The Cyprus Securities and Exchange Commission (CySEC) launched an online quiz on its website, which people can take to test their knowledge on investments and financial matters.
The quiz was created within the framework of CySEC’s objectives to enhance the public’s financial literacy.
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 higlighted 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.”
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 access the quiz here.