Nicosia: More than 1 in 5 investors (22%) reported investing in financial products solely based on online advertisements or recommendations from social media influencers, according to a survey conducted by the Cyprus Securities and Exchange Commission (CySEC) and the Department of Accounting and Finance at the University of Cyprus.
According to Cyprus News Agency, CySEC stated in a press release that the survey, titled “Make your past financial mistakes lessons for the future,” was initiated in 2024 by CySEC and the Department of Accounting and Finance at the University of Cyprus. It invited citizens to share their financial errors with the aim of providing valuable lessons for others, especially young people, to help them avoid similar mistakes and pitfalls in the future.
The survey’s findings highlighted participants’ hasty financial decision-making, investment mistakes, and the risks associated with purchasing financial products beyond their budget. These stories have been incorporated into a new financial education campaign, where individuals who have faced financial losses share the lessons they have learned.
Officer A’ of CySEC, responsible for the public’s Financial Education, Elena Karkoti, praised the contributors for sharing their stories. She expressed hope that these stories would resonate with young people and provide them with practical, real-life examples of what to avoid.
Andreas Milidonis, Professor of Finance at the University of Cyprus, noted that the information received by the new generation, especially from social media, is distorted and creates illusions of quick profits. He added that the outcome of this campaign strengthens financial education and, as a result, enhances the protection of consumers against fraud and deception.
The “Make your past financial mistakes, lessons for the future” initiative complements other financial education efforts by CySEC and the University of Cyprus. This initiative aims to strengthen the financial resilience of the public in Cyprus and offer valuable insights to the financial sector and policymakers, the press release concluded.