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Govʼt draws up strategy to improve financial literacy

History

A comprehensive national strategy is under preparation to develop financial awareness among Hungarians, said László Balogh, deputy state secretary for financial policy at the Ministry for National Economy, at the Portfolio Öngondoskodás 2016 conference, online news portal index.hu reported yesterday.

The governmentʼs primary goal, said Balogh, is to help citizens provide for themselves in the long term from an early age. To achieve this, however, requires an improvement in the publicʼs financial literacy. In his speech at the conference organized by online financial journal portfolio.hu, the deputy state secretary highlighted the latest survey by the Organisation for Economic Co-operation and Development (OECD) showing that financial literacy in Hungary is below average. 

Today some 32% of the populace keep their money at home, while 44% are unaware of the various investment forms, according to the index.hu report. An additional problem Balogh highlighted is that many people overestimate the expected value of their pensions, which he attributed to increased demand for a higher standard of living.

A comprehensive study has been prepared for the government to remedy the situation, recommending the elaboration of a national financial strategy, said Balogh.

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