bank of cyprus ( cbc ), which also has the coordinating role, the ministry of finance, the ministry of education, the 1 / 4 bis - central bankers'speeches cyprus securities and exchange commission, dr panayiotis andreou ( cyprus university of technology ) and dr andreas milidonis ( university of cyprus ). the committee receives administrative and analytical support from the cbc. the ongoing work of the committee the ongoing work of the committee is noteworthy. it includes an evaluation of the scientific bibliography on financial literacy, as well as a review and assessment of international initiatives for the promotion of financial literacy. the committee, with the help of cbc staff, has also conducted an in depth econometric analysis of the results of the cbc's sampling survey in order to representatively assess the level of financial literacy in cyprus, as well as to identify the groups that are in greater and urgent need of financial education. for instance, people who studied financial subjects at high school scored higher in the survey than those who focused on classical studies with 5. 2 out of 7, compared to 4. 5 out of 7 in knowledge questions ; 5 out of 7 being the minimum score for adequate knowledge as set by the oecd. the cbc had carried out a sampling survey in 2018 to better identify the extent of the financial literacy problem, covering all groups of the population at a national level. this survey followed another similar survey, which focused on university students, namely, a survey by andreou and phillips ( 2018 ) 1 which showed that the low level of financial literacy among university students appears to be a major problem in our society. the cbc survey, which as i mentioned covers all segments of the population, is instrumental in deriving useful results on financial literacy in cyprus. for instance, it confirmed the rather worrisome result that financial knowledge amongst young persons of age 18 - 29 years in general is rather low. in particular, they score 4. 4 out of 7 compared to 5. 3 out of 7 for the 40 - 49 age group. econometric evidence also shows they are 3. 2 times less likely to achieve the minimum score of 5 out 7 in knowledge questions than the 40 - 49 age group. according to the international literature, it is crucial for policymakers to intervene and ensure that financial literacy is taught as a course in the school curriculum early on when children are active, keen learners and more willing to get educated about new concepts. therefore, schools as an environment conducive to

ernesto villanueva from the bank of spain. we are very appreciative and grateful for their participation. in addition to the experts we physically have with us, we are also delighted to have through a digital connection, the pioneer academic and distinguished researcher in the field of financial literacy, professor annamaria lusardi, a professor of economics and accountancy at the george washington university, in washington dc. i have had the pleasure of meeting bilaterally with professor lusardi in washington dc on different occasions while i'm there for the annual imf meetings. needless to say that her academic credentials, but also her passion and perseverance in promoting financial literacy across the globe, have left a great impression on me. i am thankful that she has accepted my invitation to be our key - note speaker in this event. 4 / 5 bis - central bankers'speeches without further ado, i wish you all very productive and fruitful discussions during the conference. thank you. 5 / 5 bis - central bankers'speeches