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PtD: Financial education program in 3rd High School in 2024-25

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    ΠτΔ: Πρoγραμμα χρηματοοικονομικorς εκπαλδευσ ης στη Γ’ Γυμνασου το 2024-25

    Financial education program in 3rd High School in 2024-25, says PtD – It's not just statistics, says the CBC Governor

    The inclusion of financial education as an intervention program in all sections of the 3rd High School from next year, as a first step to strengthen the culture of financial literacy, announced the President of the Republic Nikos Christodoulidis from the stage of the International Council for Financial Literacy , organized by the Central Bank of Cyprus (CBC).

    Furthermore, as the Governor of the CBC, Constantinos Herodotou, stated in his own greeting, the OSCE figures for Cyprus “represent a disturbing reality, which requires immediate attention and actions from all of us”.

    In his greeting, President Christodoulidis emphasized that the very low performance in key components of financial literacy “has multiple negative effects”.

    “The consequences of the problem of financial illiteracy are negative for households, businesses and according to expansion for the economy as a whole”, he said, to add that for this reason the Governance Program included actions to accelerate the State's initiatives in the direction of alleviating the problem.

    He called it very important that on the initiative of the competent Ministries, the Supervisory Authorities and the public universities, the National Strategy for the Promotion of Financial Literacy and Financial Education has been drawn up, while a Committee has been established, under the chairmanship of the CBC, for the implementation and monitoring it.

    He emphasized, however, that public education naturally has a central role to play in these efforts and emphasized the need to create a culture related to the issue.

    At this point he announced that in order to promote financial literacy, the Ministry of Education, of Sports and Youth has planned that, during the next school year, an interventional financial education program will be implemented in all sections of the 3rd High School throughout Cyprus.

    “This is an important first step. At the same time, I am also announcing today the start, within the framework of the Life Education course in Primary Education, of the cultivation of financial literacy skills. I think that if we want to deal with the problem we have to build a culture through our schools”, he said.

    He noted that for the design of the course content they have relied on research data and best practices from other EU countries and not only that, “which I must note that there are not many”, to add that this “makes our country one of the pioneers in this particular issue”.

    “We want and aim from the beginning, from Primary School, to create solid foundations and that is exactly why we are proceeding with the institutional inclusion of the subject in question in the school timetable in order to achieve the goal we have set: our students, our young men and women, to acquire all the knowledge, skills and experiences they need to be able to effectively handle the financial issues of their daily lives”, he concluded.

    Governor: It's not just statistics

    In his own greeting, Konstantinos Herodotou referred to the findings of a report prepared by the CBC in collaboration with the OECD, with the score of financial literacy in Cyprus being at 56% compared to 60% which was the totality of the participating OECD member countries, while Cyprus has an even lower score in digital financial literacy with a score of 44% with the corresponding score for the other participating countries being 53%.< /p>

    He also pointed out that based on the OECD, the minimum score for someone to be considered to have a satisfactory level of financial literacy is 70%.

    “Specific percentages are not just statistical data. They depict a disturbing reality that requires immediate attention and actions from all of us”, underlined Mr. Herodotou.

    He also emphasized that strengthening digital financial literacy is particularly important at a time when the digital revolution and technological innovations are redefining the way we manage our finances, as well as the way we do business.

    As he said , in the whole of 2023 the volume of electronic transactions reached 262 million, recording an increase of 19% compared to 2022, while a similar increase was recorded in their value.

    “Considering this upward trend,” he added , “deepening the understanding of digital financial tools reduces the risk of financial exclusion”. strengthening of digital financial literacy, has “marked the beginning of a new era for our country”. opportunities it offers”, he concluded.

    Source: cyprustimes.com

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