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Financial awareness improving among Hungarians

Hungarians are making more efforts to be prepared for expenditure outlays down the road, including the education costs of their children, according to new research by credit management services firm Intrum Justitia. 

Awareness of the need to prepare the family budget for a rainy day seems to be increasing among Hungarians, according to the European Consumer Payment Report by Intrum Justitia.

The findings clearly indicate that saving plans exist for a large portion of households, with 40% of respondents claiming to put money aside on a monthly basis.

Looking after the well-being of children takes center stage when taking precautionary financial measures. Every fifth person saves to support their kids, while 10% do so to cover their education costs, the report shows.

The ratio of those who save to master unexpected expenses amounted to two-thirds of the respondents. The survey found that savings appetite grows with age; two-thirds of people older than 50 were shown to save regularly.

More parents also find it important to develop the financial awareness of their children. Half of the respondents said they wish they had learned more about finances at school and are certain that kids would be better off if they knew more about how to run household finances. In addition, nine out of ten parents said they consistently teach their offspring how to manage money.

“Our research hints that there’s a tendency towards more awareness when it comes to finances,” said Annamária Kiss, director of development at Intrum Justitia. “People strive to handle the mounting costs related to the beginning of the academic year by careful advance planning, thus avoiding credit traps.”