- A joint campaign by the Cyprus Securities and Exchange Commission and the Department of Accounting and Finance of the University of Cyprus
- How Learning From Past Mistakes Can Help You Make Better Financial Decisions
The Cyprus Securities and Exchange Commission (CySEC) and the Department of Accounting and Finance of the University of Cyprus (UCY) are jointly undertaking an interesting educational initiative aimed at financial education of the public, especially the youth. What distinguishes this initiative is that the “trainers” will essentially be citizens who have experienced and learned from wrong investment choices or financial decisions.
The new campaign titled “Make your past financial mistakes lessons for the future” aims to record real experiences related to money management and investments. These experiences will be used to create financial education materials for schools and universities, as well as to encourage people to draw on past experiences to make smarter and more strategic financial and investment decisions in the future.
If you have ever made a financial decision that you regret, if you have ever learned a hard lesson as a result of a poor financial choice, if you can remember the circumstances in which you were a victim of financial fraud, then you are the ideal person. candidate for this new educational initiative. By sharing your story, you can help create a comprehensive campaign to protect investors and consumers of financial products and achieve smarter financial planning. Participants will be asked if they agree to have their story published and also if they agree to include some or all of their personal data. No personal data will be published without your consent.
CySEC President Dr George Theocharides said; “With the increase in retail activity and accessibility, it is essential that new investors understand the risks and opportunities of investing. People who have been through these unfortunate experiences and understood what went wrong are often the best people to prevent others from making the same mistakes because of the valuable knowledge and tools they have acquired.”
“The complexity of today’s financial markets,” said Elena Karkoti, CySEC’s A manager responsible for public financial education, “makes it even more imperative to apply certain basic principles of self-protection to avoid making wrong decisions and For this reason, both Past experiences as well as the most recent ones of our fellow citizens can serve as a source of knowledge and advice. Participants will be asked to share negative monetary experience stories from their daily lives – and the lessons learned from them – to guide and protect others. Therefore, we ask the people of Cyprus to share their story.
According to Professor of Finance at the Department of Accounting and Finance at the University of Cyprus, Andreas Milidonis, “throughout the classrooms of both the University of Cyprus and secondary schools, it has become evident that financial education of the younger generation can improve itself by learning from the mistakes of previous generations The Cyprus stock market case, convertible bonds, over-indebtedness, frauds and quick-riches illusions have affected many of us. Therefore, it is time. to document these unfortunate experiences (anonymously or not) to include them in educational materials for the financial education of the new generation. We look forward to hearing from you!”
This initiative is supported by a campaign on social networks (#FinancialLessonsLearned) which can be followed through the social media accounts of CySEC and the Department of Accounting and Finance of the UCy. It is part of the ongoing efforts of CySEC and the UCY Department of Accounting and Finance to promote financial awareness and improve financial education, particularly among young people.
To participate in the survey, click: Financial Lessons Learned.
