Research has revealed that financial literacy in Cyprus is very low among young people in Cyprus. In fact, six out of ten young people in Cyprus do not have a sufficient level of financial literacy. Responding to the need to promote this skill, the Youth Information Centres of the Youth Board of Cyprus, in collaboration with the Technological University of Cyprus, developed and implemented the series of 6 lectures entitled “Personal Finance”.
The main aim of this series was to introduce young people to basic financial planning concepts, especially to those young people who are transitioning to a stage of financial independence. The series was organised across six separate modules within a 6-week window. Topics covered include budgeting, saving, investing, financial risk, borrowing and credit. Each lecture introduced a real-world scenario where financial decisions could be made, and financial planning concepts could be applied. Young people were challenged to think critically about each scenario and decide how they might come to a resolution if faced with a similar situation.
Besides, considering that financial planning is such a personal topic, young people were encouraged to define their own financial goals and objectives. At the same time, we discussed concepts and provided them with tools that can be applied in helping them to reach those goals.
During the implementation of the lecture series in January and February 2021, more than 60 participants had the chance to build their money knowledge, skills, develop a mindset and habits that they can put to use in the future. These young people will make major financial decisions for the first time in their lives, and it is essential that they can make well-informed decisions since poor financial decisions can prove costly and have lasting effects on their lives.