FAMAGUSTA GAZETTE – A survey conducted by the Central Bank of Cyprus and the Organization for Economic Cooperation and Development revealed that financial literacy among Cypriots is lagging, with the population aged 15 to 79 scoring an average of 56%.
Key findings highlighted that while respondents demonstrated a solid understanding of loan interest and performance risks, 50% lacked awareness of risk management, and 65% were unfamiliar with the concept of compounding.
The results underscore the need for strengthened policies to promote financial literacy, according to statements made during the presentation of the survey at the Central Bank.