Cyprus’ youth talk money: What I wish they’d taught in school

By Marina Petrou

If I had to choose one financial lesson I wish I’d learnt in school, it would be that money management is a skill you have to learn. It doesn’t just come naturally!

At school, money was never really discussed, especially in a practical way.

We were taught how to solve equations and write essays. But not how to manage our monthly salaries, pay our bills, or avoid unnecessary debt.

The general idea was that once we finished our studies and found a job then everything would somehow fall into place.

But for many students, including myself, this simply isn’t true.

One of the first mistakes I made as a student was thinking that budgeting meant saying no to everything fun. I saw it as something restrictive and unnecessary.

In reality, not budgeting caused more stress – I often reached the end of the month wondering where my money had gone.

Small expenses like coffee, food deliveries, and subscriptions didn’t seem important at the time, but they added up quickly. And learning how to track spending earlier would have helped me make better decisions without feeling constantly worried.

Another financial concept I wish I’d understood sooner is how interest works.

Before university, terms such as ‘interest rates’ and the concept of ‘compounding’ felt distant and unimportant. Now I realise how powerful they are.

Saving a small amount early can make a big difference over time. But borrowing money mindlessly, without understanding the cost, can easily lead to long-term problems.

This is especially true with credit cards and short-term loans, both of which many young people use without fully understanding the consequences.

Debt is another topic that schools tend to avoid mentioning.

As students, we often see loans as an easy solution to get something we want – without thinking about repayment and long-term impact. Yet knowing the difference between useful debt (such as investing in education) and unnecessary debt (such as spending on thoughtless impulses), is something I believe every student should be taught.

What I have learnt over time is that financial literacy is not about becoming an expert. It’s about having enough knowledge to make informed choices.

Money affects everyday life more than we expect, yet many young people feel unprepared to deal with it. And learning these skills through experience can be expensive and stressful.

Looking back, I wish school had prepared us better for ‘real’ financial decisions. Understanding how to budget, save, and borrow responsibly would have made the transition to adult life much smoother.

Financial education shouldn’t be optional. It should be part of the core of our educational system, just like any other life skill.

‘Cyprus’ Youth Talk Money’ is a Cyprus Mail series developed in collaboration with the University of Cyprus as part of the Financial Literacy Initiative, supported by XM. New student articles are published every Tuesday.

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Marina Petrou is a third year student in the Department of Accounting and Finance, University of Cyprus