​What an incredible journey it’s been! The EIB Institute, in collaboration with ActionAid Hellas, a Greek NGO and supported by the Financial Wellbeing Institute, the Central Bank of Cyprus, the Hellenic Bank of Cyprus and the Ministry of Education has successfully concluded the HELITFIN2 project, a milestone in our ongoing mission to enhance financial literacy in Cyprus.

For nearly a decade, we have been delivering financial education programmes across the EU, targeting countries with low financial literacy levels such as Italy, Greece, Bulgaria and Croatia. Our latest venture, the HELITFIN2 project, adapted the Greek HELITFIN1 curriculum to emphasize the link between financial literacy and citizenship education.

This project directly targeted 250 educators and 3500 students, indirectly impacting over 12,000 people. It has been a collaborative effort, involving student-led initiatives and various local organizations.

Why is this work vital? According to the 2023 EUROBAROMETER survey, only 18% of EU citizens display a high level of financial literacy. The need for financial education is particularly acute among women, younger people, and those with lower income and education levels. The EU Council’s recent conclusions on financial literacy reemphasized that the better educated our citizens are about their personal finances, the more likely they are to make informed and beneficial financial decisions.

Here’s a sobering statistic from Prof. Panagiotis Andreou, chief advisor of our EIBI project in Cyprus: four out of 20 households in Cyprus do not have savings for three months. Seven out of 10 could not cover a foreseeable larger expenditure without borrowing. But those who participated in financial education projects had better results.

By prioritizing financial literacy, we’re laying the groundwork for a stronger and more vibrant financial future for Europe. Our commitment to educating citizens about their finances will lead to smarter investments, more robust markets, and ultimately, a more prosperous society.

Stay tuned for more updates as we continue to make strides in financial education. Together, we can make a difference!