The Cyprus Securities and Exchange Commission (CySEC) today released an online investment knowledge quiz on its website, allowing investors to examine their level of trading expertise
The quiz aims to evaluate how much the public know investments and basic financial matters. The initiative is part of the framework of the Cypriot regulator’s mandate to strengthen consumers and retail investors’ financial literacy.
The quiz was launched following the recent participation of the regulator in World Invest Week 2022.
CySEC has not provided specific numbers but noted that the Cypriot consumers display low levels of financial and trading literacy. The regulator highlighted that young people, in particular, lack basic financial understanding which makes them more vulnerable to fraud.
CySEC stated:
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. What is more, investment risks are continually increasing due to new digital investment trends that are especially attractive to youngsters.
The quiz has been designed to be informative and educational. Along with the correct answer, additional materials and short explanations are made available to participants.
Earlier this year, CySEC warned the public of the rising numbers of “finfluencers” and “gamification” tactics and launched an Investor Protection campaign to battle the growth international threat of investment harm.
