Financial education for parents and children for World Investor Week

The Cyprus Securities and Exchange Commission (CySEC) participates in World Investor Week (WIW 2024), organised by the International Organization of Securities Commissions (IOSCO) to run from October 7, with a series of educational and informative activities, like financial education for parents and children.

This international initiative aims to raise awareness of the importance of public and investor education and protection, while showcasing the initiatives undertaken by securities regulatory authorities in these two crucial areas.

In a press release, the Chairman of CySEC, Dr. George Theocharides, said that after assessing the strategic directions set by IOSCO for this year’s World Investor Week and the findings of recent surveys conducted in Cyprus and other EU countries, CySEC is focussing this year’s efforts on two key areas: informing parents about the importance of financial education for their children, and highlighting the dangers posed by the internet and social media, notably the activities o
f so-called “finfluencers”.

As part of World Investor Week, CySEC plans to prepare and publish guides on the two priority areas, providing important information, warnings, and recommendations for educational activities, to deliver lectures and distribute educational material to schools and universities in collaboration with the Ministry of Education, Sports, and Youth and to inform Parent Associations and conduct a series of lectures on financial literacy topics.

Moreover, CySEC plans feature appearances by the Chairman and senior CySEC officials on television and radio programs and participate in podcasts and to publish announcements, articles, interviews, and other educational material in the media.

A “Smart Investor Booklet” to consolidate the campaign messages is also planned, while the WIW 2024 logo will be displayed on CySEC’s website and social media platforms and daily messages will be posted on the Commission’s social media accounts.

CySEC further plans to invite all supervised entities and u
niversities to participate in CySEC’s activities and promote the messages of World Investor Week.

Regarding the first priority area, which concerns parents and the financial education of children, Elena Karkoti, Officer ? at the Department of Strategy, International Relations, and Communications, responsible for the CySEC Financial Education Program, emphasised that parents play a very significant role in their children’s financial education.

‘The ultimate goal for parents should be to cultivate in their children, from an early age, a mindset that values responsible spending, planning for the future, and generosity,” she said.

On the second priority area, Karkoti highlighted that it is crucial for everyone, especially young people, to understand that there are no “golden opportunities” for easy and quick wealth, and that many traps lurk on the internet and social media, which they must learn to recognise and avoid.

She added that particular attention and knowledge are needed when dealing with so-called ‘
finfluencers,’ social media content creators who provide investment advice, often without having the necessary knowledge, licenses, or oversight. Their advice can lead the public into inappropriate investments or scams.

CySEC invites all interested parties to actively participate in the activities of World Investor Week.

Source: Cyprus News Agency