CySEC quiz to improve financial literacy

The Cyprus Securities and Exchange Commission has launched its first online quiz for the public to evaluate how much they know about investments and test their knowledge of basic financial matters.

The online quiz is part of CySEC’s objective to enhance financial literacy, on key aspects of the securities markets, following its recent participation in World Investor Week 2022.

According to a CySEC statement, the low levels of financial literacy in Cyprus are highlighted by various surveys at a time of rapid developments in capital markets and the continual introduction of new financial products.

“This has intensified the need to educate the public on basic financial matters.

“Inexperienced investors often make wrong investment decisions, based on assumptions and beliefs that stem from overconfidence in their investment knowledge or following encouragement from friends, relatives, and/or celebrities who promote investment products online, exposing them to high investment risks.

“Investment risks are continually increasing due to new digital investment trends that are especially attractive to youngsters.

“As documented in various surveys conducted in recent years, while the general financial literacy levels are low, young people, in particular, lack basic financial knowledge in comparison to the rest of the population in Cyprus, and as such, are more vulnerable to fraud,” said CySEC

It hopes the new quiz will offer investors and the general public the opportunity to evaluate their knowledge about investments and basic finance.

Moreover, the quiz is designed to be informative and educational, as the correct answer is revealed at the end of each question, along with a brief explanation.

You can test your financial knowledge by taking the quiz here.