Only 14 per cent of Cypriot women meet financial literacy benchmark

More than 90 women join CBC financial literacy initiative More than 90 women are taking part in financial empowerment activities organised by the Cyprus Central Bank (CBC) and the Cyprus Committee for Financial Literacy and Education (CyFLEC) in Nicosia on November 10 and 11, as new figures highlight a persistent gap between women’s and men’s financial knowledge in Cyprus. The initiative, held under the slogan ‘Your money. Your power.’, combines an event dedicated to women’s financial literacy with four free interactive workshops covering personal financial management, saving, investments, responsible borrowing and retirement planning. The activities aim to equip participants with practical knowledge and tools for everyday financial decisions, while strengthening their confidence in managing their money and planning their financial futures. Speaking at the opening event, titled ‘Financial Literacy for the Cypriot Woman: Learn, Decide, Progress’, CBC Governor and CyFLEC chairman Christodoulos Patsalides stressed that financial education was essential for informed decision-making and greater economic independence among women. Referring to an OECD report published in 2025, Patsalides said just 17 per cent of people in Cyprus achieve the minimum level of financial literacy, compared with an average of 34 per cent across the countries participating in the survey. The figures also revealed a significant gender gap, with only 14 per cent of women in Cyprus reaching the minimum financial literacy threshold, against 20 per cent of men. The differences also extend to how people assess their own financial knowledge, with only 18 per cent of women describing their financial knowledge as high or very high, compared with almost 33 per cent of men. The findings point to a challenge involving not only the acquisition of financial knowledge but also the confidence needed to apply it when making personal financial decisions. “Financial literacy is not intended to tell citizens which decisions they should make, but to provide them with the necessary tools to assess their options and make informed decisions based on knowledge and critical thinking,” Patsalides said. He linked the initiative to broader European efforts to reduce the financial literacy gap between women and men, an issue that has received particular attention from the European Central Bank (ECB). CyFLEC’s ambition, he added, was to “gradually extend the programme across Cyprus, creating learning opportunities for women of different ages, backgrounds and circumstances“. Professor Dennis Philip, who also addressed the opening event, argued that Cyprus’ challenge was not simply to improve women’s financial knowledge but to ensure they could translate what they knew into practical action. He presented findings showing that Cypriot women rank among the most highly educated in Europe and achieve strong levels of basic financial knowledge, but said several factors continued to prevent them from fully applying that knowledge. These included greater caring responsibilities, income inequalities, lower confidence in financial matters and social perceptions surrounding financial decision-making. Philip stressed the need for more targeted financial education initiatives tailored to the different stages of women’s lives, with particular emphasis on practical applications and building confidence when making financial decisions. The event also featured a roundtable discussion titled ‘Women and Financial Empowerment: The Persistent Gap and How We Can Bridge It’, bringing together representatives from public institutions and the media. Participants included Gender Equality Commissioner Jozie Christodoulou, Financial Commissioner and Cyprus Ambassador for Financial Literacy Valentina Georgiadou, and journalist Katerina Agapitou. The discussion was moderated by Pani Karamanou, head of the CBC’s Directorate General for Financial Stability and Resolution. The panel examined the social and institutional factors affecting women’s financial literacy and empowerment, as well as the difficulties they continue to encounter when dealing with financial transactions and making economic decisions. Participants highlighted the importance of targeted financial education, improving women’s confidence in financial matters and strengthening co-operation between institutions, financial organisations, the media and civil society. They also discussed the role women themselves can play in spreading financial knowledge, particularly within their families, workplaces and local communities. The discussion further underlined that women’s financial empowerment has benefits extending beyond individuals, with positive effects on families, children and society as a whole. Greater financial independence and knowledge were described as contributing to progress, equality and stronger social cohesion. Alongside the opening event, four free workshops exclusively for women are taking place on November 10 and 11, focusing on practical aspects of managing personal finances. The sessions cover preparing and managing household budgets, saving and investment strategies, responsible borrowing and debt management, as well as the importance of early retirement planning. The workshops are being delivered by female trainers and follow an interactive, practical approach, using everyday examples, exercises and scenarios to help participants understand financial concepts and develop skills they can immediately apply. The organisers aim to make financial concepts more accessible while giving participants greater confidence in handling household finances, evaluating investment opportunities, managing debt and preparing for their later years. The initiative forms part of CyFLEC’s wider efforts to improve financial literacy across Cyprus and address the differences that persist between women and men. An important part of this strategy is the national digital portal Moneypedia, available at moneypedia.cy, which provides free educational and information material on financial matters. The platform is intended to strengthen citizens’ financial knowledge and skills by offering accessible resources covering a range of personal finance topics. CyFLEC aims to continue expanding its financial education activities, giving more women access to practical knowledge and helping them make decisions about their money and financial futures with greater confidence.