Cyprus urged to bring financial literacy into classrooms early

As financial literacy climbs the policy agenda in Cyprus, questions remain over whether children are being equipped with the practical skills they need to navigate an increasingly complex economic world.

Speaking to the Cyprus Mail, Max Fedorov, founder of CoinTales.AI, argued that financial education should begin much earlier, with parents and schools working together to teach concepts such as budgeting, inflation, saving and investing.

In this exclusive interview, he discussed the inspiration behind the platform, the shortcomings he sees in the current education system, the opportunities AI presents for learning, and why strengthening financial literacy is essential for Cyprus’ future economic resilience.

CM: What inspired you to start this project specifically for your own daughter?

I am a software developer by trade, but finance and economics have been my passions since a young age. I was born in Latvia in 1983 while it was still part of the Soviet Union. I started school in 1990 just before the regime collapsed, a time when nobody in our ex-communist society knew anything about a market economy or finance.

That lack of awareness persisted into my teens. If I remember correctly, I once asked my mom to buy me the textbook Economics: Principles, Problems, and Policies – though at the time, I probably just liked its colorful cover! Perhaps my mom wanted her son to understand the capitalism that was so new to her, which reinforces my belief that a parent’s role is always central to education; school only comes second.

After living in London for 15 years, my family and I decided to move to Cyprus. We are fortunate enough to afford private education here, but in my experience, even English private junior schools don’t teach enough financial concepts. Children are exposed to coin denominations and occasional basic math problems – like, “A carton of milk costs 2 EUR; Jimmy bought three, so how much did he spend?” While useful, they aren’t exposed to fundamental economic concepts like inflation, debt, budgeting, smart spending, or compound interest.

This gap was the primary reason I decided to create something for my daughter. I already explain many of these concepts to her verbally, but I wanted to automate the process. Since modern AI has become such a powerful tool for generating high-quality stories and imagery, I decided to build a platform that adds gamification and interactivity. My goal is to make these concepts accessible to her and her friends, allowing them to learn and even compete with each other online.

CM: What are the biggest financial gaps you see in how children in Cyprus are currently being educated?

My main concern is that children are exposed to economic and financial terms far too late in school – if at all. Judging by our school, formal economics lessons do not start until the 7th or 8th grade. I believe this is too late. During their junior school years, children’s brains are like sponges; if you teach them basic concepts early on, they are much more likely to develop an interest in exploring these topics further in senior school. When you hear a familiar concept, you are naturally more curious to dive deeper into it later in life.

Currently, private schools following the UK curriculum seem to bundle financial literacy purely with basic math concepts. As a result, children aren’t learning about inflation, credit, or the different types of debt – such as a mortgage (which is generally a strategic, “good” debt) versus credit card debt (which is typically “bad” debt).

CM: How does your platform make dry topics like budgeting and interest actually fun for kids?

Unfortunately, we live in the era of TikTok and other social media platforms. Because of early exposure to these apps, the majority of children today struggle to concentrate on reading books the way our generation did. In our household, social media is banned until the kids reach 16, but looking around, I know our family is in the minority.

When I was developing CoinTales, I knew the content had to compete with these modern distractions. I decided the stories should be relatively short, engaging, and funny while still explaining fundamental concepts. To kick off their financial journey, children choose an amusing avatar to accompany them.

The stories are tailored to specific age groups, and each one includes an entertaining illustration featuring their chosen character. After reading, children take a four-question quiz, and passing it publishes their results to a leaderboard where they can see how they rank against their friends. The absolute last thing I wanted was to make these lessons bland, repetitive, or boring.

CM: What have been the biggest challenges of building this as a small, bootstrapped team in Cyprus?

The main challenge – as with any online educational product – is getting it in front of children, parents, and schools. We are making progress, but it is a slow journey. Modern parents and teachers are incredibly busy, and convincing them to adopt a new tool is tough, especially with a minimal marketing budget. Because of this, we currently rely heavily on word-of-mouth and the sheer quality of our platform. We are constantly listening to our current and potential users to refine the experience.

