The Cyprus Securities and Exchange Commission (CySEC) has launched its first online quiz on its website, where the public can evaluate how much they really know about investments and test their knowledge on basic financial matters.
The online quiz was created within the framework of CySEC’s objectives to enhance the public’s financial literacy, on key aspects of the securities markets, following its recent participation in World Investor Week 2022.
According to a CySEC press release, the low levels of financial literacy in Cyprus, as highlighted by various surveys, alongside rapid developments in capital markets and the continual introduction of new financial products, have 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,” it says.
What is more, it adds, “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 are lacking basic financial knowledge in comparison to the rest of the population in Cyprus, and as such, are more vulnerable to fraud.”
With the introduction of the new quiz, CySEC aims to offer investors and the public in general the opportunity to evaluate their knowledge about investments and basic financial matters through a pleasant activity. 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.
Source: Cyprus News Agency