Public awareness campaign for safe navigation in the digital financial environment

To mark Global Money Week, the financial regular, the Cyprus Securities and Exchange Commission (CySEC), has reminded investors and young people about the changes, challenges and risks of using social media as part of a campaign aimed at promoting safer investing.

Global Money Week (GMW) is an annual international campaign led by the Organisation for Economic Co-operation and Development (OECD). Its primary goal is to enhance financial literacy among young people, equipping them with the knowledge, skills, attitudes, and behaviors necessary for making sound financial decisions and achieving financial well-being and resilience. This year's GMW focused on the risks inherent in the digital financial environment.

As part of a series of initiatives that included targeted presentations, articles and interviews in the media and an awareness campaign on social media, CySEC’s Chairman, Dr. George Theocharides, delivered a lecture at the University of Limassol on the benefits and importance of financial education, titled "Think Smart, Act Responsibly: The Key to Financial Well-Being."

Elena Karkoti, CySEC Officer A, responsible for financial education, also spoke at a workshop for secondary school economics teachers addressing topics related to financial literacy. This highlighted how students can recognize common pitfalls, misleading advertisements, scams, and other online and social media risks, as well as the growing influence of "finfluencers" on the public’s financial decisions.

Around 20 primary, middle, and high schools across Cyprus will benefit from CySEC’s new cycle of lectures which focus on key financial management concepts including budgeting and saving, responsible spending, understanding the value of money, risks in the digital environment, and the development of healthy financial habits and critical thinking from an early age. The lecture series will continue until May, with schools across Cyprus being involved.

Theocharides and Karkoti also participated in interviews across all television networks and an article by CySEC’s Vice Chairman Panikkos Vakkou, along with interviews, reports, and announcements conveying the campaign’s key messages, were published both in print and online media.

Special emphasis was placed on digital investments and the role of the social media in investing. A social media campaign developed by CySEC featured daily posts with messages on digital safety, primarily aimed at informing and educating young people.

Further information on safer investing can be found on Financial Education Hub on CySEC’s official website, including a dedicated section with resources specifically designed for schools and educators.

CySEC also participated in an international conference hosted by the Cyprus Financial Literacy and Education Committee (CyFLEC) that featured distinguished speakers, academics, and experts from Cyprus and abroad under the theme “Financial Literacy for the Youth: Preparing the Next Generation.”

As part of the conference’s parallel activities, CySEC hosted an interactive workshop titled “Dialogue with Stakeholders and CyFLEC’s Associates” to explore strategies for enhancing financial literacy in Cyprus.

Thanking CySEC staff for their participation in Global Money Week, Theocharides said: "The common goal of all supervisory authorities that are involved in the campaign is to inform and educate the public. The positive response, especially from young people, to these financial literacy initiatives serves as a great driver to continue our efforts with the same enthusiasm and dedication."