Beyond the marketing hurdles, I believe Cyprus is a fantastic place to build global educational companies. The vast majority of the population speaks excellent English, and the government offers special support programs for startups. Honestly, what more could you wish for?

CM: How does your content reflect the specific economic environment of Cyprus compared to international alternatives?

According to the 2025 OECD report “Financial Literacy in Cyprus,” the adult population (aged 15–79) scored an average of just 56 out of 100 in financial knowledge. Even more concerning, only 17 per cent of respondents reached the minimum target score for financial literacy (defined as 70 out of 100). These low scores were fairly consistent across gender, age, education, and income levels.

The report also highlights a widespread, short-term approach to money: only 29 per cent of people disagreed with the statement, “I find it more satisfying to spend money than to save it for the long term,” and only 40 per cent disagreed with, “I tend to live for today and let tomorrow take care of itself.” Armed with these statistics, we pay extra attention to topics like “How to Spend Wisely,” “Budgeting Basics,” and “The Power of Saving” for children in Cyprus. However, because economic fundamentals are universal, our platform ensures that children here receive the exact same high standard of financial education as their peers in the US, UK, Australia, or South Africa.

CM: What is your main argument to the Education Ministry as to why financial literacy should be a priority in schools?

The statistics and everyday realities speak for themselves: the younger generation in Cyprus is already facing uphill battles, from high youth unemployment to skyrocketing rent prices. They are struggling enough as it is. Now, imagine forcing them to jump into this economic ocean completely unprepared – without a basic understanding of how capitalism works, or any knowledge of investing, inflation, budgeting, and compound interest. It inherently sets them up to fail.

The government has a vested interest in fostering a generation that understands finance and business. These children are our future business owners, entrepreneurs, and highly qualified workers who will pay taxes and drive our national economy forward. If we do not implement a robust financial literacy program in Cyprus, our economic future as a nation will be bleak. The UK, for instance, utilises the ‘Financial Education Guidance for Primary Schools in England.’ It is well past time for Cyprus to develop and implement a similar framework for our own children.

CM: What real-world behaviors or habits are you hoping to see change in students who use your platform?

Because our platform is designed for children aged 3 to 15, the behavioral shifts we look for scale with their growth. First and foremost, we want to instill a foundational understanding of budgeting, inflation, and how to spend money wisely – that is the bare minimum.

Beyond that, our ultimate goal is to spark curiosity. We want to see children shifting from passive consumers to active economic thinkers who start asking their parents smart questions about money. If they receive an allowance, we want to see them managing it with intention rather than spending it impulsively. By sowing these seeds early, we hope to ignite an entrepreneurial mindset, getting them excited about business ideas and curious about how the world around them actually works.

CM: What is the most immediate step parents and teachers can take to improve financial literacy at home or in the classroom?

The most immediate step is to simply start small and involve children in everyday financial moments. When you go grocery shopping, take your child with you. Before you leave, build a shopping list together and ask them to guess the prices of the items. When you’re in the aisles, point out when prices have changed—that is your perfect, real-world opening to explain inflation. Use the trip to teach them the difference between ‘needs’ and ‘wants,’ and have honest conversations about budgeting and what the family can actually afford.

Another brilliant exercise is helping them set up a small business, like a lemonade stand. I recently saw some kids running a highly successful lemonade stand on a beach in Larnaca! Take them to buy the ingredients, write down the expenses together, and calculate the profit. If you don’t want to do this publicly, you can easily replicate it at home by setting up a mini-shop and letting grandparents be the customers. It instantly teaches them how value and money are actually created.

Many parents think of classic board games like Monopoly for this, but I recently noticed a standard edition costs around €50 here. That is quite expensive for a single board game – in fact, that is equivalent to about seven months’ worth of a subscription to our platform, which offers continuous, dynamic learning rather than a single repetitive game.