of adults have no emergency savings. For Cyprus, it highlights a National Strategy approved in June 2022 with four objectives, and the establishment of the Financial Literacy and Education Committee (KEHAP), chaired by the Central Bank of Cyprus, with the Ministry of Finance, the Ministry of Education, Sports and Youth and the Cyprus Securities and Exchange Commission as main members, operating since June 2024. During Cyprus’s Presidency of the Council of the European Union, the Central Bank of Cyprus and KEHAP plan to launch initiatives to further highlight and strengthen financial literacy in Cyprus and across the EU, aligning with the Presidency’s pillar on promoting competitiveness and the Savings and Investment Union.