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Program aims to raise level of financial sophistication in Hungary

Hungary's Pénziránytű Foundation on Tuesday launched an educational program that aims to develop Hungarians' financial culture.

The "Our Everyday Money Matters Program" involves state institutions and about two dozen financial organizations. It is overseen by the National Bank of Hungary (MNB) and financial market watchdog PSZÁF.

The way ordinary Hungarians handle their financial affairs is of no help for economic growth, and it makes neither them nor the financial sector any happier, MNB governor András Simor said at a press conference marking the launch.

As part of the program, some 700 informative articles on managing household finances will be published in 22 periodicals owned by the Sanoma group over 15 months.

The program will cost about HUF 90 million, of which financial sector players will pay HUF 2-5 million and Sanoma will cover HUF 75 million, said Éva Várhegyi, who chairs the foundation's board of trustees. The MNB will pay for the rest, she added.