Key actors in financial education and financial literacy
The Ministry of Education and Culture in cooperation with the Association and JA Cyprus are promoting a primary school program which aims to educate students on basic economic and financial concepts. Financial education is currently not a compulsory part of the school national curriculum.
Association of Cyprus Banks & members
A new educational program was launched in February 2016, following the initiative of the Association of Cyprus Banks. The Programme, named “More than Money”, runs in primary schools in partnership with Junior Achievement Cyprus (JA Cyprus). The program has been piloted in five primary schools across Cyprus, in cooperation with the Ministry of Education and Culture and with the financial support of the member banks of the Association of Cyprus Banks.
“More than Money” aims at familiarising 12-year old primary school students with concepts related to money management, such as income, expenses and savings; thus, enabling them to better understand the role of money in their lives and to explore their job skills and the types of professions that interest them. Through the Programme activities, students will acquire decision-making skills and learn to manage their money as individual consumers and through a business model. The Programme is incorporated in the primary school module on health education. Volunteer bankers are acting as teachers-mentors of the program with the support of school class educators. The program targets the overall education of 200 primary school students.
The first year of the program runs on a pilot basis, and the goal is its expansion into more schools (both public and private) over the next two years.
The Association is developing a special section on its website for financial education, which will target both adults and young children. The section aims to provide basic educational knowledge on banking and financial concepts and policies.
Example of good practice
Member banks and the Association are involved in the running of the 3-year (2016-2018) financial program “More than money”.
Financial education part of curriculum? No PISA financial education ranking (OECD, 2012): Did not take part