{"id":11144,"date":"2024-05-09T06:00:09","date_gmt":"2024-05-09T03:00:09","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=11144"},"modified":"2024-05-09T06:00:09","modified_gmt":"2024-05-09T03:00:09","slug":"a-third-of-cypriots-are-financially-fragile","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=11144","title":{"rendered":"A third of Cypriots are , \u2018financially fragile\u2019"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/a-third-of-cypriots-are-financially-fragile.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>A third of Cypriots are \u201cfinancially fragile\u201d and are unable to cover emergencies<\/strong>, the University of Cyprus\u2019 Economics Research Centre (CypERC) said on Wednesday.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1444103305\">\n<div id=\"cypru-1274848973\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-1476302625292-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The findings were unearthed as the centre aimed to examine the role of financial literacy on people\u2019s financial resilience during the Covid-19 pandemic, with a total of 840 people aged between 25 and 64 years of age studied.<br \/>\nThe term \u201cfinancially fragile\u201d means an individual who would not be able to cover an emergency financial need in any given month without borrowing or asking for financial assistance.<br \/>\nIn addition, around three in five respondents said <strong>they did not have enough money set aside to cover three months\u2019 worth of living expenses<\/strong> should they lose their main source of income.<br \/>\nYoung people, the unemployed, low-income households and the elderly were all the least financially resilient on average, according to the study.<br \/>\nAt the same time, the study found that fewer than four in ten Cypriots have a \u201cgood level\u201d of financial knowledge, negatively impacting people\u2019s ability to deal with the adverse financial impact of the pandemic.<br \/>\nPeople with higher levels of education and income were better placed to be able to weather the adverse effects of the pandemic, but CypERC insisted that one\u2019s financial literacy was the key for being able to best manage the situation.<br \/>\n\u201cThe findings show that even when someone has the money to build a reserve fund for tough times, they are less likely to do so if <strong>they do not understand the basic concepts surrounding saving, investing and borrowing,<\/strong>\u201d they said.<br \/>\nThey added that those with greater wealth but lesser financial knowledge potentially \u201cdo not see the benefit of setting up such a fund, or even if they recognise the benefits of saving, do not know how to do so\u201d.<br \/>\n\u201cIt is also possible that this phenomenon occurs due to a lack of confidence or the results of previous financial mistakes,\u201d they said.<br \/>\nFor this reason, they said they recommend that policymakers implement policies which will improve people\u2019s financial literacy.<br \/>\n\u201cSeveral studies have shown that people who receive financial education are <strong>more likely than those who do not to start saving and planning for their future<\/strong>,\u201d they added.<br \/>\nIn this regard, they pointed out that the Organisation for Economic Cooperation and Development (OECD) recommends that financial education start from a young age, \u201cto shape positive habits and attitudes and transfer correct financial knowledge and skills before they are needed\u201d.<br \/>\n\u201cThe results of our study demonstrate that <strong>Cyprus\u2019 youth needs such financial education to build their financial resilience<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; A third of Cypriots are &#8220;financially fragile&#8221; and unable to cover emergencies.<br \/>\n&#8211; Three in five respondents do not have enough money set aside to cover three months&#8217; worth of living expenses.<br \/>\n&#8211; Young people, the unemployed, low-income households, and the elderly are the least financially resilient.<br \/>\n&#8211; Less than four in ten Cypriots have a &#8220;good level&#8221; of financial knowledge.<br \/>\n&#8211; People with higher levels of education and income are better able to weather financial impacts.<br \/>\n&#8211; Lack of understanding of basic financial concepts hinders saving, investing, and borrowing.<br \/>\n&#8211; Financial education is recommended to improve financial literacy and resilience.<br \/>\n&#8211; OECD recommends starting financial education from a young age in order to build positive habits and attitudes.<\/p>\n","protected":false},"author":3,"featured_media":11145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[862,5286,6497,1498,3475,432,6340,3139,3,3818,1905,405,5338,3644,2090,9360,9359,8903,4081,250,3330,7905,2294,185,2628,3331,4941,5175,6074,3126,6386,7850,832,339,6305,7053,5447],"class_list":["post-11144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-age","tag-assistance","tag-benefit","tag-confidence","tag-cooperation","tag-covid","tag-covid-19-pandemic","tag-cypriots","tag-cyprus","tag-development","tag-economic-cooperation","tag-education","tag-elderly","tag-expenses","tag-financial-literacy","tag-financial-resilience","tag-financially-fragile","tag-follow","tag-future","tag-google","tag-google-news","tag-impact","tag-income","tag-main","tag-money","tag-news","tag-organisation","tag-pandemic","tag-research","tag-resilience","tag-situation","tag-university","tag-university-of-cyprus","tag-weather","tag-who","tag-young-people","tag-youth"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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