Key actors in financial education and financial literacy
In Hungary, three government organisations have officially signed a cooperation agreement to jointly enhance the level of financial literacy in the country: the Magyar Nemzeti Bank (the Central Bank of Hungary), the Ministry of Economics and the State Audit Office of Hungary. The Magyar Nemzeti Bank has played a leading role in raising financial literacy levels for several years. One of the key elements of these efforts was the regular annual publication and distribution of a special information leaflet ‘Money talks – do you understand?’, which has been handed out to the students of 1200 secondary schools. The Magyar Nemzeti Bank’s Visitor Centre has also provided complementary financial education programmes to students and families.
As the national curriculum does not include obligatory subjects for financial education, apart from an optional financial and economic subject launched in 2013,alternative education programmes and projects have still remained essential in this field.
Money Compass Foundation (Pénziránytű Alapítvány) – a good practice for cooperation:
Hungarian governmental and non-governmental institutions, together with professional and non-profit organisations, have taken several measures in order to improve the financial capability and awareness of Hungarian citizens and to reduce the gap between households’ financial risk-taking activity and financial knowledge. In order to concentrate funds dedicated to developing financial literacy and reinforce cooperation between governmental organisations, market participants and non-profit organisations, the Money Compass Foundation for Financial Awareness was established by the Student Loan Centre, the Hungarian Banking Association and the Magyar Nemzeti Bank. Furthermore, the Hungarian Financial Supervisory Authority and the Hungarian Competition Authority joined the activity of the Foundation. The main objective of the Foundation is to support programmes which increase the level of households’ financial awareness, deliver basic financial information, and contribute to improving financial capability, responsible behaviour and attitude regarding everyday finances.
The Hungarian Banking Association & members
Members of the Hungarian Banking Association are also active in educating their customers in basic finances and in supporting them to make well-informed decisions. Additionally, there are several examples of banks making extra efforts to increase the financial literacy of different age groups, by running different financial education programmes, especially for young people in school and higher education systems. A wide range of programmes can be found on the banks’ websites.
Fáy András Foundation / O.K. Centre – –Financial and Economic Education Centre for Secondary School Students. The institution and its staff incorporate a scientific centre for teaching financial and economic issues and literacy with a unique methodology merging the world’s best economic educational elements and means (based predominantly on EDUTAINMENT – teach with entertainment). The OK Centre provides constantly updated content and programme development by creating an inter-related and successive system of modules in addition to providing modern technological tools, 3D interactive boards, audio-visual curricula and games. The programme also has an accelerating expansion in Central and Eastern Europe via building up a franchise system of local OK Centres. Basic statistics of the operation of the first two years: more than 15.000 students in 130 schools have been reached through completely free training events. More than 600 training sessions have been organised in the OK Centre and almost 180 in local schools and summer camps. Some 40.000 (in 1.400 events) active students, teachers and parents have been reached during other (1.400) events to raise financial awareness.