Panayiotis C. Andreou, Professor of Finance at the Cyprus University of Technology, has shared his thoughts on 'Financial Literacy and Retirement Readiness in Cyprus,' emphasising the importance of financial literacy in preparing for life after work.
His presentation at the 16th Pension Forum presented by AON, which took place in Nicosia on 24 November, was based on microdata from Cyprus and highlighted how knowledge about pension rules, planning tools and understanding of contribution options directly affect citizens' preparedness.
Among the most interesting data is the fact that, as Dr. Andreou said, only six out of ten Cypriots have basic financial knowledge and skills. Equally problematic is the fact that only 16% of Cypriots are sufficiently financially literate.
Dr. Andreou pointed out that simple information is not enough to ensure effective retirement readiness. Citizens need active guidance, access to information and practical tools that will allow them to make informed decisions. At the same time, he highlighted the implications for businesses and policymakers, who must design strategies that enhance education and awareness around retirement planning.
The presentation highlighted financial literacy as an essential form of human capital, capable of transforming personal knowledge into practical results for the future. Dr. Andreou concluded that enhancing the skills and awareness of citizens creates more secure and sustainable economic prospects, enhancing social and individual financial security in Cyprus.
(Source: InBusinessNews)
