Cyprus uniting against financial illiteracy
In March, during Global Money Week, Professor Adele Atkinson joined the conference 'Financial Literacy for the Youth: Preparing the next generation'.
In March, during Global Money Week, Professor Adele Atkinson joined senior politicians, officials, internationally renowned academics and finance experts at the conference 'Financial Literacy for the Youth: Preparing the next generation', in Nicosia, Cyprus.
Organised by the Cyprus Financial Literacy and Education Commission (CyFLEC), the conference had high level support, including a keynote speech from the President of the Republic of Cyprus, Nikos Christodoulides. Adele is a member of the Scientific Advisory Committee of CyFLEC.
The event, which was livestreamed, featured a keynote speech by the President of the Republic of Cyprus, H.E. Nikos Christodoulides, as well as opening remarks from the Governor of the Central Bank, the Vice Chairman of the Cyprus Securities and Exchange Commission (CySEC) and the Minister of Education. The conference demonstrated that, from the highest level, leaders in Cyprus are making firm commitments to improve the financial literacy and wellbeing of the population, and there is widespread willingness of senior policy makers, practitioners and others in Cyprus to work together on a strategic approach.
Following the President’s address, Adele set the scene for a discussion on international experiences of financial education and contributed to a panel discussion. Expert comments were provided by Maria Demertzis, Chief Economist for Europe at The Conference Board Europe and a European University Institute affiliate; Alexander Michaelides, Professor of Finance, Imperial College Business School; and Dennis Philip, Professor of Finance, Durham University Business School.
Over the course of two days, Adele and other members of the Scientific Advisory Committee for the Cyprus national strategy on financial literacy also had in-depth meetings with the Governor of the Central Bank and the Vice-Chairman of CySEC, as well as Senior Director of the Economic, Statistics and Financial Stability Division of the Central Bank, George Kyriacou, and the leads of the National Strategy workstreams, and contributed to two further events.
Adele chaired a stakeholder workshop which included expert contributions from Professor Michael Haliassos and Dennis Philip. Referring to recent CHASM research on financial inclusion, undertaken in collaboration with the Financial Inclusion Commission, Adele explained the importance of tackling financial exclusion alongside financial literacy.
In addition to chairing stakeholder workshops, Adele also contributed to discussions focused on various groups, including low-income groups; people with problem debt; and teachers responsible for delivering financial education.
The stakeholders have posed serious questions, listened to and reflected on our suggestions and identified potential routes to success. Participating in these meetings has been a valuable learning opportunity for each of us - hearing alternative perspectives from various countries and academic disciplines. I’ve thoroughly enjoyed it, and I look forward to hearing about progress in due course!”