The Financial Wellbeing Institute (FWI) – FWI) announces its strategic partnership with Mastercard, with the aim of strengthening financial literacy in Cyprus through research initiatives, public awareness initiatives, and a nationwide educational program.
The initiative comes at a time when financial security and citizens’ ability to effectively manage their personal finances remain significant challenges. According to the 2025 Financial Well-Being Index, presented by the FWI with support from Mastercard, the overall situation in Cyprus improved to 54.6 points compared to 2024. However, nearly four in ten Cypriots remain in a financially vulnerable or difficult situation, while 49.5% say that financial issues cause them stress and anxiety.
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Based on these findings, the partnership aims to transform research and expert knowledge into practical guidance, accessible informational content, and educational tools. The goal is to help citizens better understand financial services, make more informed decisions, and navigate with greater confidence in an increasingly digital financial environment.
The collaboration focuses on three key initiatives:
• the Financial Wellbeing Index 2025, which measures key dimensions of financial wellbeing in Cyprus, such as financial security, resilience, and financial stress. The Index’s findings help identify citizens’ actual needs and develop targeted actions.
• the “Financial Wellbeing Talks – Podcast Series,” a digital content creation initiative that translates specialized knowledge into accessible guidance for the general public, with topics focusing on issues critical to the future of financial services—digital payments, the role of artificial intelligence, transaction security and protection against digital fraud—topics that lie at the heart of Mastercard’s agenda and directly impact financial literacy, and
• the “Empowering Youth through Digital Financial Literacy” program, a nationwide initiative offering education, workshops, and practical tools for young people aged 18–29. Mastercard will contribute its experience and expertise in digital payments, secure transactions, and the proper use of financial tools. The initiative aims to support 3,000 young people across Cyprus.
Together, these three pillars address critical aspects of citizens’ financial well-being, public awareness, and youth education. They are fully aligned with the spirit and objectives of the National Strategy for Financial Literacy and Education and aim to contribute to strengthening the financialof Cyprus’s citizens. Specifically, the youth program has been designed to complement the work of the Cyprus Commission for Financial Literacy and Education (KEXAP).
The agreement marks a qualitative upgrade in the scale of the Institute’s activities. “Since its founding, the Institute has built the scientific tools, public reach, and institutional credibility needed to help strengthen financial literacy in Cyprus,” said Dr. Panagiotis H. Andreou, President of the Financial Wellbeing Institute. “Our partnership with Mastercard enables us to turn this foundation into a measurable impact at the national level—not simply by generating data, but by transforming it into essential skills for citizens, particularly for young people entering a financial environment that is more digital, more complex, and more demanding than for any previous generation. This collaboration is an example of how targeted partnerships can help promote financial literacy and long-term financial well-being in Cyprus.”
For Mastercard, this partnership is part of a broader, long-term commitment to financial inclusion and education. In Greece, the company has already made a strong social impact in this area, while today’s announcement marks its first such initiative in Cyprus, with FWI selected as a partner to continue this effort in the country.
For his part, Theodoros Hatzistyllis, Country Lead (Cyprus) at Mastercard, stated: “At Mastercard, we recognize financial literacy as a fundamental prerequisite for citizens’ meaningful participation in the new digital economy. It is not enough to develop technology and secure payment tools; it is equally important that citizens be able to understand them, trust them, and use them with confidence in their daily lives. Our partnership with the Financial Wellbeing Institute in Cyprus serves precisely this purpose. For us, it is part of a long-term effort with a clear focus and a measurable impact on Cypriot society.”
