Partnership aims to improve financial literacy across Cyprus

FWI and Mastercard launch nationwide financial wellbeing programmeThe Financial Wellbeing Institute (FWI) has entered into a strategic partnership with Mastercard to strengthen financial literacy in Cyprus through research, public awareness initiatives and a nationwide educational programme. The partnership aims to reach thousands of people across the country, including 3,000 young people aged between 18 and 29, while helping citizens better understand financial services, make informed decisions and navigate an increasingly digital financial environment with greater confidence. The initiative comes as financial wellbeing remains a key challenge for many citizens. According to the Financial Wellbeing Index 2025, presented by FWI with the support of Mastercard, financial wellbeing in Cyprus improved to 54.6 points compared with 2024. However, according to its statement, almost four in ten Cypriots remain financially vulnerable or struggling, while 49.5 per cent say financial issues cause them stress and anxiety. Building on these findings, the partnership will translate research and expertise into practical guidance, public content and learning tools through three main initiatives. The first is the Financial Wellbeing Index 2025, which measures key aspects of financial wellbeing in Cyprus, including financial security, resilience and stress. Its findings are intended to help identify citizens’ needs and guide actions that respond to real challenges. The partnership will also support the Financial Wellbeing Talks podcast series, a digital content initiative that transforms specialised knowledge into accessible guidance for the wider public. The series will examine issues shaping the future of financial services, including electronic payments, the role of artificial intelligence, transaction security and protection against digital fraud. These areas are central to Mastercard’s agenda and directly affect financial literacy. Meanwhile, the Empowering Youth through Digital Financial Literacy programme will provide training sessions, workshops and practical tools for young people aged between 18 and 29 across Cyprus. Mastercard will contribute its expertise in digital payments, secure transactions and the safe use of financial tools, supporting the development of the programme’s learning content. The initiative aims to have an impact on the lives of 3,000 young people nationwide. Together, the three pillars address the measurement of critical dimensions of citizens’ financial wellbeing, public awareness and youth education. They are also aligned with the spirit and objectives of the National Strategy for Financial Literacy and Education and seek to contribute to higher levels of financial wellbeing among people in Cyprus. The youth programme, in particular, has been designed to complement the work of the Cyprus Committee for the Promotion of Financial Literacy and Education (CCPFLE). The agreement marks a significant scaling-up of the institute’s activities. Panayiotis H. Andreou, president of the FWI, said that “since its establishment, the Institute has built the scientific tools, public visibility, and institutional credibility needed to contribute meaningfully to financial literacy in Cyprus”. He added that the partnership with Mastercard would allow the institute “to transform this foundation into measurable impact at the national level, not merely generating data, but converting it into capability for citizens, especially young people entering a financial environment that is more digital, more complex, and more demanding than anything previous generations have experienced”. “This collaboration demonstrates how targeted partnerships can help advance financial literacy and contribute to long-term financial wellbeing in Cyprus,” Andreou said. For Mastercard, the partnership forms part of a broader, long-term commitment to financial inclusion and education. The company has already established a strong social footprint in the area of financial literacy in Greece, while the new agreement marks its first comparable collaboration in Cyprus, with FWI selected as its partner to continue this work in the country. Theodoros Hadjistyllis, director of account management for Cyprus at Mastercard, said the company recognises financial literacy “as an important enabler for citizens’ participation in the new digital economy”. “It is not enough to develop technology and secure payment tools; it is equally important that citizens are able to understand them, trust them and use them confidently in their everyday lives,” he said. Hadjistyllis added that Mastercard’s collaboration with the FWI in Cyprus “serves exactly this purpose”. “For us, this partnership is part of a long-term effort with clear focus and measurable impact for Cypriot society,” he said. The FWI is a Limassol-based non-profit organisation founded in December 2020 to promote financial literacy, financial education and economic wellbeing through research, education and participation in policymaking. It developed and publishes the national Financial Wellbeing Index and received a national best-practice award in 2025 for combating financial illiteracy. First published in 2023, the index is a national tool that annually measures citizens’ perceived financial security, resilience and financial stress using a nationally representative sample. Data collection is conducted by IMR and the University of Nicosia through telephone surveys based on a stratified random sample of adults across Cyprus. The methodology was developed entirely by the institute’s scientific team in line with international best practices and is unique within the Cypriot context. The full Financial Wellbeing Index 2025 report, produced as part of the partnership with Mastercard and presented in June, will support public dialogue and the implementation of actions under the National Strategy. FWI also participates in Working Group 1 of the CCPFLE, under the coordination of the Central Bank of Cyprus (CBC). The group is responsible for monitoring, evaluating and contributing to the implementation of the National Strategy for Financial Literacy and Education.