The Institute of Certified Public Accountants of Cyprus (ICPAC) held an open event on financial literacy in Larnaca last week, aiming to strengthen public understanding of key economic concepts affecting everyday life.

In an announcement, ICPAC stated that the initiative forms part of the Cyprus presidency of the Council of the European Union and “reflects the organisation’s long-standing strategic commitment to promoting financial education and empowering society with practical and applicable knowledge,” the institute said.

The organisation added that participants had the opportunity to explore issues related to the management of personal and household finances, including the principles of saving, the functioning of loans and investments, as well as the importance of rational budgeting.

“Particular emphasis was placed on the participation of children and young people, within the broader strategy of cultivating healthy financial behaviours from an early age and strengthening the economic awareness of future citizens,” the institute said.

Through interactive workshops and real-life simulations, adapted to the needs of different age groups, a hands-on learning approach was adopted, significantly enhancing both understanding and the practical application of knowledge, the announcement added.

“Financial literacy is a critical skill for the modern citizen,” said ICPAC director general Andreas Papadatos.

“In an environment where financial decisions are becoming increasingly complex, sufficient knowledge and understanding of basic principles acts as a catalyst for making rational and responsible choices,” Papadatos added.

“Developing healthy financial habits begins at the early stages of life,” Papadatos said.

“Through such initiatives, we aim to equip children and young people with the appropriate tools so that they can develop a responsible attitude towards managing their finances,” Papadatos concluded.